The factors which influence a budget

  1. Your money beliefs
  • Beliefs about money are based on what we have seen, heard, and experienced in the past. We build our behaviours on them.
  • However, some common beliefs about money are not accurate and they hold us back unnecessarily.
  • For example, many of us believe that we cannot manage money well because we are not good at math.
  1. Your money personality
  • Are you a hoarder, a spender, a money avoider (such a person may spend easily but understands little about money), a money amasser, a risk-taker, or a risk avoider?
  • Most people are a blend of more than one personality. Knowing your “personality” can help you counteract tendencies that may get in the way of achieving your financial goals.
  1. The financial phase of your life
  • The amount of money coming in and amounts you allocate to spending, saving, or investing varies at different stages of life.
  • When you are young, you will spend most of your money, but as you reach middle age, you will be able to save more.
  • Over time, changing circumstances may require you to revise your budget. If your income goes up, you can allocate more to savings. If your income goes down, you may have to save less to pay for necessities.

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