There are many helpful living tips I've learned over the years, which have greatly benefited me. From my personal experience living in different places, I realized that it's not where you live that matters, but how you choose to live. While inflation and economic hardship issues affected everyone, especially during the 2019-2020 pandemic, it's important to remember that there were still people that were living comfortably even under the hardship.
At some point, the pandamic served as a safe haven, allowing many of us to avoid daily expenses such as transportation, fuel, clothing, accessories, dining out, and more. However, its adverse impacts were later felt globally. During this time, many world economies and individuals engaged in a blame game, attributing their already struggling economies solely to the pandemic.
Unfortunately, I don't see things subsiding aftermath the pandemic as the prices of goods and services continue to rise. But if we learn to live wisely, I believe we can avoid some hardships. Even though times are tough in several places, by adhering to financial management skills, we will be able to live the kind of life we want and live it well.
Firstly, It's crucial to align your income with your expenses before spending a dime. Most people spend before they even create a budget; which serves as a roadmap for spending, saving, and investing. Without a solid budget, no amount of money will be enough for your needs and wants, and no living condition, however luxurious, can guarantee a satisfying life. Making budgeting efforts helps you in setting financial goals which is very crucial for life.
Budgeting means knowing where your money goes and keeping track of it. Some people claim they don't know where their money goes after receiving it, but this often stems from a lack of proper monitoring and tracking. I once considered a £20 mobile bundle with unlimited data, calls, and SMS, while also opting for a £29 monthly full fibre broadband plan to use at home. Daily internet usage necessitated this.
However, upon reflection, I realized the unlimited package was unnecessary. I had access to WiFi at school and work, and rarely used my mobile data at work. Why pay £20 when a £5 mobile plan with even more unused data was also an option. By tracking these expenses and choosing lower-cost options, I saved £15. Many of us have a number of subscriptions that often consume our income, even though we rarely make the most of them or consider them essential. Doing a thorough analysis and monitoring can help identify areas where you could reduce some of your expenses.
Moreover, identifying your needs and wants is key to effective budgeting. Some things, like food, water, electricity, and gas, are essential, while others are non-essential (wants) you can forego. Prioritizing needs allows you to save money and plan for wants that can be temporarily put aside. For some, their wants often take precedence, for instance some people first reward themselves extravagantly upon receiving their monthly incomes before considering a budget. Putting wants before needs often results in the need for additional income to cover excess expenses.
Furthermore, a lifestyle inflation is another thing to avoid. When your income increases, the temptation to increase expenses also rises. As humans, we tend to adapt our lifestyle to our income level. While it's natural to enjoy some benefits of increased income, avoid the temptation to add unnecessary expenses. There will always be unavoidable expenses when your income rises, but managing them well prevents overspending and allows you to save for a more fulfilling purposes.
I reiterate that it's not where you live that matters, but how you choose to live. By making smart financial choices, we can all live well, regardless of our situation. we can find happiness and fulfilment regardless of economic conditions. However, achieving this requires recognizing the economic realities of our environment and devising ways to thrive.
I think nowadays budgeting is underrated and people tend to spend freely with the income they earn. But budgeting is a fundamental and needed skill to have in financial management. It dawned on me that without a budget, I lack the financial structure that will help me reach my financial goals.
Budgeting is essential for achieving financial goals. Thanks to it, I've made wise financial decisions. I continue to seek insights in managing my finances, as I believe wealth comes from knowing how to handle finances effectively.
I believe that too, especially when it comes to keeping and multiplying the wealth for the long term.
Its always best to be aware of our expenses and where our money go to and also why. Most times we need something but we don't know exactly how much we need.
I had similar issue with a data subscription too recently I had too much-unused data, and the need to always get a new one so I could get a rollover was what drained my purse when I could've just opted for a long dutation data subscription without having to renew every time unless when it's fully exhausted. Life isn't a bed of roses but that doesn't mean we can't create the type of reality we want. Expenses are a must buy also moderation is much more important. Glad you're able to see where the problem is and fix it before it becomes a plaque that eats up your gains.
Being mindful of our expenses is crucial and where is our goes is the best. Just like you said, life is not a bed of roses, there a tough times but we create the kind of life we want provided make good financial plans and decisions.
Yes, we've got to be very mindful.
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I agree with your fact. It's the way how you live, going only for the necessities rather than extravaganza. If this way you move you will definitely lead a peaceful life, even when you have nothing in hand.
Thanks for this, we can make the most of every situation irrespective where we find ourselves and this has more to do with gaining insights on the right way of living
The wants and needs are also a good understanding that one must attain the height of knowledge well enough. It’s a principle that will result out to an appropriate and genuine budget.
Well said, thanks
A thing that would make things a lot easier for everyone, is the financial education that is more or less lacking everywhere. Of course, there are countries very well prepared for this matter but there are also those on the opposide which have their people spending more than earning and being constantly in doubt about what is going wrong.
financial literacy is necessary
How we live matters and this is by adopting some financial management skills to better our life and future. Budgeting is one management skill in finance one needs to adopt and learn about as it gives an edge of our money and how it is being spent while also helping us to consider savings for emergencies.
Well said, thank you