Topic: Trusting your budget in times like this. - page 5. (Read 1297 times)

Prioritize your basic needs over your wants. List down the necessary items that you need to allocate budget per month. As much as possible, set aside some savings.
You need to take care of your own budget because it would be very hard for you to look for funds when you badly need it.

It is difficult i must confess, inflation is sky high in my country, prices of food, energy, rent, etc is skyrocketing and wages remain the same, or get an inconsequential increase, it makes it difficult to live within your budget. That being said, what i do is after i get paid, instead of spending first and saving the rest, in which i always end up spending everything, what i do is i channel certain amount for savings/investing and the rest i must manage on myself and bills until the next payday.

There’s no better way handling funds rather than creating a budget, trying to exceed the budget is normal as always because I can relate. It’s more better even if compared to no proper management plans, a bad economy can result to poor spending while salary earners recieve less. No one is actually perfect but, I will advice you increase in terms of work and financial goals meaning you no longer depend on just a job for survival or else there’s no level of plan that’ll be enough.

I try to spend the minimum as possible on daily expenses, so I can save money for investments aiming long term returns. I believe each person has to create his own recipe for success, so what works for me, might not work for another person. That is why we should be careful with online gurus (coaches) telling us they have access to the secret for success. They do this just to get money from us to get rich, because there isn't any secret recipe after all.

The important is to make your budget last for longer and to always think on new measures to increase it in a monthly basis. If you achieve doing so, you will inevitably thrive financially. Doesn't matter if you are going fast or slow, the important is to thrive in your own rhythm. Also, never compare yourself to another individuals. Remember the journey is individual and different for every person.

This will definitely be difficult because for now almost every country the increase in all fields such as food or other things will clearly make us always be required to think so that we can manage finances well from the income we have but in the end things like this cannot be used as a reason for us to complain and forget about it because after all we still have to survive and try our best so as not to be eroded and hassle in difficult conditions like this.

Changes always have to be made and of course last month's management may not be used for this month because of the increase that continues to occur this month and vice versa. Therefore, for now the key is from ourselves because after all we are the ones who are the focus for our self-change in order to improve or at least survive in this difficult economic condition. Maximizing as best as possible and minimizing expenses is one important factor that must be done so that the expenses we have are not greater than the income we get each month.

I totally agree with you mate it’s seriously difficult to actually manage one’s budget or finances if you have lots of hands feeding through you, you might be actually following up your own personal spending but a family member will just run Into a financial emergency or crisis and most at times you have to be the only family member to clear the emergency for them and yuh have no option, this is part of the reason why some people even when they get jobs they hardly get to safe anything talk more of budgeting themselves.

I have one rules for earners like this, do not by all means allow people to know amount your income generates because I notice something that people bill you base on how they think you earn so telling them you earn little reduces their billing.

As for budget one thing I say is if it is for savings and a very long term then I will say never leave it in liquid money but rather invest it into other things so the money doesn’t just get use when yuh want to

Budget in the times that we're in aren't meant to be fixed, they're to be flexible because the rate at which inflation is making every thing to be expensive is alarming.

Few days back, I went for shopping and I was amazed at how things have tripped the amount I used to buy them just few months back. When we don't exceed our budget that much, I don't think it should bother us as we don't have a stable economic to be 100% on point with our budget in always.

When I budget, I add some extra money for any extra expenses that was to come from nowhere or when the price of things increase.

The unstable economic shouldn't make us to stop budgeting as it's very importance to know exactly how you spend every cent you earn. It's a good habit to develop as it makes you accountable.

The usual product that we are used to from the market have become very much expensive based on the attention that they have, so I can recommend that in an economy that defies budgeting, you should look for alternatives but not inferiors to the products that your original use for the sake of cutting down on the cost you would spend on these items. Then another way is making sure to make provision to buy things in bulk when you are budgeting for them because that way you save yourself spending some little amounts of money more in a few weeks to come even if the price is affected.

That's unfortunately true; the climbing inflation has massively increased the cost of basic necessities such as groceries, fuel, and electricity. If your income hasn't increased to make up for the difference, then you're going to struggle no matter how strict your budget is, unless you start cutting on daily goods that you decide aren't that necessary. In the OP's case, his goal should be not to decrease his expenses even further, because I'm understanding that he has already done it to a great degree, but to look for a better-paying job or a secondary source of income.

If not for the fact that I do prepare my budget list which is spend accordingly, I wouldn't be able to save anything out of my salary but though during some weeks, I still exceed my budget limit and no matter how hard I try to spend base on my budget, it doesn't work. What I observe is that, if you have lots of family or relatives that depends  on you, it's going to be very difficult to spend  based on your budget.  What you have to do is, avoid showing off to family and relatives, don't go for unplanned outing or clubbing and don't allow friends pressure to influence your budget.

I personally avoid purchasing the things that I don't need and eat food at home for most time to avoid extra cost of food of restaurants. However, I do go to restaurant once or twice a month to enjoy sometime with my family and friends.

I avoid purchasing useless items like Smartphones, cars, bikes, computers, laptops, and other such items that cost so much money. I use my smartphones for at least 4 years before switching to new and updated versions and I don't have any such issues.

My simple suggestion is to avoid spending money on the things that you don't need. If you have a smartphone then try to use it for at least 2 years before upgrading, and if you own a car then update it once in a decade. But, you don't have to be such frugal if budget isn't an issue.

I have the same problem in controlling the budget, the problem is also in my country here that prices are unstable and constantly rising, so you have to adjust your budget all the time to match the price differences.

The best way to control the budget is to have multiple sources of income, as you must have more than one source of income, otherwise you will be in big trouble if an emergency occurs and your income stops.

The other thing is that you have to control expenses, you must control your monthly expenses and give up some unnecessary luxuries so that your expenses match your income and the rise in prices, otherwise you may have to borrow, and if the debt accumulates, you are in big trouble.

spending unnecessarily do make people to be poor, many people I know that do lives a luxury life is now regretting living a luxury life, when you fails to strategies,well you will go back to square one, so I know that what we are suppose to do whenever we have money is to diversify our investment instead of living a worldly life, I did not condemn the fact of anyone who is into cruising life, but when you are living a big life you should try to remember that we have what it call setback when you mismanage what you have it will take you time to recover it, some people live and forget to remember how they have suffered before, and how manage they get were they are today, I do advise people to spend what that cannot affect their business in future.

•Pay up your bills (electricity,water,internet)
•Pay rent
•Pay amortization(if have)
•Casual spend on outside spending (things,eating outside etc)
•The rest (Saving up on bank for emergency purposes)

Everything would really be that actually be depending into someones control. If you do find yourself having problems on budgeting then let your wife do the job(if you are married)
but if you are single then seek advice with your parents on how your funds should really be handled out. It would really be that impossible that you cant be able to find ways on your own.
People here could just give out some advises or opinion but the entire thing would really be just that depending on you on how you would be able to control it.

We are living in a world on which economic state becomes more shittier as the years passing by and if you would really be that not mindful into your spendings
then it will really be giving out that huge impact towards your financial status or condition.

Funny as it may, the things we own always appear like we don't want them anymore, that's why we strive for things we don't have. To avoid unnecessary expenses, an account manager is needed, because after getting paid, we'd want to ease stress through shopping on new product.

But, when your money is handled by a professional that'll sign specific monthly expenses, depending on how much is generated. They'll be a strict organized spending habit, and you'd achieve only the important things you need. As they'll not hesitate to fund you on crucial matters.

Consider celebrities for instance, their funds are managed by an accountant, that's mostly instructed to release money on business related expenses for the success of their artists.

The present economic situation in most countries around the world is not in the best state for anyone to keep losing money and spending money without a budget or decipline this is very important and to stay ahead of that we need to check truly our income and spending channals and at this point, it is wise enough to spend less and earn more, this way you have enough cash flow to meet up with the hitting inflation.

One of such habits that one need to also stop is the habit of either consuming more than you generate and also gambling too much without budget or a bankroll function in place to guide your spending.

There are some people who make profit and spend it.Don't worry about tomorrow.  There are some people who take the past and save for tomorrow.  This is another good way to collect money but some people don't pay attention to it.Those who have a salary spend within a limit and those who invest have higher incomes and spend beyond the limits of their earnings.Such people are called medical class and entrepreneurs.But no matter who you are, everyone should have one thought that money should not be spent excessively or you should save it or invest it in something that can give you benefits tomorrow.

Honestly. I have lost counts trying to keep a budget but will end up spending beyond my budget. The kind of rotational economy we have today have makes things difficult for an average individual in my country. The inflation have been increasing without any sign of it decreasing. It has kept me scared of my spending. I don't know what the future might hold for us right now. Everything is uncertain.

It's a difficult thing to do unless you either have a job that pays you more than you need for a month or have multiple sources of income so that you can make more money than you can possibly spend in a whole month. You can only make a budget and follow it if your incoming cashflow is higher than your outgoing expenses, otherwise, things will start falling apart at one point during the month in case some unexpected expense comes up and that happens because you can't control the flow of life, there are illnesses, surprise guests sometimes, unexpected events like marriages and stuff.

So unless you have a cash flow that can cover all these unexpected expenses separately without having to make changes in your budget, you can't have and maintain a budget where it would stay intact month after month. I personally have tried a lot of things, I tried keeping track of my expenses, tried saving money whenever possible, but sooner or later, something comes up that compels you to spend that extra amount you kept aside maybe for something else.

That's why, as said by other friends as well, for people having limited incomes and expenses that either match their expenses or goes beyond it, it is not possible for them to create and manage a budget efficiently. Try to find more sources of income to sort this problem out.

That's not all, I think sometimes it's necessary for a man to cut of hiss budget, there are somethings that we need and things that we want. Remove the things you want that are not needed in your live and deals with the ones that are needed in your life, you will realize that you will be saving more after you have cut your budget and the saved money that you have cut off can be used for another need which you might be planning to save for again in the future.

There are some of that are having hard times right now dealing with increase in price of goods and service, bills has increased, most commodities here has 3x to 5x and the earning power remain the same and one will think you will not go made because of inflation? You just have to delete anything you don't need from your life and deals with the things you need for that particular time.