Topic: Trusting your budget in times like this. (Read 1297 times)

Let me avoid sounding like a motivational speaker right now who would tell you that you can still save no matter what you have. My brother, all you need is a better income, or else, that is how you will always find it difficult to have a financial plan, not to mention a budget.

Things are hard in some countries right now, my country is a typical example, so I know the pain. If you go to the market today to buy a good that worths $10, I can assure you that you may see it at around $12-$13 in the next 1-2 weeks, how is someone planning on that? It is not feasible. Just try to increase your means of income to tackle your financial needs and that will probably encourage savings.

Inflaiton is inevitable and this is something that we must prepare ourselves in the moment or time that we do need up to do more hard work and wise decisions so that we would really be able to survive.
There are times or moments that we will really be having those kind of confidence into someone that they are really that able to survive without any hardship but on the moment that they've been able to
encounter those things then this is where they do make out some actions. It will really be that a very common human behavior on such as this because they are really just that trying out to make actions
on the moment that they do really have that kind of difficulties or challenges that they might be able to encounter ahead. Management when it comes to budgeting will really be that tough specially on living in a world
on where everything is really that increasing in terms of price and if your job salary isnt really that increasing as well  then it will really be that resulting into such overdropped on which this is something
that not really good. Proper budget and buying up important things or priorities is something that will be recommended and not really that focusing on buying some liabilities because this is where
people usually prison themselves with lifetime debt.

Yes, that is a fact, the cost of Living is becoming More and more difficult, and inflation is rampant in every sense, this makes many people in the world want to adopt other types of jobs so that they can Maintain their status quo, and While the traditional economy is difficult , because it requires more time, therefore less time for the family to do their things and When it is seen that half has Already been solved and the person is old , then the problem of inflation is simple because if investments are made, if businesses are run or even if BTC is bought , this can help to withstand that global storm.

I am also less able to control the spending of money needed because at certain times we have to spend money for uncertain needs. Some people say that there needs to be management to manage finances so that they are much more appropriate, but in economic conditions like now and the price of goods that continue to increase, it will make it difficult for us to save money

Steps to mitigate money may be easy to talk about, but when it comes to practice, it will be much more difficult. It goes back to each individual how to spend something based on needs, not desires to fulfill a lifestyle.

Having management for control, although it seems a little more difficult in the current economic conditions, if we consistently apply this method, I am sure that managing finances will be much more targeted.

Budget making is an art and everyone can't do that . You should save 30 percent money from your income for any emergency and you should be independent for your future.  If you will save the money from your income,you will not lose anything in emergency or you can invest your money in the form of Gold because physical gold is safe investment but one of the best investment I will suggest Bitcoin and you can invest in that for future and you should forget about that . Always remember that Bitcoin will be profitable in future but you have to stay focus on many things.Always be ready for every kind of situation and invest in assets which will give you returns in future.

Not everyone can "manage" their finances, not because they are incapable of doing it, but life isn't always straight forward. If everything is going normal and you are just overspending on useless stuff and you bankrupt because of that, then yeah it's your problem. But if everything is hectic, there are health problems, there are machinery problems, there is a natural disaster, whatever that is "unusual", like not a normal day, then you could bankrupt without anything you can do about it.

This is what happened to my dad, he lost his job because of a sickness, thankfully he recovered and did fine afterwards, but for 11 months we were quite poor and got a lot of debt when I was a kid, he paid it all back and retired now, but it was a tough period and he didn't do anything about his finances, it was just a sickness he had and there wasn't anything he can do. Even though he saved some money, how much can you really save, it was good enough for 5-6 months which is a lot for many people to save that much, but then we needed more.

Come to think that rich people are really that making huge income or having tons of money but still they are really that careful when it comes into their spending on which somewhat excluding into some individuals but it isnt really that a problem since they are already that rich. How much more for us who are earning that on average income? It is really that should be automatic that you do make out some budget whenever into your spendings. This is why its really that important that you should consider out on trying out to have those strict application when it comes to budgeting on which this is really that something which you would really be needing for you to avoid those potential overdrops with your budget and ending up on having that miserable life because of mismanaged funds or money. It is really that important at least on having that kind of consideration on be keen on what you do spend specially you arent that still that having a good financial status or condition. Economic situations becomes worst overtime and its normal that you will really be mindful
on every steps that you do make and dont let yourself that just simply making up some spending iwithout having considerations on where those spendings would really be that going. So it would really be that up to
you on how you would be gonna deal up with things basing on what you are really that trying to avoid and trying to deal up with.

Financial management is the most important thing for anyone who has a source of income that is still tight, especially those who are in a poor financial condition, indeed it is not something that can be easily done by someone, but if they do not want to go bankrupt, of course they must learn how to manage their income properly so as not to go bankrupt.
Choosing to record all forms of expenses that we have will indeed be very good and we can see whether we have used the income we have on things that we really need or not and if there are still expenses that we don't need, then we will be able to improve in the future so that we can limit all expenses that we don't need and that way one day we will be able to achieve what we dream of with the money we have collected.
When we have prioritized basic needs and are always routine in setting aside some of our income to invest, of course this will be able to prepare for the future according to what we expect, but this will not be easy to do if someone does not have good financial management.

To avoid bankruptcy, the main key is to be able to manage finances well. By being able to manage finances well, we can avoid bankruptcy when the economy is not good or when facing other problems related to finances. Managing finances is indeed not easy, there will be many temptations that make us not control our finances well, but believe me, if you do it continuously, you will get used to it. So it is important to apply financial management as early as possible.

For example, by recording income and expenses, this is the most difficult thing to do in personal finance.
An accountant alone is able to record company finances, but not necessarily able to record personal finances. Therefore, you must stick to the principle, if you work, work while others are sleeping. Save while others are shopping, study while others are partying, and enjoy life while they are dreaming.

All of that can be achieved if you make a mature spending plan and a clear monthly budget. Prioritize basic needs such as bills, food, and avoid debt. If you have extra money, set aside some of your income to save and invest for future targets.

You need to remember that investing can make you a significant amount of money but it can also make you lose money, there is no guarantee that investing will always be profitable. In my opinion, instead of focusing most of our money on investing, we should balance money in our lives. We also need to have one or two emergency savings in addition to investments. What if our investment fails and we lose money? Have you thought about that?


Bitcoin is the most potential investment today and we all believe that its value will increase over time. But to be fair, we have no guarantee that prices will always rise and always be profitable so always balance things out and always have a backup plan in life.


My life has improved a lot thanks to my bitcoin investment, but I wouldn't let my life depend too much on it or anything else, I like diversity and always have a backup plan because anything can happen.

This is why I am investing as much as I can afford to, because in terrible economic situations when you have something you can fall back on, could be a great situation. For the past 3 years I had to deal with something similar, I am doing much better now thankfully, I have very very little credit card debt (like just 100 bucks or so left maybe 200) and this came down from having 12k dollars debt one time at the peak, we had to sell some stuff to pay that.

But, I had bitcoin investments so I got to pay it very well, and my boss is a lovely person who helped me along the way so I am doing much better right now. Always have investments into bitcoin so that when things are looking bad then you will have a chance to make some good profit. I believe the best thing to do in this case would be making sure you are dealing with a good return and you could make some good money with it. I think the results will show itself and while everyone else is in trouble, you will not be.

Actually it would really be that just fine if things will really be that increasing but it will be always best that in terms of salary then this is something that should reallly be increasing as well or would really be trying out to changed up as well same goes with those taxes and other expedentures that a certain person would really be having in terms of living. It wont really be something that give out that kind of hardship but of course we do know that they cant really easily do that. If it were that possible or a solution to avoid too much poverty problem then the government would really be doing it. Come to think that raise up of salary or wage
on a certain country will really be still needed up to be passed or be that discussed whether it would be approved or not and also the increase wont really be that significant or really that something that could match up
those increase of prices and expenses and taxes. If it were able to patch it up or getting even with those things then there's no issue but we are really that seeing the different thing. Prices and inflation becomes worst
while salaries are still that the same on various years to come on which means that people who are earning that basic wage will gradually be struggling on way of living as years passing. So better not yourself be waiting up for government aid or someone who do expect such change. As a personal point of view then you should really be acting out into yourself and find out for another source of income for you to be able to add up into your day job salary. If you do find out that you are already struggling on way of living then its normal that you would really be making out adjustments accordingly.

I have noticed one thing, that the cost of living is constantly being raised so that people cannot improve their standard of living. Inflation, tax increases and other economic difficulties lead to the fact that we constantly need to think about how to distribute our will in such a way that it is enough for the standard of living to which we are accustomed, or think about how to increase our income. Sometimes in the most difficult times you have to save.

That's is how life is nothing is certain everything cannot go the way you want always and just like the illustration you gave you can not always get what you want always their periods were you don't have a choice than to shape your self to what ever situation you find your self at that particular time. And if you are anymore in a particular time you should be able to know how to control your funds so as not to mismanage funds because when you might need does funds you might have spent a lot of money on things that are not relevant and might regret why you spent that way.

And a lot of people need to start understanding thay saving is very important and if you want to save then you have to invest it in crypto currency, if you feel you are not even comfortable with how money is losing its value we need to take things seriously especially when it comes to our finance you won't know the relevance of what everyone is saying until you need money.

And this is one of the reasons I love bitcoin investment because as little as I get sometimes I don't joke with accumulation, because I know the relevance of using the money someday when am seriously in need of money I won't have a choice than to use the funds but I always have emergency fiat for emergencies.

You are correct to say that there is need for proper budgeting before the resources comes in, what I do most time. Es is that, I never allow money to seat in my bank account without any project that it be meant for, this is because of my past experience where I was spending more that I was earning, and when I seat to have analysis of my spending, I come to realise that, I was spending like that because I always wait for money inflow to happen before making budgets for that money.

But ever since I become pro active with my financial management and also spending according to my my budget and not leaving extra cash reserves seating in my balance, it becomes more easier for me to be able to follow up and stay on point with my financial requirements and inflows, most times I operate a zero balance to avoid spending out of my budget regardless of how many sources of income that I have.

Well said I believe what you said about having multiple sources of income but let's not also forget that when you start having different sources of income it comes with it's own  responsibility. The more money you make on a daily basis , is the more open you are to responsibilities especially ones you can not say no know to
In this case this is where decipline comes in for I think once you make out your  plans for expenses it should be disbursed immediately to avoid being spent outside what it is budgeted for . I think why people spend more on unnecessary things is because the money is just so easily accessible to them so at anytime they could withdraw it for a different purpose for which it was meant
So in my opinion decipline is necessary to avoid unnecessary expenses this decipline could include making this money inaccessible not untill it is time for it to be used .

Whether it's a lot or not is subjective and how to invest has a value that we can't calculate for each person.
Motivated from the book Phiyscholgy of Money by Morgan Housel, the fact is that for an ordinary worker can invest enough to get a lot of value when in his old age, yes even though it does take longer, but it is like more certainty in building wealth and certainly safe, how to treat money will affect how to make decisions in using money for his needs, some people reduce their expenses and do not spend their money on things outside of primary needs so that they can accumulate more.

Choosing where to invest is very important to save value, not a few do fail, such as the amount of the increase in the S&P500 and gold that can withstand the percentage of inflation, let alone bitcoin which is certainly more profitable, but we must be aware of the habits of people investing and why they fail is to choose something like gambling, they don't know what they are buying and think within a month or two can have an increase in price, of course as an investor is a silly thought.

Well in the kind of economical situation you find yourself, I'll advise you carefully plan your self!
Check how much you earn in a month, and try to check how much you spend in that same month, if how much you spend exceeds how much u earn then you have to retrace your steps.   Cut your budget, try to find other sources of income, be pragmatic,be determined not to get broke then trust me you'll watch things get better.

That's the point, we don't know when the things we don't want will happen. Even though we are still fine now, it doesn't mean that we will never be touched by bad things, there is always a risk that we will feel that way. So to anticipate it is to prepare an emergency fund. Someone might say that during their life they have not experienced anything bad, so they tend to ignore things that are a form of preparation. Nobody wants bad things to happen, everyone definitely wants their life to be good. But that is just a hope and we can only do our best to prevent it from happening.

That's how a person's lifestyle is when they have money and their previous standard of living which seemed simple changes completely because it is influenced by the additional income. When the income we get is stable and can be said to be large, it is not a problem as long as people can make adjustments to expenses and needs to support life. But if it is only to show off on social media because they have a better standard of living, then I think it is not a behavior that should be exemplified.

We need to be smart in managing our finances so that when unwanted things happen, we have a solution. Most people are wasteful in buying expensive things, but when they have financial problems, their lives become worse and they end up having to sell the luxury goods they previously bought.