Skip to main content

Budget Your Money

Budgeting is different from saving, thrifting, or depriving you of things you desire. So don't get me wrong upon you see or read the title of this post.

Anyway, what is budgeting your money? Basically, it is the allocation or distribution of your money to all your expenses. For example, you have a budget for food that has a corresponding amount. The same also to all your bills, necessities, and don't forget your luxuries.

In order for you to prevent from being broke, you should plan out all of this beforehand, so you won't get stressed where to get money to fund a specific expense. By having a budget list, you'll be smarter than most of the average people or what we call spenders in spending your money. And if by the time, you'll get short of money for something, you know that you need to wait for your next money (be it salary from a job or income from a business) to come in. Don't ever get a loan just to finance or buy your wants. You'll only get in trouble if you do that because of the higher interest it will incur. Besides, you should practice the delay gratification attitude. If you want something, learn to wait for the right time that you have enough/save money to buy that thing. There might come a time, that after delaying yourself from buying it, you no longer like or want it. That's the power of delay gratification. Thus, you'll get lesser debts and have a peace of mind.

Anyway, what I do with my money is to distribute it to all my needs, expenses and wants. I don't want to hold on to my money for a short period of time and immediately it becomes the property of others without making me rich or benefit me in the first place. That's why I do already have savings, emergency or rainy fund, mutual fund, life insurance and money in the Philippine stock market. Also, as much as possible, I minimize my debts and if I have to get a loan, the money will be used to finance a new business or to educate myself in something that will prosper or improve me.

So what are you waiting for? If you want to save and have extra money in the bank, learn to budget your money. Don't just spend everything you get but strictly follow your allocated budget per expense.

I hope you enjoy reading my latest blog post and absorb something new. Thank you.

Comments

Popular posts from this blog

Avoid Sticking To Unproductive People

Actually, this stuff I am about to share can be good or bad. It depends on where you get influence from. If the influence can help you achieve your goals, then that is good and vice versa if it can only lead you to misfortune. Anyway, I would like to put here the paragraph I read somewhere. I hope it makes sense to you. Avoid sticking to people who have hobbies of collecting stuff which are too much expensive. In the end, you'll be like them through the influence or the process.

Earn Real Money From Your Blog

If you want to make money from your blog, be serious about it and treat it as a real business. What I mean about that is don't depend on free stuff only and operate without spending a dime. Purchase a domain name either from these two well-known and trusted domain registrar: godaddy.com or namecheap.com . Consider also the storage or placeholder of your web pages or blog by buying web hosting. It is where you have a complete control over your website or blog including the design and code-behind.

Did You Start Your 52-Week Money Challenge?

Early of this year (January 2017) , I stumbled upon this weird challenge, the 52-week money challenge . The first time I got introduced to it, I became confused because I couldn't understand how it worked. Anyway, the idea of saving money from your salary or business weekly is a good idea but the challenge is you will add the original amount of money to the previous week's money every week.