Use a Spreadsheet and Cut Out Unnecessary Spending

by Ludmila
(Kiev, Ukraine)

1.Budget should be fixed according to your income and expenditure.

2. The budget system I use is a simple spread sheet. It's easy to fill it out and it's easy to show you the conclusion also with the help of pie or bar-charts.

3. Emergency fund should be always be there in the separate account, that should be fixed for every month and it's untouchable in any circumstances apart from emergency.

4. During a recession a budget has to be changed based on your necessities: food, clothing and shelter is important in our life so it's a priority in life and other things are secondary. (Specially during recession). Outings, hanging-out, are unnecessary expenditures which has to be stop during recession.

5. I have fixed my budget according to my income. I have 2 accounts in my bank; one is for my daily expenditure and other for emergency. 15% of my income is put in my emergency account to meet any unavoidable circumstances.

6. The hardest thing to stick to your budget is to control your self.

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