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TIPS: How to make a successful budget for 2012!

ALTHOUGH SHOPPING during this season might be attractive, it is important to remember that it takes a short time to sink into debt and a long time to climb out.

Credit card or hire purchase payments can take a heavy chunk out of your salary so it is wise to count your costs before you spend.

Most people have a vague idea of how much they need in order to meet their needs each month. However, having a written budget showing exactly how your salary can be stretched can go a far way in providing some financial relief.

Budgets can be successful if you follow these guidelines.

1. List all your expenses in order of necessity

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2.Account for emergency situations. (such as illness)

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3. Allow yourself money for entertainment. (reduce costs by renting movies instead of going to the cinema)

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4. Set aside money each month in a saving account.

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5. Stick to the plan. (No plan will be effective if you don’t follow it)

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Enjoy making your budgets. Turn it into a family activity and encourage the children to make a game of finding out who can save the most money!