Events that could lead to personal budget updating.

[CALVINDOL]

It has always been emphasized and explained why an individual should always prepare a personal budget when he or she is about to make a purchase of his or her needs and wants. If you are looking for way to manage your income you need to make or have a personal budget of your needs and wants and also you must endeavour to stick to it at all cost. Indeed there are some situations in which could lead to an individual adjusting or expanding his or her budget. A good example is when emergency sets in. For example an individual may have purchased his or her needs and wants from the grocery store, and as heading towards the car park to drive home, he or she noticed that the car has gotten a flat tire. That indeed is an emergency situation and it is okay for him or her to pick money outside his or her budget to sort out a condition or situation at hand. Secondly a situation in which a couple encounters a newborn baby, there have to expand their budgets in order to include the newly-introduced individual who is born to the family.

Finally an individual may encounter the situation in which he or she has to take care of his or her aged parents. He or she is liable to satisfy their needs and wants as the aged ones have no other choice than to depend on him or her. In such situation it is okay for the individual to expand his or her budget in order to accommodate the needs and wants these ones close and dearest to him or her.