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This is a situation whereby an individual is spending or living within his /her available income.


These are the attributes of modesty:

  1. Simplicity.
  2. Honesty.
  3. Prudence.
  4. Contentment.


  • (a) It gives peace of mind.
  • (b) It ensures self control.
  • (c) It makes to be highly esteemed.
  • (d) It relieves us of stress.
  • (e) It instills a low tendency for corrupt practices.
  • (f) It elevates our moral status and spiritual lifestyle.
  • (g) It promotes friendliness and social peace.


The link between Modesty and Extravagant is that one is the opposite of the other.

  1. Modesty ensures simplicity while extravagant is excessive or unnecessary spending.
  2. Modesty is living within your means, not borrowing; extravagant is living above your means, borrowing to live.
  3. Modesty entails careful spending; Extravagant is careless or thoughtless spending.
  4. Modesty guarantee honesty and prudency, Extravagant leads to corruption and expensive lifestyle.
  5. Modesty reveals person with a high level of discipline, but extravagant dictates individuals that has a low level of discipline.

A budget is a tool for national planning. It is a tool for financial planning. Before preparing a budget you take the following instruction into consideration.

  • Identify a goal (ii) Review your bank and credit card statement for the past three months (iii) Categorize your expenses. E.g rent, loan prepayment, child welfare and utility bills (iv) Plan bills that occurs only once or twice a year. (v) List all your income for the month (vi) Subtract your total expenses from your total income (vii) Review your monthly spending and adjust your expenses category as needed.
  • The Process or procedures for preparing budget
  • Estimate your income: daily, weekly and monthly.
  • Define major expense categories and set the budget level.
  • Develop a worksheet to accumulate daily expenses.
  • Use the budget summery sheet to monitor and control expenses.
  • Periodically review the budgeting system to make it flexible.
  • Allocate a certain amount for miscellaneous expenses.
  • Save regularly.
  • Start of by making a monthly budget, thereafter a yearly budget.
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