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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.


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