Trusting your budget in times like this. - page 5.

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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 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.

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Quote from: Rockstarguy on October 19, 2024, 01:03:50 PM

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

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.

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.

It takes one to be very discipline to stick to a budget. Sometimes after making a budget their are some things that one would still need but when one is discipline to the budget at hand they will just hold on to it and put other needs to the next budget. I think it is important to master the act to a budget no matter what and this can only be done if one is discipline. When it is difficult to stick to a budget it is very easy to run out from money. Budgeting means good money management and it makes one on how to be conscious in spending money and on things that are very important.

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.

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

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.

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.

It takes one to be very discipline to stick to a budget. Sometimes after making a budget their are some things that one would still need but when one is discipline to the budget at hand they will just hold on to it and put other needs to the next budget. I think it is important to master the act to a budget no matter what and this can only be done if one is discipline. When it is difficult to stick to a budget it is very easy to run out from money. Budgeting means good money management and it makes one on how to be conscious in spending money and on things that are very important.

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

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.

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.

Having a good budget is the best way to survive in this economy mealt down that is affecting different regions of the world. People are complaining that salaries are no longer paying well and the money is not enough to foot the family bills. Now, workers have to work extra hours, jumping from one particular work to the other to make sure that they could earn some extra money to use to take care of the family bills. Things are before expensive, even the children school fees are increasing due to the high cost of living but the major source of the income is never This is why we need a good budget to make plans because before you even go for what you want to buy, the price would have skyrocket.

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I am trying to manage my budge based on the monthly expenses and I am still allocate some money for saving and investment. I admitted that we must have more than one source of income so we can put that money in the right place and we don't have to get a financial problem. But if you can not get more source of income, you need to very strict with your expenses and only buy the thing that you really needs. I have experienced that where I don't buy things that I don't need and only use the money to buy foods and other primary things. I am glad that I can save some little amount and also have my Bitcoin investment while I have some cash for an urgent situation.

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Quote from: Wiwo on October 18, 2024, 02:21:35 PM

Quote from: l99l on October 18, 2024, 07:50:51 AM

You can start by staying positive and reviewing your spending and habits.
I don't know which country you are in, but right now, inflation and income inequality are happening all over the world.
The best things you can do for yourself are to aim to earn a good income. To quit your bad habits.
To think about your economy holistically. Make deductions and organize your economy, and observe your spending in between.

I wish you good luck.

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.

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.

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Quote from: Wiwo on October 18, 2024, 02:21:35 PM

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.

To be fair in most cases in many nations people can't budget their income neither. I see plenty of people trying to live off salaries that are not enough at all, even my fellow citizens that I see everyday, making so small amount of money that they are not really making any profit at all and can't put any money aside because they are making very small amount of money right now, they are making debt every single month and I do not know what happens afterwards, because there is no way for them to pay their debt neither.

This is why overall debt increase four times since covid in my nation, people have huge debts these days and there are no ways of paying it back neither. So, I have no clue how they could even save money on top of that. There are smaller percentage of people who could save money and for those people who can budget and put some money aside, bitcoin is a great deal and they could definitely put some money aside and get better results.

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Quote from: rachael9385 on October 17, 2024, 03:41:04 PM

First of all, in a situation like this, you need to have more than one source of income, so that you can meet up your budget and other necessary expenses. However, if you have made your budget, you should be able to maintain it because it can help you not to spend unnecessarily.

In order to have more than one source of income, you need to have several skills or abilities. I don't think this (having several skills or abilities that can be monetized) is a problem, because most people have different hobbies or interests that could allow them to open up new sources of income. At the very least, you can earn money in such areas of activity that arose from a hobby or simply teach what you learned from a hobby.

If expenses go beyond the planned budget, then you need to reduce these expenses by optimizing expenses, and you should always have a reserve fund for unforeseen expenses. But as I suppose, everyone already knows this.

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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.

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.

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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...

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

This should not be a problem as long as you have enough left over on other spending concept and can “transfer it”. I put that in quotes because you won't actually be transferring any money but that's how budgets work in a lot of institutions. Let's say you have budgeted $300 in a month for clothing and $300 for entertainment (dining out, drinks, etc.). If you spend $400 on clothing that month it's okay if you make up for it by spending less on entertainment, you'll have a maximum of $200.

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.

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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 a steady income, it would be best to use that for your main budget and prioritize your basic needs based on how those income are coming. If you're being salary is being paid on a weekly basis, make sure that you'll have enough funds for your basic needs for the week and make to have emergency funds or excess funds in case price's change due to inflation.
Also, since you're already into crypto, make sure that utilize it for additional income stream that can be used for savings, investment and personal wants. With volatile the economy is and how inflation are raising prices, it's best to avoid making purchase that you don't necessarily need like buying latest phone if you still have a working one.

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Quote from: Miles2006 on October 18, 2024, 06:03:11 PM

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.

People who already have income from their jobs every month must have a fairly mature plan in managing finances and in making routine expenses every month. Because when expenses become greater than income through their own salary, of course bad conditions will be easier to come to them because there is no money left for them. So budget planning should be more directed towards savings which in the end can also be used for other business capital and for better investment capital for ourselves.

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Quote from: Zaguru12 on October 18, 2024, 04:36:29 PM

Quote from: Dr.Bitcoin_Strange on October 18, 2024, 03:32:41 PM

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 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

Like you said, most times when their needs arise, you might not have any but rather to help because if you don't, no body can and you can not withstand to see your family member drawn in the saddest sorrow meanwhile you had the resource to helped out.

It is good not to even show to your relatives or family that you have started earning or generating a significant income. Better to just lay low and only assist in a necessary situation.

Yes, investing in other assets is better than just keeping your money somewhere that you can easily access it.

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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.

I manage the budget based on priorities... I know what must be done, what is urgent, and what can be postponed. At the same time, I am trying to save every month so that I can do something more serious on the house that I have been investing in for years... which is very difficult with two young children and all the living expenses. Hopefully, I will be able to finish that in the next few years, and then the yard.

Fortunately, we have a lot of help from families, and I also depend a lot on loans... I borrow when I need more money for something, then I pay it back, and so on in a circle.

That's how it goes with most people, we manage as best we can, in the best way we know.

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Quote from: uneng on October 18, 2024, 05:56:00 PM

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.

I try to spend the minimum as possible on daily expenses, so I can save money for investments aiming long term returns.

Saving and cutting back on spending is what most people do when the economy is tough but I think we should balance our daily spending and other budgets. I mean, we shouldn't be so frugal that we ruin our health or affect our daily lives just to invest more. That is not necessarily true because the goal of investing is to help us improve our lives, so we should not let investing affect our current lives.
Also, in my opinion, instead of focusing too much on saving more than necessary, we should find ways to increase our income so that we can spend more comfortably.

Quote from: uneng on October 18, 2024, 05:56:00 PM

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.

I completely agree with you on this, there is no formula or secret that can bring us all to success. Each person will need to find their own method and path to success, no two are the same. That's why I don't like it when many people like to teach others how to get rich, like to teach others to do this or that...while their finances and lives are not much better than others.

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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.

First, you must first recognize needs with wants because needs are not the same as wants, where we must have limits to buy. We will prioritize needs first to make the budget we have can be adjusted, most people have difficulty managing their finances because they do not know the priorities needed so they buy whatever they think they need. Whereas in an unstable economic stage we must be able to see expenses and income stably because if not, our lives will be much more messy.

Trying to live a more frugal life and spend on something important rather than buying something that is not needed. This method is considered much more effective in the current unstable economic conditions and you will save your budget for savings and investment needs because these two things are also quite important to implement..

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Quote from: Fiatless on October 18, 2024, 12:53:10 AM

This is a very good idea but the problem is that moving to these countries is also expensive. The increase in racist activities in these countries, especially Germany, is discouraging.

Racism happens in everywhere, even in the country where we born.

We see first world countries is more racist because they have a different culture, in third world countries people are warm and welcome due to inferior complexity, while in first world countries they're straightforward.

Quote from: fuguebtc on October 18, 2024, 05:09:53 AM

But is immigration to developed countries like Germany, Australia...as easy as you say? I think a lot of people in countries with double digit inflation rates want to leave their country and go to a more promising land, I believe everyone has thought of that idea. But not everyone has the opportunity because as far as I know, if you want to go abroad to work, it costs a lot of money, even illegal immigration costs a lot of your money, not to mention legal immigration. This is a solution but not for everyone.

When it comes to solutions, most people will give advice like finding extra income or taking high-paying jobs. But is everything as easy as we say? We advise others to do this and that to improve their financial situation, but have we succeeded and helped someone around us? Things are not as easy as we think, there are many solutions but they need to be suitable for each person and each situation.

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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.

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

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Quote from: Furious 7 on October 18, 2024, 04:39:52 PM

Quote from: yhiaali3 on October 18, 2024, 03:16:57 PM

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.

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.

As it becomes even more challenging to come up with our international economic common solution, one of the possible solutions is how we can better take care of world’s personal economy. The raise in food prices and other utilities forces us to find the better way of creating our income in order to fulfil our living requirements. One of them is not complain about this situation, but use it to strengthen our strategy decision on the financial issue. The primary this that has to be achieved to maintain the balance is to learn to control the expenses, where they are high or have to be decreased to be in line with the income.

Furthermore, one should note that particular management activities performed last month may be quite ineffective now because of the fast economic fluctuations. Thus flexibility in the handling of cash flows is highly desirable. For instance, it is possible to save as much money as possible by avoiding unnecessary purchases and Expenses meant for basic needs can work. Thus, the economy can be survived with careful, rigorous budgeting that most often is still effective amidst such precarioas conditions for personal finance.

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Quote from: Miles2006 on October 18, 2024, 06:03:11 PM

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.

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.

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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.

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.

Topic: Trusting your budget in times like this. - page 5. (Read 1556 times)