![]() If you are in need of a loan or planning for a loan in future, check out whether your budget is lender-friendly or you need to adjust it according to lenders’ eligibility criteria. Lenders look for your repayment capacity as one of the major deciding factors in loan approval. How Your Monthly Budget is Directly Associated with the Loan You Require – As they engage in this process, they will feel a sense of responsibility and will be able to understand how to manage their own finances in a wise manner. ► It will make your kids more financially educated – If you are a parent, you can involve your children in the process of making of a monthly budget. ► Helps you determine if you can afford a loan now or in near future. ► Helps you save money for emergency situations – By making a monthly budget, you can set aside a certain percentage of your income for unexpected emergency expenses. ![]() ► Helps you eliminate unnecessary expenses such as late fees/penalties/interests – when you plan a monthly budget, you are made aware of any unwanted expenses such as late fees/penalties/interests regarding which you were not aware previously and are able to cut them down efficiently. ► Helps you avoid making impulsive or emotional purchases – when you’ve got a monthly budget in place, you will be less prone to make purchases on a whim as you would be aware of your financial limits. ► Helps you in staying focused on your financial goals. ► It gives you better control over your money – you will be able to realize where and how much of your money is being spent, what expenses you need to cut down, etc. Should You Make A Monthly Budget? What Benefits Does It Have? It will help you in understanding where and how you are spending your money. Our Monthly Budget Calculator is a detailed breakup of the 5 factors mentioned above. H Higher Life - Books, Travel, Charity, Savings, Insurance O Operating expenses - Fuel, Electricity, Water, etc. So, the key factors in a household budget can be described as FROCH The Higher Life – includes expenditure incurred on recreational activities, social clubs, travel, vacation, movies etc. Operating Expenses – includes rent, electricity bill, water bill, home repairs etc.ĥ. The cost of living and standard of living depends on the ratio between income and one’s methods of expenditures.Ī Household Budget consists of 5 Main Factors –ģ. 50 years ago things cost less and incomes were less, today the incomes have increased and cost of living is growing higher. In most families there is a fairly definite income. With this common understanding between members of a family forms a bond of union, and each feels a greater pleasure and pride in doing his/her part.Ī Household Budget is important. When there is a budget, there is a system which brings orderliness in your life. Your budget is a system, a plan, and more accurately it’s a financial discipline. ![]() It is basically a plan of how you spend your income on various needs and wants in life. Coming soon: adding MTTDL to the RAID calculations.First of all, What Is A Monthly Household Budget?Ī household budget is a work of dividing the income and deciding the methods of expenditure. If you would like to report a bug, or see new features added in the future, please use this RAID Calculator Forum Post to do so. If you find this useful, share the calculator! STH has a new RAID Reliability Calculator which can give you an idea of chances for data loss given a number of disks in different RAID levels. While you are here, consider reading up on the:ĭifferences between Hardware RAID, HBAs, and Software RAIDĪll of these resources will be helpful when planning your next RAID array. This is currently a version 1 RAID calculator, where we simply calculate approximate array sizes. You can quickly see what the usable capacity is for a given configuration. Have a bunch of disks and want to see what the usable capacity will be in RAID 1 versus RAID 60? ServeTheHome now provides a free RAID calculator. ![]()
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