Write about your approach to budgeting.

My approach to budgeting is simple and practical. First, I clearly note down my monthly income, and then I divide it into main categories: needs, wants, and savings/investments.
Needs: These are essential expenses like rent, bills, and groceries. They are my top priority.
Wants: These are non-essential things like movies, outings, and shopping. I set a limit for these so I don’t overspend.
Savings/Investments: I set aside a fixed percentage of my income every month for the future, such as an emergency fund or short-term goals.
I follow a simple rule called “50-30-20”: 50% of income for needs, 30% for wants, and 20% for savings.
I also use tracking apps or an Excel sheet to record every expense so that I can control unnecessary spending. Overall, my approach is disciplined but flexible – sometimes I allow myself a small treat, but always within limits.