Hello hive learners family
It had been long i participated in the weekly prompt, been so busy that i did not have enough time to go through the prompt but i do not want to miss out on this week own so i had to reshuffle/reschedule/restrategize and here i am writing about it!
This week prompt about Budgeting is a really nice and educative one, He who lives above his income can't escape poverty but some people do not even know how much they spend on daily basis, they just know they run out of money so fast before their next salary or wages....
Budget is a plan on how you want to spend your money, it give you confidence because the moment you calculate the money coming in and the one going out from your pocket and still have some spares left, you will feel relaxed!
Based on my own logic, there are different types of budget:
Family budget: This is the money you plan to spend on food, clothes, bills and other stuffs regarding your home and your wife and childen... If you still have parent and their responsibilities lies on you then you must add their money to this list...
Self care Budget: We only live once and we must enjoy ourselves, so it is good to have some funds budgeted for our own personal care. you did the work so you must also enjoy your money..
Emergency Fund: There is no way we can avoid emergency, it can be a cousin, nephew or niece that need some books in school and they need you to add some money, it may be your water tank exploding or a friend in need and want you to lend them some money, so many emergencies hence why we must have that fund kept aside!
Health care: This is not something any one hope for but it is good to always be prepared for it, so it won't meet us unaware when it affect any of our family members!
He who plans his budget is one step ahead in life, Such person won't be able to spend unnecessarily as he knows what he would be missing/losing if he does that and there will be no wasteful spending...
Some people keeps a budget but they still fail because they are living life above their means, imagine someone earning 500 k per month living in a rented apartment worth 2 million per annum, ofcourse we can say that is his four month salary but do you think just the house rent is the only bill? there will be other bills to pay and this is the reason why some people with fat income are still poor.....
Once again, if you live above your means, poverty would come knocking at your door..
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This is very true bro. When a budget is planned, it gives an edge over many things. It helps to curb unnecessary spending which helps in checkmating spending habit. Nice one bro.👍
thanks man
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Once again, if you live above your means, poverty would come knocking at your door..
yea
You never seize to amaze me with your creativity, I have seen a lot of points in your post compared to 1k words post, you are just naturally gifted ment..
Budgeting is truly being one step ahead of life❤️❤️❤️❤️
Yes that's for sure @burlarj that poverty is knocking on our door if we live above our means. Most people who are doing this have a lots of bad debt and having a hard time paying it.
Yes budgeting is in different aspects. Having allocation in all aspects and need of our life is the best but having a budget for the basic needs should be prioritize.
Leaving above ones means will end one into poverty.
It's so important to leave sometimes even below your means just to have something to save incase of emergency.
I totally agree with you. Extravagant spendings especially in this time is not wise at all, budgeting and saving is the best it really helps a lot. Thanks for this educative post, I really learnt a thing.
I really want to appreciate your dimension and how you classified budget into four. I was touched by the emergency budget. In fact life requires lots of emergencies
The trick is to live below your means, when you try to start living above what you are earning, that is where the mistakes sets in. And financial crisis follows soon after.
Thank you for sharing this with us.
It's very important for one to have a good budget and I enjoyed reading your article
Yes budgeting helps us not to spend unnecessarily😁.
Having a good sense of budget is really helpful specially the time when we need to have some sort of addition subtraction to roll over once we pass such times.
Indeed, a properly planned budget can help cut out from situations we dont like to face in life.