Sapa: Budgeting
Hello my people. How goes the Easter holiday weekend? I hope 'Sapa' is not stopping you from enjoying the holidays. Make sure you hang in there and take the time to rest.
After all, na person wey de alive fit enjoy holiday
After all, na person wey de alive fit enjoy holiday
We are still on Sapa Budgeting.Today we want to consider the Purpose of Budgeting. We all want to do what is of utmost benefit to our lives, don't we?
So what is the purpose of Budgeting?
So what is the purpose of Budgeting?
Firstly, a budget gives us an overview of our financial health (or otherwise) for the period in review. This could be monthly, quarterly or yearly
Secondly, a budget keeps us in control of our finances.
Thirdly, a budget helps us set savings, investment, retirement and other goals and puts us on track to achieving those goals
A budget also helps us build an emergency fund to be better prepared for unforseen circumstances/eventualities/emergencies etc.
A budget helps us track, analyze and control our spending habits. This helps us avoid unnecessary or frivolous expenses
A budget helps us control our debts as well as plan and make provision for debt repayments
A budget helps reduce financial stress and improves family life
This is by no means an exhaustive list but the point ts outlined here can help us budget effectively
