2 Major Factors affecting Budget

[Nightmare]

As a worker you need to aware of some of the things that might tends to bring your budget down and as a result get you into financial problems.
These are some of things that might even be affecting your budget right now, but as a result of ignorance or lack of awareness you won't know about it. But am going to share two factors that tends to affect your budget. These includes ;

• LACK OF PERSONAL SAVING.

Before you even think of starring a budget, there's a need for you to have personal saving. Can you imagine a budegt without having a personal saving?
As a matter of fact , it would highly cost your budget badly and lead to what we call budget failure. So, make sure your personal saving is there and intact, before proceeding or starting up a budget.

•IMPROPER PLANNING.

If you don't plan your budget well, there's actually no two ways about it but to have a bad budget. As a good individual you are expected to plan your budget well and if possible Even before you get your income, in order to cover up every aspect of your expenses and finances properly .

 

[Paul Abel]

I think budget shouldn't really be affected by savings. You do not need savings to fully implement a budget and I can say that sometimes, you budget for saving. Majorly what I think may affect budgeting is the amount a person makes or let's say the net income of an individual.

If you are not making an amount enough to carry you through the month, then you may have problems with budgeting and being able to implement the budget.

And as you said lack of planning also has some of its effects. When you do not plan on how to source for funds, then there will be no way that you will fully be able to implement a budget.

 

[Learners Quest]

1. The first and most important factor when it comes to budgeting is your income. How much money you earn will largely dictate how much you are able to spend and save. If your income is low, you'll have to be extra careful with your spending in order to make ends meet. On the other hand, if your income is high, you'll have more wiggle room in your budget.

2. The second factor that can affect your budget is your lifestyle. If you live an extravagant lifestyle, you'll obviously need to spend more money to maintain it. However, if you live a more modest lifestyle, you'll be able to get by with less money. It's important to find a lifestyle that you're comfortable with and that you can afford.

Both of these factors are important to consider when creating a budget. If you keep them in mind, you'll be on your way to successful budgeting!