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My salary payments come on monthly basis, so it's suitable for me to budget on monthly intervals because it's the time money would be available to take care of any budget that I made. Sometimes, these monthly salary payments isn't enough to take care of my budget which is why I look for other means to make passive money.
This is what led me to discovering that one can make a decent amount of money working as a freelancer. This has made me have few more cash at hand to help and support my monthly salary in keeping up with my proposed budget. Making budget on yearly basis is for the upper class citizens in the country and not for average people like me.
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For me the best thing to do is do between Monthly or Yearly Budget is , you set a goal for a year but you will save to reach the goal monthly. So I think by using the method of saving monthly is a best thing to do to achieve your yearly goal.
Maybe for those who earned enough and who earned more than they need can save yearly. But for those who has a monthly basis income the best way is to save monthly.
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Maybe the decision is always based on what is the source of your funds. For me, if you are an employee working in a company, monthly budget is your term and then you can always look forward to yearly budget if you are saving money and sort it by the end of the year. While if you are on your business, maybe yearly budget is more applicable.
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For me i prefer to use my monthly Budget Because Budgeting my food and my other needs are easy for me, Because my earnings from my work is monthly too and in monthly budget i know how to save my money. That's why i prefer to use monthly budget, Unlike in yearly budget i don't know how to budget my needs, Because it's too long to wait.
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Monthly budget seems more appropriate for me, being someone who is on a monthly basis payroll, it's only possible for me to be able to to bring out my budget plans to tally within monthly periods because it's the only time I can be able to finance the budget. If I budgeted on a yearly basis, I might be not be able to fully take care of the budget because I'm not sure of what unforseen circumstances that might come up and ruin my plan.
