Trusting your budget in times like this. - page 4.

bangjoe

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Quote from: Alone055 on October 20, 2024, 05:16:45 PM

Quote from: bangjoe on October 20, 2024, 03:42:42 PM

You need to see first the costs you have to spend in each month, then see how much money you definitely get each month, maybe you have reached the stage of distributing money from your income, but you missed some things such as reserve funds and others that you need to prepare to anticipate if there is an urgent need. then if you see from your total calculation, your income does not meet your needs or costs that must be incurred every month then what you need to do is reduce your expenses and or look for additional income to meet it, this is the basic principle of budgeting your life, if it is related to a rotating economy I think real price fluctuations are not like crypto assets which have large fluctuations in a matter of months, so you don't need to worry about it.

Real price fluctuations are not about fluctuations in the value of currencies but it is about fluctuations in the prices of goods that we buy using that currency. Ever heard about inflation? That's what I'm talking about here.

Fiat currencies tend to lose purchasing power over time because of inflation and economies going down, and that is even more damaging than a cryptocurrency losing value because a cryptocurrency tends to have the potential to get back to its original price after some time, whereas it is more difficult for a fiat currency to regain its purchasing power very easily. The process is long and you might not even be alive to see it getting changed.

Inflation is one of the biggest reasons why it becomes difficult for a person to manage his livelihood with the limited income they have. If you have always had a fixed income which didn't change much, you must have been doing much better a few years back compared to the current times.

Talking about inflation which is very big if it is calculated annually, but are you going to maintain the same income in a matter of years? are you not investing and so on to sustain your life against inflation? if not then you have to do it, because if I have to talk about inflation by fiat, every year it will definitely decrease the exchange rate, so we compensate for it by investing or getting more income so that life can be maintained in the long run.

Yucky

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Quote from: Bright0515 on October 17, 2024, 03:25:17 PM

It is very important for every man to have a budget on how to spend to avoid being broke or overspending. But some people I take myself for an instance no matter how I make my budget at some points I still exceed it so I really need your thoughts guys.
And at the same time having a successful budget and maintaining your budget depends on the situation of your country in a country where prices of goods are not stable it would be very difficult to have a trusted budget.

So how do you manage your budget in a rotational economy I think I myself would need to hear from you guys.

You live in a country with a rational economy where things are always increasing. The price of what you bought yesterday will change when you go to buy it today. So, you should over-budget. For example, if you budget $3 for something, assume it will cost $3.50.

Also, try to find an extra source of income to complement the spontaneity and rational nature of your economy.

Don't wait for a reason to save; just keep saving. You never know when emergencies will arise, and some will require more money than others.

📌Make saving a habit, no matter how little. Over-budget and allocate extra funds for miscellaneous expenses. Look for an extra source of income that won't overwhelm you, but will add something to your pocket.

Learn to cut unnecessary expenses. Be mindful of things that won't add value to your budget. It's okay to relax sometimes, but if you're not earning much, you need to cut back on extra spending. Don't go for every hang out your friends invite you, know your budget, know what you're going through, and adjust accordingly.

ancafe

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Quote from: Republikcoin.com on October 20, 2024, 06:32:15 AM

Rich people who are already smart and those who come from poor families will certainly always have a plan to increase their wealth by continuing to find more money with the capital they currently have. So rich people who still have the spirit to work will continue to move with their wise plans and they will not care about people who still complain for various reasons. And from what you said, I think it is also true because everyone clearly cannot guarantee the level of stability of their income for the future so whatever can be done and it can make money, it will be very good to continue to do it without any indication or thought of stopping.

The most important thing is to stop thinking that we are not able to do big things to improve life in the financial sector because everyone has the same opportunity if done correctly and consistently. Everyone does have different opportunities but there is no reason for anyone not to move to make changes in their lives. Those who have wealth from their parents are also not necessarily successful in developing a business for example because sometimes they rely on the influence of their parents but they themselves do not have the skills.

Don't stop doing something more useful because in that way we learn from every experience to create our own version of success. It is better to struggle by working hard than to expect success by luck from the influence of parents.

TheUltraElite

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So anyway, I applied as a merit source :)

This type of budgeting starts before the crisis period begins.

Saving money for emergency funds and saving in general should start as soon as you are earning and continued as long as possible.

In the crisis period you dont have the chance to look back at what you can spend, if you have funds you will sustain.
Additional sources of income are good but not possible for most of us.

In either case, tide over period and start saving money for the next crisis.

Apocollapse

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Quote from: fuguebtc on October 20, 2024, 07:53:29 AM

Sounds great, right? But have you actually experienced it in real life? Because in my country and through some people I know, it costs at least 15k-20k dollars/person, not as cheap as you mentioned.

If it only costs 1-3 thousand dollars, maybe all the people in my country will choose to immigrate to Germany or any other developed country to work. Cheesy

Personally I'm not, but my friends does.

I'm not gonna sugarcoat it, but it's true the costs is not only $1-3K, but I'm sure it won't reach $15-20K although this depend on where you live and how smart you're.

It probably around $3K-$6.5K because the $1-3K is only for requirement to apply Ausbildung or WHV, but before that we need to learn the language which cost time and money, take the test (you need to pay again if you fail), create passport, buy flight ticket, and complete any other documents.

I believe people have such amount, but they afraid if they fail, imagine they saves $100 every month, which mean they need to work for 3-5 years. That's everything they have, if they didn't make it, they would lost all the money they saved.

ChiBitCTy

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I use a budgeting platform that I is offered through the retirement plan that I work for. It's on a page of financial calculators right at the very top, which of course is trying to say it's most likely the most important calculator of them all. When I speak with clients I run this with them and simply stress the importance of inputting things that aren't necessarily monthly but do happen throughout the years, such as big vacations. Of course always build in an amount for "unexpected expenses".

Adbitco

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Quote from: Bright0515 on October 17, 2024, 03:25:17 PM

So how do you manage your budget in a rotational economy I think I myself would need to hear from you guys.

When to are talking about budgeting you are also talking about discipline,. They both works together because you can't talk about budgets without being principled on how you used and spend them. To make a successful budget and it comes true there are some random and oscillatory movement you would either stop or avoid in order to maintain within your budgets otherwise, there are chances that you will still spend above. But what to do is that if your income is like 500$ per month, and you budget to spend 80$ before it runs out, after you receive salary send out 400$ to savings or any place you wish to store it then send out 50$ as emergency fund, spend the remaining 50$ as budget when the funds doesn't serve you then you go get to emergency funds to spend as well because already your initial budget is 80$ and 20$ was a kind of addiction to sustain you.

Alone055

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Quote from: bangjoe on October 20, 2024, 03:42:42 PM

You need to see first the costs you have to spend in each month, then see how much money you definitely get each month, maybe you have reached the stage of distributing money from your income, but you missed some things such as reserve funds and others that you need to prepare to anticipate if there is an urgent need. then if you see from your total calculation, your income does not meet your needs or costs that must be incurred every month then what you need to do is reduce your expenses and or look for additional income to meet it, this is the basic principle of budgeting your life, if it is related to a rotating economy I think real price fluctuations are not like crypto assets which have large fluctuations in a matter of months, so you don't need to worry about it.

Real price fluctuations are not about fluctuations in the value of currencies but it is about fluctuations in the prices of goods that we buy using that currency. Ever heard about inflation? That's what I'm talking about here.

Fiat currencies tend to lose purchasing power over time because of inflation and economies going down, and that is even more damaging than a cryptocurrency losing value because a cryptocurrency tends to have the potential to get back to its original price after some time, whereas it is more difficult for a fiat currency to regain its purchasing power very easily. The process is long and you might not even be alive to see it getting changed.

Inflation is one of the biggest reasons why it becomes difficult for a person to manage his livelihood with the limited income they have. If you have always had a fixed income which didn't change much, you must have been doing much better a few years back compared to the current times.

RockBell

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Quote from: Oluwa-btc on October 19, 2024, 09:24:07 AM

Mmm setting budget is kind of a huge decision I must say cause after you must have done that following the process is another aspect and if your the type that spends lavishly you ought to follow your budget plans very well because it helps you but some people will still go as far as taking or doing more than what they budgetted. For me when I set a budget plan especially on my spendings I take full control of it in the Sense that if any unbudgeted wants come I back it off, and it's good to keep up this cause it helps in the long run I know from experience and it's not about the country's economy crisis, you can still set up a budget and follow it.

Sometimes even with the budget you might over spend and it is normal because you might feel you have planned everything out not until, things don't go according to plan, their people that don't even have plan all they want to do is to spend without having any serious plan at hand and the way everything is turning it's not every time that budget will work, the price of things are always changing, so the plan to have a budget can actually change so it's not like a stable decision you can say you can make every time.

Their are people that budgeting always works for but not for everyone because the economy is no longer suitable so been careful with money most especially. Plans can actually change so I don't even blame does that the plan is changing or anything. Because anytime I want to get something I noticed that am always crossing the line because i will still see something I need.

I would not agree thay economy crisis are not among, they are definitely the main cause because almost every currency is getting weak and it's losing value.

bangjoe

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Quote from: Bright0515 on October 17, 2024, 03:25:17 PM

It is very important for every man to have a budget on how to spend to avoid being broke or overspending. But some people I take myself for an instance no matter how I make my budget at some points I still exceed it so I really need your thoughts guys.
And at the same time having a successful budget and maintaining your budget depends on the situation of your country in a country where prices of goods are not stable it would be very difficult to have a trusted budget.

So how do you manage your budget in a rotational economy I think I myself would need to hear from you guys.

You need to see first the costs you have to spend in each month, then see how much money you definitely get each month, maybe you have reached the stage of distributing money from your income, but you missed some things such as reserve funds and others that you need to prepare to anticipate if there is an urgent need. then if you see from your total calculation, your income does not meet your needs or costs that must be incurred every month then what you need to do is reduce your expenses and or look for additional income to meet it, this is the basic principle of budgeting your life, if it is related to a rotating economy I think real price fluctuations are not like crypto assets which have large fluctuations in a matter of months, so you don't need to worry about it.

Wiwo

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Quote from: N.O on October 19, 2024, 10:40:03 AM

Economy is very important for every country of the world but before this every person of the country should be educate about Economy and it's impact. Our education system is producing so called educated people which are not doing for the economy. They want only jobs and they want safe life and no one is thinking critical and that is the reason behind unsuccess of every country. If people will be educate then they will make sheet of income and expenses and they will emit useless changes and they will focus on only necessary things for the family and country. Powerful countries are powerful durme to their mind power.

Education is very important for economic growth be it at individual level and societal level or government because is through that economic and economic management knowledge that one an properly guide himself through the various stage of economic challenges that present itself at all time, and by so doing one will be able to build a solid financial background that will help us as individuals or as a government.

For a government with good and expert economic policy, the system will always reflect that state f expert planning and execution Of those economic policy, which will reflect on the daily activities of the citizens at large, so to have a stable financial life, one need economic power and education at the same time.

Koadharber

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Quote from: Etranger on October 20, 2024, 06:58:04 AM

Quote from: Poker Player on October 19, 2024, 09:21:07 AM

The key to making this not a problem is to earn more. Budgeting is all very well and trying to save is also good but once you get into the habit of budgeting, even if imperfectly, if you find a way to increase your income everything will be easier.

Simply earning more is unlikely to solve the problem. Certain conditions must be met, where a higher income actually helps avoid the problem of excessive spending.

Firstly, the increase in income must significantly outpace the increase in spending. Because if this happens gradually, spending increases proportionally, and in the end, the situation hardly changes. Therefore, income growth must be abrupt, so noticeable that spending cannot quickly catch up with it.

Secondly, even if the first step is implemented, without controlling irrational desires caused by social pressure — the constant feeling that something must be bought — the problem will not be solved, no matter how much a person earns. It is necessary to analyze where money is spent besides essential needs. And understand what is a personal desire and what is imposed from the outside. These externally imposed categories should be limited as much as possible.

But the main issue on here is that whenever a certain individual do able to hit or reach up that condition on which they've been able to have that success in life or able to succeed on increasing their income,
they would really be also having that increased expenses as well because they've been able to upgrade their way of living on which expenses is way more than on what they do have in the past.

I could really be able to attest such condition yet on which this did really happen to me and pretty sure it do really happen to tons of people. This is where you would really be needing to think up
crucially and make up some realizations that you should really be making out some adjustments and also there are things on which you would really be needing up to retain.
Stick with your previous budgeting despite on having that upgraded or improved source of income on which this could be leading into more progressive life.

jaberwock

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Quote from: milewilda on October 19, 2024, 02:24:44 PM

You would really be needing up to sustain if you would really be liking to be able to stick into budget. We do know that when it comes into this aspect then it would really be just that too damn hard on doing so.
If you wont really be that having that control or discipline then you would realy be still ending up on having some issues when it comes to budgeting. Who wouldnt really be making out some adjustments if you do look yourself having some budget issue due to lack of earning from your day job and you do have tons of priorities? Of course you would really be putting up priorities into those things on which you do saw that
it is far more important than on the other on which this is really just that common sense. You would really be needing to budget so that you would really be able to survive on the next days of living.

For those who do able to save up are the ones who would really be able to survive but if you do have reach out that situation on which you are finaicially free then budgeting would be still relevant
because spending up money is really just that easy or simple, without budgeting then you would be might still experiencing some financial problems.

Yeah, but if it is about sustaining (the financial way) then I think that can contradict to our goals. We need to resist it first if we want to succeed. It's not going to be easy at first but as long as the consistency is there, I know we can get the hang out of it soon. There are still or really people who are like that, that will just choose to go with the flow even though they know that they are struggling on this issue/matter.

Maybe some did try to fix it but it's just that they aren't only consistent or they lack on some key items to be successful on this. For those who think they are already financially free, indeed that it is still necessary because we can't tell what happens next or in the future and a lot of people who are like these have actually regretting because they got very confident to not care when it comes to these matters.

Bloodseekers

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Quote from: Republikcoin.com on October 20, 2024, 06:32:15 AM

Quote from: ancafe on October 20, 2024, 04:53:30 AM

The more sources of income the better because we never predict how steady jobs will be tomorrow. The mindset of the rich will always be thinking about how to make a lot of money and they make coordinated plans to achieve it. It takes planning as you said because life without a plan will never work and how we can increase our interest in continuing to obtain things in a much better way.

Rich people who are already smart and those who come from poor families will certainly always have a plan to increase their wealth by continuing to find more money with the capital they currently have. So rich people who still have the spirit to work will continue to move with their wise plans and they will not care about people who still complain for various reasons. And from what you said, I think it is also true because everyone clearly cannot guarantee the level of stability of their income for the future so whatever can be done and it can make money, it will be very good to continue to do it without any indication or thought of stopping.

Everyone will certainly always think about how to continue to increase their wealth and also prepare their future to be better than now and with the knowledge they have it will certainly make it very easy for them to collect their wealth over time, having a spirit to work is very important for anyone who wants to increase their wealth and it is very unlikely that those who like to complain will have good ideas to be able to make them continue to develop to be better than now.

And because we cannot guarantee what we will face in the future, it would be better if from now on we continue to work and earn money so that we can always be ready to face any situation that may possibly occur in the future.

fuguebtc

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Quote from: Apocollapse on October 18, 2024, 11:39:18 PM

WHV need $5,000 AUD which is $3,354 in USD https://www.gooverseas.com/blog/how-to-work-and-travel-australia-on-a-working-holiday-visa
Ausbildung need €959 which is $1,043 in USD https://www.make-it-in-germany.com/en/visa-residence/types/training

It's up to each other to know if they're possible or not to fulfill the requirement. Not everyone has the opportunity, but I'm sure many people have the opportunity, it just many people are scared to leave their comfortable zone.

Sounds great, right? But have you actually experienced it in real life? Because in my country and through some people I know, it costs at least 15k-20k dollars/person, not as cheap as you mentioned.

If it only costs 1-3 thousand dollars, maybe all the people in my country will choose to immigrate to Germany or any other developed country to work. Cheesy

Quote from: Apocollapse on October 18, 2024, 11:39:18 PM

Actually my solution is better than people who're just saying get extra jobs or open a business.

But I completely agree with you, your solution is at least more practical than many other pieces of advice. I don't understand why some people keep repeating advice that everyone knows and has thought of, even a child could think of that solution if we asked him. Or to put it bluntly, most of them don't have any viable solutions, and even they are still struggling to find solutions for themselves, let alone offer solutions to others.
Earning money and meeting daily needs is not an easy task these days, let alone teaching others how to get rich.

Etranger

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Quote from: Poker Player on October 19, 2024, 09:21:07 AM

The key to making this not a problem is to earn more. Budgeting is all very well and trying to save is also good but once you get into the habit of budgeting, even if imperfectly, if you find a way to increase your income everything will be easier.

Simply earning more is unlikely to solve the problem. Certain conditions must be met, where a higher income actually helps avoid the problem of excessive spending.

Firstly, the increase in income must significantly outpace the increase in spending. Because if this happens gradually, spending increases proportionally, and in the end, the situation hardly changes. Therefore, income growth must be abrupt, so noticeable that spending cannot quickly catch up with it.

Secondly, even if the first step is implemented, without controlling irrational desires caused by social pressure — the constant feeling that something must be bought — the problem will not be solved, no matter how much a person earns. It is necessary to analyze where money is spent besides essential needs. And understand what is a personal desire and what is imposed from the outside. These externally imposed categories should be limited as much as possible.

Synchronice

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Quote from: Bright0515 on October 17, 2024, 03:25:17 PM

It is very important for every man to have a budget on how to spend to avoid being broke or overspending. But some people I take myself for an instance no matter how I make my budget at some points I still exceed it so I really need your thoughts guys.
And at the same time having a successful budget and maintaining your budget depends on the situation of your country in a country where prices of goods are not stable it would be very difficult to have a trusted budget.

So how do you manage your budget in a rotational economy I think I myself would need to hear from you guys.

If you have low income and that is barely enough for basic needs, then believe me, there is nothing wrong with you exceeding the budget. Your problem in this case is the low income and you have to work on improving it, by acquiring a new skill or by changing a work or you have to do something to grow it. There are many options, everything depends on you and your abilities.
If you have a good income but still exceed your budget, then you have to ask yourself what unnecessary things you buy. Maybe you should go to clubs less frequently, maybe you shouldn't eat at restaurants regularly, maybe you should buy a meat from supermarket instead of a butcher.
Overall, if you spend much on food, my advice to you is to never go shopping when you are hungry because this is the moment when we buy many junk food that's bad for our health and our budget too.

Republikcoin.com

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Quote from: ancafe on October 20, 2024, 04:53:30 AM

The more sources of income the better because we never predict how steady jobs will be tomorrow. The mindset of the rich will always be thinking about how to make a lot of money and they make coordinated plans to achieve it. It takes planning as you said because life without a plan will never work and how we can increase our interest in continuing to obtain things in a much better way.

Rich people who are already smart and those who come from poor families will certainly always have a plan to increase their wealth by continuing to find more money with the capital they currently have. So rich people who still have the spirit to work will continue to move with their wise plans and they will not care about people who still complain for various reasons. And from what you said, I think it is also true because everyone clearly cannot guarantee the level of stability of their income for the future so whatever can be done and it can make money, it will be very good to continue to do it without any indication or thought of stopping.

ancafe

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Quote from: Fortify on October 19, 2024, 02:28:01 PM

You have to keep thinking independently of what everyone else is doing and evolve your planning strategy constantly. You should never rely on having one fixed source of income because your job could disappear tomorrow and if you have multiple sources of income you can either 1) give yourself a backup plan or 2) enable yourself to reach financial freedom much earlier than other people might. You have to be aware that every economy goes through a boom and bust cycle, so you need to make the most of the good times while they are available and ideally scale up your employment prospects during that time. Never stop moving or you might find someone else stepping in to your shoes.

The more sources of income the better because we never predict how steady jobs will be tomorrow. The mindset of the rich will always be thinking about how to make a lot of money and they make coordinated plans to achieve it. It takes planning as you said because life without a plan will never work and how we can increase our interest in continuing to obtain things in a much better way.

Relying on one source of income will not give you the opportunity to reach the maximum level of freedom. Humans always think about how to earn and stop at a certain point and not moving will only slow down the successful life we want.

doomloop

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Quote from: DeathAngel on October 18, 2024, 04:10:07 AM

The easiest way is to work out what your bills are, add 10% to that sum & then you can spend whatever remains from your salary on things you enjoy. It’s probably a good idea to have an emergency fund too.

I think this sounds like identifying them but who wouldn't be when they are strictly asking for our money regularly? And we are aware of what we are using in our household which counts as a bill, unless only if you are not in charge with the bills and you are only giving a money to someone else to pay for it.

Bills must be on their all-time highs already and people are already complaining about it, so it's crazy if you will suggest of adding more to it like 10 percent. Maybe it looks small to you but I think 10 percent can already go a long way if use in something else more important. It's also important to save and invest, so spending all what is left in our salary is not good.

Topic: Trusting your budget in times like this. - page 4. (Read 1556 times)