SETTING A BUDGET!
Budgeting is simply the process of making adequate plans to control unnecessary expenditures. Individuals/families can decide to prepare a weekly or monthly or yearly budget depending on their choices. However, the most important thing is to apply discipline while budgeting. In most cases, you may agree with me that our needs are usually more than available resources and so it becomes very important that one set a good budget and strive to abide by it👌.
Being a family woman, I apply a scale of preference while budgeting. This is simply by arranging our needs according to how important they are.
There are so many factors one should consider while preparing a budget however, these factors may vary from one individual to another. For instance, a bachelor or a spinster may have different factors to consider, unlike a family man or woman. Hence, find below some factors I consider while preparing my family budget:
-INCOME FLOW: Some families/individuals have different streams of income. In my case, I calculate the total amount my family makes on monthly basis and use it as a guide in setting a budget!
-FAMILY NEEDS (Primary needs): This is where the scale of preference comes in. Setting priorities on particular products, more important than the other. For example, food, shelter, clothing, etc.
-FAMILY SIZE: The number of people in my family is usually put into consideration because everyone including babies has needs!
-INFLATION: The current cost of goods at the time of budgeting should be considered. For instance, what #20,000 can buy in the past two months, the same amount may not be able to purchase the same product this month and perhaps in the few months to come. So estimating a bit higher, win the game here.
-MISCELLANEOUS: In as much as we set a specific budget, there are times expenses surface, like the medicals and others, so budgeting in this area should be considered 🤔.
In summary, a good budget whether the short-term or long term helps in controlling unnecessary spending, and for anyone who can budget and follow it with discipline, he or she will have the set objective goals, achieved!
This post is in response to the #hivelearners community contest week 28 edition 1 topic titled BUDGETING. Interested in joining the contest? Kindly visit @kronias blog for updates.
DO HAVE A BLISSFUL WEEK AHEAD💖👍
Very apt analysis! You have a solid grasp on your family expenses and that's a very important tool that can help survive this inflation period. A lot of families don't even know what budgeting is, they just live from hand to mouth without taking note of their income and expenditure That's a very fast way to extreme poverty and it's part of the reasons why a lot of families find it hard to escape from poverty
Not taking note of your income and expenditure can lead to poverty, I agree with you on this bro👌
Thanks so much for your wonderful contribution on my post👍
Budgeting helps control unnecessary spendings for sure. Anyone who lives on a budget can attest to that.
You are very right on this
Thanks for dropping by 👍
Hmmmmm as usual calculator madam, this is beautiful write up, spending money on the wright reasons and not spending on things that are your wants and not essential is very detrimental and can lead to financial instability ❤️❤️
Yeah, financial instability on the extreme. A lot of fashions so attractive especially for ladies you know 🤩, so budgeting helps to curb unnecessary spending on this
Thanks for stopping by foxy 🥳😇
aye aye mooma, yah welcome
This is such a well planned out analysis for the family.... in this way everything would go smoothly as planned . As a family woman it's important everything that you do is budgeted and not outside the budget because it helps to minimize certain miscellaneous expenses.
Yeah, everything we do as a family needs to be budgeted otherwise, we run into some financial distress and you will discover that money to attend to the urgent need may not be available when needed.
Thanks so much for reading!
Budgeting with self discipline is the best or else, one might find himself or herself spending beyond limit. We need to really cut out on some extravagant spendings through budgeting.
Happy new week ma 😊
Yea, extravagant spending 💰 is so easy without a budget especially with my gender 😂
Happy new week princess 💕❤️
Great write up ma, I love the way you set your budget. And yes, I agree with you... The family size matters as well in budgeting.
When there's a lack of proper budgeting, it could lead us to impulse buying.
Thanks for sharing this ❤️.
Yeah, so many important factors need to be considered while budgeting to get it right....I love and appreciate your visit Dimma💖
so i guess we are going to settle with two kids so our budget can be minimal xd
😅 Burl!
No na, I want 4 kids... 2 boys and 2 girls. But don't worry, we'd be filthy rich before then 🤑😂.
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Indeed... As long as you have a good budget and you are willing to stick to it, then things will definitely go well with your finances. Budget gives you control.
Thank you for sharing this with us.
Budget gives control 🤞👌👍
Thanks so much for visiting Bruno
Sure we must consider the amount of money that comes into our pocket,before spending. Great tips you have shared and they are helpful😁.
Yeah...we should my dear
Thanks for the visit 👌👍
I am slowly beginning to get hold of this budgets. Life before marriage and after changes drastically. A lot of simple actions needs to go into consideration. While I am glad I do not have any high maintenance nor for myself neither for my family. But yeah, when it comes to crypto expenses I need to put some of my expenses into check. As $1 today can be $10 in the future. Better be budgeting that before it is too late lol jk.
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Life before and after marriage changes and that's why budgeting differs for individuals.
Yeah, even in crypto, budgeting for expenses is vital.
Thanks so much for this amazing visit @rehan12, much appreciated 👍😇🥳
Setting budget for all our expenditure is always a great idea, because it help us track our spending and cut on necessary spending.
Very important my dear friend. I Hope we all do the needful.
Thanks for your warm visit 👍
You're right @nkemakonam89 that budgeting will vary from one person to another. Single men and ladies will have a very different budget from a married people whose priorities is the need of the family. In our family I do make a monthly budget.
My dear...that is it
Budgeting varies..we just have to prepare it the way it will suit us
Thanks for reading 👍
I like the fact that you explain how different people in different circumstances will need to do things, well, differently.
one rule does not fit all, but there are principles we can all apply
Sure...people approach budgeting differently.
Thanks for always dropping by 👏👍
Having a budget can truly help avoid wasteful spending. Thanks for sharing.
#dreemport.
Thanks for your comment 👌👏
setting a budget is the key to financial stability
Exactly 👌
The best is bit is the feelig of progress when we track the change from month to month. i enjoy budgeting
Thanks 👍
🤝
I'm so impressed, really. You just said a lot in just few words. I think if any one wants to get a budget, they should come learn from you.
Dreemport brought me here Ma'am 🤓🤭.
😇😇😇
A woman of few words😂😂😂😂
I am not a financial advisor, just had to keep it simple..lol
Thanks so much for visiting 👍🤗🥰
Yes I know, it's obvious you are not but you do speak from experience and I just think someone will be able to get an idea to go about his or her own way of setting good budgets.
It's always my pleasure to be here ❤️.