What is my budget?

Understanding your budget is essential to financial planning and decision-making. Your budget is the amount of money you have available to spend on expenses, including necessities like housing, transportation, food, and bills, as well as discretionary spending like entertainment and travel. To determine your budget, you should calculate your income and subtract all of your monthly expenses. This will give you a clear picture of how much money you have left over for savings or discretionary spending. Knowing your budget will help you make smarter financial decisions and avoid overspending.

This mind map was published on 16 May 2023 and has been viewed 135 times.