My entry || We have to break down the budget so that the income and expenses match

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Hello Hive Learners friends, how are you all, hopefully on this occasion we still have physical health and can participate in activities smoothly.


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On this occasion we have entered the 28th week of the first issue of the Hive Learners community contest, where in this theme we have set a very interesting title, namely about budget, so here we want to discuss about How to set a budget for needs. in our life according to our income. We arrange this so that we are not too wasteful and have an interest in our future.

About how to set a budget for your own living needs, of course, a method that is not often done by everyone, even though this is very necessary for us to make our finances better in managing it. With us setting a budget for our expenses or income, it certainly makes us less wasteful with things that we don't need to buy or on things that are not important. As we see in this life sometimes people just spend their income without calculating how about income. What many people know is only the budget when there is a development or project but they rarely know about the budget for their own living needs. All right friends, I will tell you a little about how to set a budget for yourself.

  • We must calculate our entire income.

So here we calculate how much income we get either per month or per day after deducting taxes. We have calculated our monthly income here. We have obtained a benchmark of how much we have, then there we can manage how to spend and part of it we set aside as a budget.

  • Calculate the principal and other unforeseen bills.

So here we have to calculate the bills that we regularly pay which have always been our basic needs. After we know the amount of our income, then we have to calculate how many expenses or bills we have to pay and after getting the results, then you can make a budget for other needs.

We can separate the rest of the money we get as expenses for the existence of categories, for example we can spend a little on eating out either with family or with friends. Because it is also impossible for us to not spend our income at all with our family or friends.

In order not to be too extravagant with the budget, we can implement a savings system. Saving is one of the things that can have a significant effect. In addition to saving, we can also invest because I think investment is also very good in managing our finances and our finances are always safe and become an advantage in the future. Because after I think the benefits of investing in finance are also very large if we compare it with saving. Because one of the things that can be effective as an investment is as a very powerful step in making a budget is its ability to avoid inflationary pressures.

As I feel, those of us who are young as we are today are certainly very good at managing our financial budgets and living needs. Because maybe here we don't feel it if we don't manage it. But after we get old, that's where I will definitely feel what I left behind from my income when I was young. So from now on, my friends and I start to maintain and manage the budget in our lives so that it becomes better.

Maybe that's all I can share tonight, hopefully this is useful for me and also for others. Thank you to friends who have read my article and see you later in my next post. Stay excited about participating in the contest in this beloved community.


Special Thanks

@hive-learners
@bruno-kema



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4 comments
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Hello @mnurhiver, indeed budgeting helps us to be less wasteful. It also helps us to be able to account for how we spent our money. Thanks for sharing. Nice one

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Hehe... In this day and age, we have to know how to manage our funds. Not by choice but a must. Because if we don't we will suffer severely for it. There's no two ways about it.

Thank you for sharing this with us.

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