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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