What is budgeting? This is a way to plan your spending and is a tool that lets you take control of you money. It shows you how much money you have and where and how you should be spending it in order to reach your goals. Thus budgeting is something that you plan in advance before you spend and it gives you a target amount of what you need to save to achieve a goal.
Saving is the money that you set aside for a goal. Saving is a part of your budget. You need to understand how much money is possible for you to set aside each month. The saving should be done before you pay towards your other expenses like our monthly bills, entertainment etc. If you have less money to save then start thinking of ways in which you can reduce spending. Saving small amounts of money now will let you enjoy a corpus in the long term and thus it is important that one does not delay saving.
Investment is to make your money work for you. Most of us are made to believe that we can earn only when we have a job. But investments make you earn too. Investments let you put your money into various asset classes that make money for you. It is important to know that there are many investment options and each comes with its own reward and risk. The higher the risk the more is the reward. Thus one should take an investment decision based on his risk taking appetite.
It is important that one stays educated about planning their money well. Education is the key to let you understand why you need to budget first and then save and invest your money. Education lets you know of the various investment types and guides you to choose the right investment instrument.
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