Show the procedure on how to prepare the complete budget and it's five advantages?

Preparing a complete budget involves several steps:

1. Identify all sources of income: Start by listing all sources of income, including salaries, investments, rental income, and any other sources of revenue.

2. List all expenses: Next, list all expenses, including fixed expenses such as rent, utilities, and loan payments, as well as variable expenses such as groceries, entertainment, and transportation.

3. Calculate total income and expenses: Add up all sources of income and all expenses to determine the total amount of money coming in and going out each month.

4. Allocate funds for savings and debt repayment: Set aside a portion of your income for savings and debt repayment. This will help you build an emergency fund and pay off any outstanding debts.

5. Review and adjust the budget regularly: Review your budget regularly to ensure that you are staying on track and make adjustments as needed. This may involve cutting back on expenses or finding ways to increase your income.

Advantages of having a complete budget include:

1. Financial control: A budget helps you track your income and expenses, giving you a clear picture of your financial situation and helping you make informed decisions.

2. Goal setting: A budget allows you to set financial goals and track your progress towards achieving them.

3. Avoiding debt: By planning your expenses and setting aside funds for savings and debt repayment, you can avoid accumulating debt and improve your financial health.

4. Prioritizing spending: A budget helps you prioritize your spending, ensuring that you are allocating funds to the most important expenses first.

5. Peace of mind: Knowing that you have a plan in place for managing your finances can reduce stress and give you peace of mind.