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Successful formula for Budgeti...

Successful formula for Budgeting

Start your budget by paying yourself 10% of your net income before you pay anyone else and put this money away every month. You pay everybody else, but forget to pay yourself. This is the mistake most people make. If you are unable to pay yourself because of too much debt, start saving a small amount and work up to 10%. This will help you to achieve financial stability in the future.

Your living expenses should not exceed 70% of your net income. You should spend 10% of your money on having fun. (This can be saved for weekend or annual holidays, saved or spent, just as you please.)

The last 10% should go towards your dreams and goals. (This can include an annual holiday, new home, new car, own business, and anything that is immediately out of reach.)