The Cause And Effect Of Maintaining A Personal Budget

The topic I chose for my research is the cause and effect of maintaining a personal budget. This is the department in which most of the people struggle a lot to manage it effectively. Therefore, the aim of this study is to aware other people as well that how it could affect them in many ways if they are not maintaining their personal budgets. The personal budget will help people in many ways as it has many pros in maintaining a budget. The personal budget maintenance requires trickiness as the main tactic in the people to reap the great benefits of maintaining a personal budget. The personal budget can help the people in knowing the money movements in their life by noticing their incoming and outgoing money balances. This also helps in knowing the expenditure details and how much money needs to be managed for better allocation of funds. This can be performed by preparing a budget plan. Introduction A budget is a plan of the spending with limited money over a particular period of time. A personal budget is a financial plan for allocating future personal income towards the expenses, savings and towards the debt repayments. For creating a personal budget, past spending and personal debts are considered to have an effective planned spending. Without a personal budget, the money will be spent on unimportant stuff. The effects of not keeping a personal budget will lead to take loans to fulfill the requirements and in emergency needs. The strict budget plan tends to release extraShow MoreRelatedEssay On Flat Tax971 Words   |  4 PagesWhen reconfiguring both personal and corporate income tax structures, the first decision lawmakers must approach is choosing whether to establish a flat income tax or a system with graduated tax rates based on levels of income. Unlike many of its peer states, which have flat corporate tax structures, Iowa has a graduated corporate tax rate with four brackets based on income levels. 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