Characteristics of a Good Budget
Now that you’re ready to create your own budget, let’s examine the characteristics of
a good spending plan. By doing so, you have a guide as to how to create a budget that
is suited for your personal circumstances and one...
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Characteristics of a Good Budget
Now that you’re ready to create your own budget, let’s examine the characteristics of
a good spending plan. By doing so, you have a guide as to how to create a budget that
is suited for your personal circumstances and one that can easily be followed.
First of all, a good budget is realistic. It should reflect your present circumstances
and lifestyle (with some alterations, of course, if you’re overspending). A budget
should not be stifling—it should still give you a little elbow room to spend for things
that you can’t do without once in a while. This is especially true in the early part of
your budgeting when you’re still getting used to spending less.
Next, it should be flexible. A budget is not set in stone. When your income level or
marital status changes so should your budget. If you started budgeting when you were
still single, you can’t use the same budget when you already have kids—you’ll have
to factor in their needs in the picture. If you sudde
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