These two mistakes are common when people create a budget. Some people want to be modest and end up underestimating. I have personally been a victim of that.
2 Common Budgeting Mistakes That People Make.
- Thread starter King Belieal
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You don't have to overestimate or under estimate a budget . Just give it a balance so that you have the budget you desired
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One way to estimate expenses is to make a graph. In large companies where there are many experts, the budget made will not always match reality, so for personal budgets we need to make adjustments to the next budget.
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It's better to compare the pervious receipt during your shopping to get a hint on how to budget without under estimation or over estimation.
Most of the times people make very tight budgets that end up in not following and going by the budgets for that matter.
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Sometimes, I don't like to budget. I just make an estimation not to resort to wastages. When my cash on hand is insufficient, I forced myself to do budgeting. It's indeed useful.
