![]() Savings can be in the form of things such as cash, investing in shares, contributing to superannuation or, most commonly, paying down or retiring debts (including principal repayments on credit cards, personal debts and mortgages). Once you have a rough idea of your spending, you can simply deduct it from your income to figure out how much you can potentially save each budget period. If you don’t, one big bill is going to blow your monthly budget entirely. Because I budget monthly, I then divide those costs into 12 and include them as line items in my budget (“Household Fund” etc) to make sure I am provisioning for such future costs.
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