Budgeting is one of the neglected financial thing which can do wonders. Using that we can actually see how and where our money is actually being spent. I have been budgeting almost every penny which I spend so that I know for sure where my money is been spent.
This is my budget for the last 6 months that means for 2024. As you can see, I am almost maintaining 24.2% investment which is actually a good thing but I would hope to make it better. My target is to save above 30% every month and eventually go towards 50%. I know it will be hard until and unless I have a considerable increase in my income.
So yeah increasing income is required to increase your savings provided you are maintaining the same lifestyle which you current have. I am trying to reduce my lifestyle inflation but again since the inflation is increasing like anything, saving is becoming little problem. I have also a loan going on which will take another 2 years to complete, but that loan is for building an asset so yeah I can think it as an investment only but I will jeep it as a loan only so that I will have the clear budget in front of me. The travel takes up a big chunk too because I have traveled to Dubai this year and also I book the tickets of my parents. Thus travelling is one think which I don't feel like spending more have any problem. Travelling helps me enjoy the money which I am earning and thus I will continue to have that expense for life.
The others are just like a normal expenses for the household. This includes household expenses, groceries, bills and utilities, education and some medicines expenses. So yeah these are my budget for this year. And hopefully I can invest more and more and travel more in the remaining of this year.
