Topic: Trusting your budget in times like this. - page 2. (Read 1297 times)

This is the way to grow, if you can save and put some aside for investments, then eventually you will get richer to do stuff more freely, otherwise you are not going to end up with anything good.

I believe we are seeing something that is changing for the worse right now with people who do not have enough income to save, but we need to be more logical, creating debt, no matter what the cause is, always carries a risk. I am not saying don't have any debt, there are smart debt and bad debts, do not get in debt to buy a new iphone pro or something, but get in debt to buy a piece of land for example.

I believe the best thing to do right now would be making sure we deal with a lot of profit and if we can do that then we are going to make a good return without a doubt. One exception is health, making debt for health is acceptable. Always keep trying to grow, and have more and more, eventually you will do fine, I have been trying to grow a lot, failed most of the time, but still ended up "richer" in the sense that I am not poorer at least.

Once the person earns money sometimes they change their lifestyle reason why they extend additional cost we called this as lifestyle inflation which is before they cant afford those things and now after they get money and a budget they make an excessive buying to those things they cant afford, sometimes casual spend and sometimes is for flexing in social media. Now they get ignore their savings because they know that there will be a salary will coming next cutoff. Be a financial literate and manage your money properly to avoid spending much and once unexpected emergency or occurrence happen you have a money.

These are inevitable things on which you would really be able to encounter things on which you dont really like to happen because there's no way that you could really be able to avoid problems on which it do really simply means that you would really be that needing yourself to get prepared on whatever the situation that you might be able to face on. If you are someone whose really that not anticipating those things then you would really be getting shocked on the time that you will really be able to face up some problems in the future. On the moment that this happens then you will really be that easily panicking because you havent been able to anticipate or able to expect that this would gonna happen. This is why it is really that important that you should really be knowing at least on what are the things that you should gonna do and dont
make yourself that easily shocked and able to face on on whatever possible problem you might be able to encounter.

Budgeting will really be always recommended whether you do have still the money because we know that money isnt that unlimited and could that easily deplete out if you wont really be that careful.
On the moment that you would really be having such behavior then you might be potentially be able to encounter issues later on.

Multiple sources of income are not the solution to maintaining a budget; you make your budget based on how much you earn and not how much you expect to earn. If you have multiple sources of income, there is also a possibility that your demand will increase, which will make it impossible to maintain that budget.
 
The best thing to do first is to have a self-discipline mindset not to spend on things outside your budget list, and there should also be some extra funds that will be used to cover up unforeseen expenses that, even if the price of things increases, won't affect you much.

Anytime people can face unwanted situation. If any saving or emergency fund is formed at that time then that moment is definitely safe for him. But it is often seen that many continuing investing but no one builds any emergency fund. It is not always possible to profit from an investment at one stage. When the investment is supposed to be profitable, it can go to the worst level. And in this concern, if the investor has an urgent situation, he has to manage the money in any way. According to the situation, he has to complete that urgent task with huge losses. I've seen some good advisors who suggest making separate preparations for their emergency funds the same way they prioritize investing. There is no alternative to setting up a emergency fund in carrying out any regular activities. Those who do not do this will lose their wealth.

No one have any doubt about budget with it's not only important for the single person it's also important for the family and other many which needed to grow with discipline and better environment because without budget we can't go through in positive way for the development usually things or persons without budget had more chances of burst then peoples those are doing things in calculations and within to their budget.

Even now situation is going the worst day by day in many countries due to inflation and domestic problems but peoples or firms which are still doing all under minimum budget have better results here now having things under budget are difficult but still peoples those understand and able to do they are trying their best for survive and have some hope of improvement in near future with numerous communities and peoples are suffering badly because their budget is having not enough sources for them to bring some stability into their lives which are ruined by current uncertainty.

I don't know what your source of income is, but every person has some source of income. So you can meet your unique needs with the money that survives after meeting basic needs from your source of income. Because it requires a plan, it must detail how you can minimize the extra costs in the right plan. So extra expenses you can reduce your extra expenses by investing in bitcoins every week. So only you can put yourself to the right use with a creative mind.

I think that saving can help us in unexpected situations so that at that time we really need sudden funds. I invest and I also save, why? I want to minimize the risk so that I don't have to withdraw my investment when the situation is urgent. Because if we are in a profitable situation, maybe it will be fine, but if the market is down and we are at a loss, then it will definitely be a loss if we withdraw our investment assets. Therefore, I try my best to manage my finances as well as possible, on the one hand so that I can continue to invest, on the other hand I also have to have savings that I can use in sudden situations. This is a form of anticipation and also minimizing risk.

Sometimes I read where people undermine the importance of savings. I have seen some acclaimed financial advisors that despises savings and they preach that investment is all and in all. But they forget that sometimes investment goes wrong. And they also forget that when you are in your low it is the savings that comes in for you. As much as you can, save!

Talking about budget, I'm going to read through this whole thread and see a post that solves my problem because I'm in same situation with OP.

Saving helps us cope with unexpected situations. One of the purposes of saving is to be prepared for unexpected situations. Each individual's income is different and can determine the amount to be saved according to their income. The amount of savings should not be imposed on the person, savings should be made regularly. Savings take time to accumulate, but savings are useful when a difficult situation arises.

Saving is a habit and it is not easy to acquire this habit. If the habit of saving is acquired, it also helps the person manage their own economy.

In managing a budget in an economy that is constantly rotating or unstable, at least we have additional income. Even if there is none, we must learn to manage our finances well and must have an emergency fund and must have investments. There may be many strategies depending on ourselves, but what is certain is that we must change bad habits to be more disciplined in managing finances.

Actually, there is no need to calculate the percentage, just determine how much the monthly consumption budget is. The rest is all invested. The greater the income, the greater the investment value, so you must have long-term and short-term savings so that assets continue to grow for your finances when economic conditions are uncertain.

The point is, stay away from debt, especially debt that is consumptive in nature. Because people who do not have debt are unlikely to go bankrupt (So be careful about debt).

 Our earnings may not always be stable, there will be times when we can earn more, there will be times when the income will be lower than usual, so we must take care in the best of times to make savings that can support us in difficult times. You can lose your job, or close your business when it becomes unprofitable, anyone can face this, it is for such times that you need to have savings. It is better that we never need them, than that they will be absent when we need them.

I highly doubt that many people will do this. Plus, I don’t see much sense in it because otherwise, it’s unclear why one would want to earn more if the standard of living remains the same and doesn’t improve. It then turns into a desire to acquire money for the sake of money, rather than using it as a tool to achieve other goals.

We do need to realize that apart from trust, action and work are cardinal packages necessary for honoring responsibilities, most especially familial responsibilities. A proper performance of these responsibilities shall support stable and healthy family life. Economy is another significant aspect to keen on, because in this way we spare ourselves with desperate financial expectations. This is not just the question of whether or not we have an income, but how we have organised our income well.

In this case it will be easier for us to allocate our funds more wisely because we shall shift our attention to our bare essential needs, and live like that until our financial position changes for the better. Less spending on unimportant things will make us better financially secure and able to remain stable in the future. In that manner, we will be able to enjoy the Am erican life along with being able to meet the needs of our families without worrying of being trapped with debt issues.

Not only faith, you need hard work at the same time. Because you need action to fulfil your obligations with your family. As much as possible, don't incur debt. Live below your means, so you won't incur any debt. Just live with basic necessities.

Also, don't rely on government's assistance as you will only subject yourself from disappointment. Much better if you can take care of yourself without relying from anyone else. As it is hard to ask from anyone, you need to find contingencies that you believe can support your basic survival. Odd jobs, alternative sources of food, side hustles and all. As long as you are living decently and not harming anyone, you will be at peace with yourself.

I have a different view in this case because in my opinion, to start allocating expenses, of course we have to look at the income in one month that we get because this is important to make our budget not too overloaded in expenses so that what we spend is not greater than what we get from monthly income.

The reason is quite simple even though we know that spending every month starting from primary or secondary needs must of course keep going even without the budget coming in from income but at least when we have a fixed income (eg from salary) then we can better project ourselves for good management in finance so that our salary is not wasted on unnecessary expenses. If in the end we only rely on expenses without looking at income first, it may not be a balance because you will try to justify anything so that your expenses can be overcome.

Although in some cases it is good because we have the motivation to earn more money from hard work or side work, but when it cannot be fulfilled and you do not get additional money, the budgeted expenses will become difficult because it is not balanced and even overloaded with the income we have.

As if we do have other options? There's no way that we could really be able to avoid this drastic economic shit situation on which it is really that becoming worst as the years passing by. It will really be that something  really affects the way of living on which it will really be that normal that we will really be struggling specially into those individuals who are really just that basically that being dependent on their monthly check or pay.
This is why for us to be able to survive on this life then it would really be that recommended that you should really be knowing on to set budgets accordingly. It will really be that common sense that you will really be giving out some priority into the things on what must be that prioritized and leaving into those things on which doesnt really have any use at all. Sometimes people do experience those hardship in terms of financial due to some bad decisions on spending into something which is really that worthless. They will really be only making those kinds of realizations on the moment that they are already on tough conditions or situations.
It will really be always recommended that you should be mindful about your spending and if have the chance then you should that focusing into trying out to have some other sources of income on which it could be obtained through having some investment or business on which these are the things that could possibly save up your ass with this shit economic state that we are in.

This is not alone your problem we are also having same problem with in last three years things are already out of the control because you post about $3 for something, assume it will cost $3.50 but we have price doubled or some cases treble which are really terrible, but we are trying to survive in this society because we have no options, and we can't go against them.

Few years back we have low income, but we were doing ok but now recently we are having just treble our income, but our expenses are still not under our budget which is creating problems with now doing work more than 12 hours are usual with few years back this was just 8 hours even now in many cases peoples are doing work for 7 days and every day is had 12 to 14 hours duty because they want to give better things to their kids.

I personally had cut in many expenses but still I am also not able to compete with this current situation which is creating frustration, and I am going depressed day by day due to this situation but trying to fight until I can do with no positive signs are in front of me.

Faith is a small word but it has a lot of value. If every person has the word faith then any difficult task becomes easy. For example, with faith we make a budget for the family and the country for a month and run the family and the country according to that budget. Then at the end of the month, it will be seen that the family and the country have improved to some extent. Needless to say, the budget cannot be higher than the income. Declaring budget higher than income means adding debt. The more the country can balance between the budget and the income, the faster the countries will advance economically.

If you didn't earn much, you won't able to invest much.

Yeah you might make profit from investing for few years, but we don't know what happen in the future and your investment might not enough to cover your life.

Most people do invest, most people do find other gigs to earn extra money. But, most of them choose not a good investment e.g. not surpass inflation rate or they choose gigs that can't be leverage e.g. food delivery instead of singer, actor, programmer etc.