The monthly budget plan will allow us to avoid unnecessary expenses. It is part of the yearly and daily planning. The best thing about planning is we can adjust our savings on a daily, monthly and yearly basis.
The main goal is to attain the yearly target. We can do it by means of having a target on a monthly basis. To be easier, the daily plan shows us to save more money.
If we want to save 250,000 in a year, it looks hard to fund it in a lump-sum basis. We will divide the goal into small pieces. The 250,000 per year is only 20,833 a month or 694 a day.
The 694 is a good thing to see rather than the 250,000. Again, it is all about mindset. The 250,000 may look big to us but if someone who is very rich may look at it as small.
There is a difference between small and big amount on a different perspective. If that rich guy or woman can attain 250,000 a year, therefore we can also do it.
Set a lifestyle that you want. Calculate all the expenses on a daily basis first. Include the expenses that might occur in the specific year. If you are going to pay something in December and its worth 1,000 then include it in the plan. It is only 83 a month or 2.7 a day.
Look at the source of your income on a monthly basis. It may come from employment, business or investment. Calibrate the monthly income on a daily basis.
If your income is 30,000 a month and the expense is 35,000 a month then we have a problem. We may end-up into debt. Reduce all unnecessary expenses. Allot a big portion of savings from the monthly budget plan.
The key here is increasing the income stream to surpass the expenses. These will look hard at first because we may do certain jobs at the same time.
A one source income may not sustain the desired lifestyle therefore find other means. The hard part is only in the beginning. We will establish a good foundation of the business or investment then minimal supervision is required in the latter part.
Remember, employment with business and investment will result into early retirement. Eventually, it is recommended to let-go of employment soon. Do not become slaves forever in employment. Freedom can be attained in business and investment. Become the boss of your life.
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