BUDGETING HACK THAT CHANGES MY STORY
Setting a budget for all of our expenses is always a good idea because it helps us keep track of our spending and stop/curb unnecessary spending. Budgeting is one of the most important aspects of our financial dealings that aid the possibility of having a financially secure lifestyle free from overspending or unplanned investments that are beyond our capability.
In summary, it is impossible to overstate the importance of budgeting in helping us reach a level of independence and financial stability because it is the key to keeping our wants and needs in check before making purchases or paying bills.
As a man, I have many expenses and needs to satisfy for various people. Because of this, even though I am not married, I may spend all of my money without being able to track where it went. This made me think critically, which gave rise to the idea of creating a budget to control and manage my spending.
- Itemizing And Differentiating My Needs From My Want: One of the things that helped me and improved my financial situation was the ability to distinguish between what I need and what I want. Ever since I was able to do so, I've learned to give my needs priority over my wants in order to have enough money to take care of other obligations.
Prepare for a potential drought: Since nothing in the modern world is truly definite, as we all know, I always prepare for the possibility of a drought that could develop within the month and end up disrupting my plans and finances.
When making plans, I try as much as I can to think ahead to the possibility that I might not be able to find a job during the month, how I'll survive it, and the like. For example, the price of cryptography cannot be pinpointed to a specific amount.Put something aside for miscellaneous: As a result, I always make an effort to save money for unforeseen or anticipated events. For instance, no one can predict when they will get sick, and having a set aside fund stated in our budget can help us deal with these occurrences without it having an impact on our financial situation or savings and investing practices.
These article was prompted by the hive learners community feature topic that encourage us to talk about our personal budget, how it's been set up and the likes, you can go through @kronias post to get a full detail of the topic.
Getting your budget well planned is very vital is our economy, as it stands you need to have track records of your spendings
That's absolutely correct, having track record of our spending is crucial in curbing unnecessary spending.
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Beautiful information for everyone to learn from. Budgeting is very important.
True.
Needs vs wants is so important, and a distinction that some people don't ever learn to make. I've known people who made good money but they would spend through it just as fast as they got it because they were so used to satisfying every want. Sometimes they were even in debt due to spending, not just a big thing like student loans or a house payment, which would be understandable.
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Hmmm it's absolutely true, not having a scale of preference that be so bad to the point where we spend on things we can do without, in my opinion I think it'll be helpful for everyone to go understand a financial turtolage in order to understand the nitty gritty of finance and how to manage it properly.
Thanks for stopping by and sharing your thoughts, have a blessed day.
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Thia is very important my brother, we have to differentiate necessities from wants, from there our budget can start to come in place .
Thanks for sharing with us
That's good and I'm glad we're on the same page on this, we'll all excel in all our dealings.
Wow I really learn something good from your article especially "put something aside for miscellaneous"
We should save money to come in handy during tough times.
That's good to know that you learnt something from my write-up, I hope you put it to practice.
Have a blessed day.
I have the previous habit of wildly spending whatever cash that goes into my hand. Unfortunately, as you have pinpointed, at the end of the day, I would be wondering where did all my money went and I can't believe it is already gone. Even worse, I might have spend most of it on things that I want but not on what I need.
Thank you for sharing these very useful budgeting tips/hacks. 😊
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That miscellaneous is very important! Because it is what will keep us down the we are tackling our basic needs. That way we won't spend money on things that are unnecessary.
Thank you for sharing this with us.