Before the noise on the Union Budget 2016 dies down, it’s worthwhile to ask ourselves this question:
What’s our personal budget for the next 12 months?
Before you start answering the question, let me add another interesting aspect of the Government’s budget. The Government can spend more than they earn! (They have a jargon for that, it’s called fiscal deficit)
Maybe that’s one reason why personal budgets (where we have to live within our means and not resort to wishful planning) are not so glamorous/exciting!!
Anyway, taking a cue from the union budget presented today, our own personal budget would be able to answer the following four important questions:
- How will I increase my income in the next 12 months?
- How will I prioritize my expenses in the next 12 months?
- How will I maximize my investment portfolio in the next 12 months?
- How will I minimize risks by way of life/health insurance?
One of the first answers is by investing in myself, we can do all the stuff above.
- Investing in skills that help me with my career,
- Investing in skills/knowledge that help me with optimizing my expenses,
- Investing in skills/knowledge that help me with investments and risk coverage.
RupeeManager can help you with skills on how to make money work for you. We’ll help you understand the 3 principles of money that can be a significant way of creating a personal budget for you and your family.
Please connect to us.