Stages of preparing the budget to achieve financial independence begins with determining financial objectives, then gather personal financial information; and reduce expenditure, and the last to make formula for preparing the budget. Furthermore, Hotman explain stage budgeting:
1. Determine financial goals
To be financially independent, start by determining the short-term financial goals, medium, and long. Ask yourself some questions to help you clarify your financial goals. What would be your top priority, whatever your needs, and what you desire?
2. Collect a variety of personal financial information
The next stage, collect all income and expenditure data. The data should you collect them pay for the already employed or pocket money from parents, credit card bills, payment of goods which become the main requirement, and others.
Then do the classification of data into three parts to be used as basis for making budget. The first part, namely income, totalizing, all income from all sources of income. The second part, namely expenditure, totalizing all fixed expenses like mortgage, and variable expenses such as gas money, phone, and others. Third is the bottom line, namely the difference between revenue and expenditure which will give the size of what your expenses are excessive.
See your bottom line, if the difference is positive then you can set aside more funds to save money or increase the amount of payment or credit card debt. If the difference is negative, it means you spend more than income.
3. Reduce spending!
Many people who spend money on goods they do not really need, though perhaps he wanted. Therefore, you need to monitor spending by always carrying a small note. These notes will help you identify spending habits of each month. Of course you need discipline record all daily and monthly expenses in this notebook.
4. Make a budget formula
The final stage in preparing the budget is to make the formulation. Determine the composition of the budget presentation from your monthly salary. Like what percentage of your budget for savings, the cost of rent or mortgage, food, transportation, clothing, roads, and others.
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