Personal Budgeting : Living A Smart Life
PERSONAL BUDGETING
Hello #scifimultiverse, compliments of the season, and welcome to my blog. Christmas is around the corner, and I guess that this topic will open us to great knowledge and wisdom about personal budgeting.
Personal budgeting refers to the way we manage the income we receive within a specific time frame. This income can be a monthly or biweekly income because some companies pay twice a month.
Mohamed_hassan
First, for someone to plan a budget, the person must have an idea of how much is earned or the expected income, the pressing needs, and the attached costs of these needs.
Secondly, an order of preference or priority is set to determine which of the needs is more important than the other, followed by carefully deducting the sum budgeted for spending. But it is important to know how I arrived at the sum budgeted for spending. I will use a typical salary earner as an example.
When salaries are paid, I first pay my tithe, deduct my transportation, launch, and miscellaneous expenses. Remove a sum for my monthly savings and then proceed with the expenses for the month. Once the fund that I mapped out for the expenses is exhausted. I push the remaining needs to next month. At this point, discipline is needed to know when to say no to the urge to break into savings in order not to affect the plan.
Jakub Żerdzicki
Some benefits of personal budgeting are that it assists one in building self-control. It also curtails reckless spending and assists us to plan ourself. It is said that when we do not plan, we plan to fail. Therefore, personal budgeting assists us in living a decent, planned life.
However, sometimes, people tend to be too stingy to even spend their resources wisely to take care of themselves, while some, even with a personal budget ends up spending all they have because of a lack of strict adherence to the planned personal budget and self-control. As a result, they continue to live in short circles of using their salaries to service debts, leaving them with a mentality of never enough.
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STOPThere is need for balance when it comes to budgeting. Thanks for striking the balance.
Yeah, I agree with your feedback.
Thank you for stopping by.
Indeed we need to be careful about greed and not allow it over shadow our sense of judgement else budgeting becomes difficult
I agree, you know, this is the kind of things we see in some organisations and most times,you found out that people that run such ventures are too greedy to allow a wholistic implementation of the budget leading to siphoning and laundering of such funds.
At the end, those projects will suffering
!INDEED
Prioritizing what we need first in my budget helps a lot and that will make us not to always be in debt.
Thanks for sharing
Exactly 💯 it is always good for one to plan because once that is not done. The next is failure. Meaning that the person has wasted time and reaped failure as a result of lack of planning.
Planning out budget and monitoring our expenses are the sure way to get out of indebtedness and stay safe.
Thank you for stopping by.
!INDEED
I appreciate 🙏 💛
If only we can know the deference between what we need and what we want, a lot of things will improve in the way we budget things
That's great. I remember during my school days in economics and marketing. It that school of thought that discussed about our needs and wants.
Knowing the things we really need will help is separate the chaff from the wheat and live a balanced life.
That point is super important 👌.
Thank you for the feedback.
I appreciate 🙏 💛
Yes. Those points are super important. Thank you for reading
You are welcome
Tha you
While the word "thee" on your other comment was grammatical, the phrase
Tha youreally doesn't seem like it !INDEED. 🤔🤯🤯🤓😅 !WEIRD !HOPE !PIZZA!LOLZ
That was a typographical error.
I wanted to type
Thank you.
smiles
!WEIRD
When we have everything planned, it makes everything easy. Even if you don't have any money left but the consciousness that you have everything under control brings peace
!INDEED
You are right ✅️
That's the kind of peace of mind planning gives us.It is priceless 👌. We need to harp on planning more to push us to that limit where it becomes part of us.
It will help us to live a smart and decent life.
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