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Create Surplus

Increasing income with increasing expenses at equal amount does not help in increasing surplus. A budget plan plays an important role in determining how much to save and control expenditure. If you spend below budget, you would have surplus higher than expected. If you overspend, you would leave a smaller sum for saving.

Quotes by Warren Buffett:

  • on spending: “If you buy things you do not need, soon you will have to sell things you need”.
  • on savings: “Do not save what is left after spending, but spend what is left after saving”.

It is important to know the difference between what you want and what you need. Whatever not in your budget is not a need. Before any spending, please ask yourself: “Do I really need it?” If the answer is “No”, forget about it! There are more important goals waiting for you.