You might not be acquainted with this 50-30-20 rule, which relates to your budgeting in dealing with business. In business, you need to spend additional capital on your goods and other essential things money is the answer like the bills and the salaries of your workers. Maintenance is essential when operating a business. There should be an accurate or synonymous to accuracy budgeting. It is not easy to budget if your money is just good to spend for basic and daily needs. This rule means to divide your income into three categories: spending- must be 50% on needs; 30% on wants, and 20% on savings.
If your business is the source of your earnings, then you must spend only 50 % on the needs of your business like additional goods, and at home, foods, medicine, and essential bills. See to it that the wants you would employ in your business is not more than 30%. And what are these wants? You have to list them down to guide you and to avoid overspending the budget which is 30%. Finally, never forget to set aside 20% of your total earnings from your business or even from your salary.
If you think, it is right for you, then never hesitate to try, do it.
If your business is the source of your earnings, then you must spend only 50 % on the needs of your business like additional goods, and at home, foods, medicine, and essential bills. See to it that the wants you would employ in your business is not more than 30%. And what are these wants? You have to list them down to guide you and to avoid overspending the budget which is 30%. Finally, never forget to set aside 20% of your total earnings from your business or even from your salary.
If you think, it is right for you, then never hesitate to try, do it.
