{"id":2662,"date":"2022-06-21T12:59:47","date_gmt":"2022-06-21T10:59:47","guid":{"rendered":"https:\/\/learn.thndr.app\/?p=2662"},"modified":"2024-09-03T13:37:49","modified_gmt":"2024-09-03T10:37:49","slug":"how-to-start-budgeting-saving","status":"publish","type":"post","link":"https:\/\/thndr.horizondm.com\/learn\/how-to-start-budgeting-saving\/","title":{"rendered":"How to start budgeting & saving"},"content":{"rendered":"\t\t
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Do you ever find yourself thinking – where does all my hard earned money go? Budgeting and saving money doesn\u2019t come naturally to most of us. As humans, we\u2019re hardwired to want things – now. It’s called instant gratification, and it\u2019s a powerful force. But although the word “budget” is often associated with restricted spending, a budget doesn\u2019t have to be restrictive to be successful.<\/span><\/p>\n

What is a Budget?<\/span><\/h3>\n

A budget is a plan for your spending during a set period – usually a month. It should be designed based on your income, ensuring that you\u2019re spending less than you\u2019re earning.<\/span><\/p>\n

Needs vs Wants<\/span><\/h3>\n

Before creating a budget, it\u2019s essential to understand the difference between your wants and your needs – which varies between person to person. Once you\u2019ve categorized them, it will be easier for you to spot which areas you can cut down on (usually your wants), and which areas are non-negotiable (usually your needs).<\/span><\/p>\n

Wants<\/span><\/h4>\n

These are things that are not essential for your survival or wellbeing, which you choose to buy. Wants are definitely not bad – in moderation, they nourish important parts of your life, such as connecting with loved ones, having fun, and pampering yourself. Some examples of wants are:<\/span><\/p>\n