Plan Your Monthly Household Budget


Saving is an important attribute in one’s life. It really doesn’t matter, if you are single, married, student or a working professional, saving becomes mandatory for every individual. It is important to map out your expenses and purchases so you can identify where you hard-earned money is going.

  • Draw a list of all your mandatory monthly expenses. If you don’t know what to include in the list, give yourself a month’s time and note down important expenses like rent, electricity, food, telephone services etc. Plan your monthly budget according to the expenses that you make.
  • Do not shop with your debit or credit cards. Always purchase goods with cash in hand. When you shop with your plastic money, it’s hard to track of how much you are actually spending. You save on interest and less likely to buy on unnecessary or impulse items.
  • Try to avoid eating at restaurants often. Eating out with your family and friends is fun, but is sure to burn your pocket. Besides home made food is more nutritious and healthy than what you get at hotels/restaurants.
  • On special occasions, if you are going out with your friends to restaurants, make it a habit to share the bill all of them. This is a good practice not only for you but also for your friends.
  • Make sure you spend your money on good investment platforms like health insurance, emergency fund, fixed deposits and other such funds. This will not only help you to save your valuable money but also keep your family financially secured at times of emergencies.

These are a few tips to consider on your monthly household budget.



From analysing spending habits to improving savings habits, a well-planned budget is necessary for your financial health and that of your family. Here are 5 reasons why you should consider creating a budget for your household.

A budget helps you keep track of every small expense that goes unnoticed otherwise. You can see how your spending and saving adds up, and you can avoid overspending.

A budget helps you to map short, medium, and long-term goals in time, prompting you to spend and save accordingly. To prepare yourself well for expenses such as children’s education, marriage, and life after retirement; such goals need to be in place.

Allocation of resources in the right assets helps you build wealth by generating a passive income and beating inflation. And budgeting gives you a fair idea on what you have and the amount of risk you can take when deciding your investment instruments.

You need to have a contingency fund in place to take care of your expenses during an emergency - such as job loss or illness, and budgeting can help you be more disciplined when it comes to building such a fund. It also gives you a clear idea about your regular expenses so you know how much you will need for an emergency. An ideal contingency fund should be worth six to eight months of your current monthly income.

If you already have a household budget in place, click the link to explore investment options.

Team BB