There are several ways to do budgeting. Some people just plan in their mind how they will spend money. Others write them down on paper or a notepad in the phone. Others even have books specifically bought for budgeting money.
Now technology has even introduced softwares and mobile apps that help you track your budgeting.
Which method do you use?
Actually there are many ways to do a budget sure as Calculate Your Income: Start by determining your total monthly income. This includes your salary, any additional sources of income, or allowances. List Your Expenses: Make a list of all your monthly expenses. Categorize them into fixed expenses (liRead more
Actually there are many ways to do a budget sure as
See lessCalculate Your Income: Start by determining your total monthly income. This includes your salary, any additional sources of income, or allowances.
List Your Expenses: Make a list of all your monthly expenses. Categorize them into fixed expenses (like rent, mortgage, insurance) and variable expenses (like groceries, entertainment, dining out).
Assign Priorities: Rank your expenses in order of importance. Essential expenses like housing and utilities should come first, followed by discretionary expenses.
Budgeting is about making conscious choices with your money to help you achieve your financial goals and maintain financial stability. It might take some time to find the right balance, but with practice, you can become more effective at managing your finances.
Creating a budget is an ongoing process that requires adjustments based on changes in our financial situation and goals. In my budget, i always monitor my income and all expenses to understand my spending patterns. I always identify areas where i can cut back without affecting my quality of life. IfRead more
Creating a budget is an ongoing process that requires adjustments based on changes in our financial situation and goals.
In my budget, i always monitor my income and all expenses to understand my spending patterns.
I always identify areas where i can cut back without affecting my quality of life.
If i have debts to pay off, i always do that so as i meet up my budget.
I always periodically review my budget to ensure I’m on track and make adjustments as needed.
Lastly, i must make sure my budget is achievable and allows for some flexibility.
See lessPersonally I carry out budgeting activities very sincerely and honestly in order to make sure that I do not overspend my funds, it is absolutely sad how many individuals claimed that they are engaging in the financial activity of budgeting but yet do not stick to their budget plan. Creating a budgetRead more
Personally I carry out budgeting activities very sincerely and honestly in order to make sure that I do not overspend my funds, it is absolutely sad how many individuals claimed that they are engaging in the financial activity of budgeting but yet do not stick to their budget plan. Creating a budget is much easier than sticking to it however I need should be more concerned about sticking to his or her budget than being able to create a budget.
See lessWell, some years ago I normally used to planned my budget by writing down my budget on book, it was in a big help to me because anytime I want to spend money, I'll go to my budget book to review the budget I had accomplish, this was the main reasons I didn't overspent my money because anytime I checRead more
Well, some years ago I normally used to planned my budget by writing down my budget on book, it was in a big help to me because anytime I want to spend money, I’ll go to my budget book to review the budget I had accomplish, this was the main reasons I didn’t overspent my money because anytime I checked on my book, I remembered I had an important task to accomplish.
Today, I literally make use of my phone notepad, I don’t have to go checked on book because I have my phone with me.
See lessThat is awesome that you adopted using your notepad in the phone to do the budgeting. That is what I use too. It is so convenient since the phone is always with me. I can always read what I budgeted and readjust it to fit the very moment. After budgeting, it is important to work hard on staying discRead more
That is awesome that you adopted using your notepad in the phone to do the budgeting. That is what I use too. It is so convenient since the phone is always with me. I can always read what I budgeted and readjust it to fit the very moment.
After budgeting, it is important to work hard on staying disciplined. That way, you don’t budget and fail to keep up with your plan. Discipline starts from adjusting your mindset and deciding to actually stick to your plan.
See lessYeah you are right there are different ways by which you can do your budgeting for yourself or household. By the way this is very important. I do mine by writing everything down on a notepad which can help me always see how I have made my budget for the month. The thing is that when you need to runRead more
Yeah you are right there are different ways by which you can do your budgeting for yourself or household. By the way this is very important. I do mine by writing everything down on a notepad which can help me always see how I have made my budget for the month.
The thing is that when you need to run your budget effectively it is good to adopt a good method of budgeting that would work out for you. Budgeting us very essential if one wants to plan it’s financial life perfectly to get stability.
See lessBefore I save every month, I determine my income. My income is not fixed. There are times that I make more or less money in a month. Afterward, I list down all my expenses on a piece of paper. Then I'd save what is left in my wallet. I do not pressure myself to save a lot since it will stress me outRead more
Before I save every month, I determine my income. My income is not fixed. There are times that I make more or less money in a month. Afterward, I list down all my expenses on a piece of paper. Then I’d save what is left in my wallet. I do not pressure myself to save a lot since it will stress me out. Moreover, I have to support my family’s needs, especially now that my dad is ill. He needs to undergo dialysis sessions 3x per week.
See lessStarting with being aware of how much you make per month or before you budget is a very important practice. It makes you spend the money you have, not what you wish you had. Writing your expenses on paper directs your mind to remember what you actually need to spend on, that way, you don't spend onRead more
Starting with being aware of how much you make per month or before you budget is a very important practice. It makes you spend the money you have, not what you wish you had.
Writing your expenses on paper directs your mind to remember what you actually need to spend on, that way, you don’t spend on the wrong things.
I am so sorry about your dad’s condition. I hope it gets managed well and he lives a more fulfilling life.
See lessCreating a budget entails responsible money management. List all of your sources of money, such as salaries and donations, first. Next, list recurring costs like food or school supplies. To determine how much is left over, deduct expenses from income. Classify this into categories for gifting, spendRead more
Creating a budget entails responsible money management. List all of your sources of money, such as salaries and donations, first.
Next, list recurring costs like food or school supplies. To determine how much is left over, deduct expenses from income. Classify this into categories for gifting, spending, and saving. To guarantee that you stay within budget, keep track of your spending. Adjust as necessary, learning to make wise financial decisions while saving for the items you want.
A budget is a financial plan for a defined period, normally a year. It greatly improves the success of any undertaking. there are different way in which people do plan a budget. For you to plan solid budget i think you need to follow a simple and effective budgeting method like i did. I track my incRead more
A budget is a financial plan for a defined period, normally a year. It greatly improves the success of any undertaking. there are different way in which people do plan a budget. For you to plan solid budget i think you need to follow a simple and effective budgeting method like i did. I track my income and expenses meticulously to understand my financial situation by writing it down. Then I prioritise my needs and establish financial goals. I allocate funds accordingly and regularly review and adjust my budget as needed. This method helps me stay organised towards my financial objectives.
See less