In this case is that as someone who is considered an adult and is responsible for his survival, financial management must be mastered as a basic step. This is an obligation and we are required to be able to do this because it is for our survival to be a little better.
When our financial management is better maintained then of course we can organize and plan for the future considering that in the end even though the needs continue to rise and the economic level is getting harder but when we can manage the finances we have from the salary we get every month at least we can still make some things so that our economic level is not worse than other people. Expenses and income must be balanced and many people do not realize that it is only because of the effect of a lifestyle that is ultimately higher that makes the income we get not really enough and blame the economy that is increasingly destroyed, but in the end things like that cannot be changed and what must adjust of course is ourselves if we still want to survive in difficult conditions like this.
Topic: Trusting your budget in times like this. - page 8. (Read 1487 times)
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 adapt your budget to accordingly. That's what the budget is for. You also might want to slowly create a buffer fund or buffer storage for food in case of something extreme happens and your budget falls apart. 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.
In fact, there should be plan b for not being able to follow your budget, (you can see that as part of a budget), because that can happen for many reasons. And remember that budget is a plan for adapting circumstances around you. So the plan changes if circumstances changes. Good plan always has a backup plan. Whether that includes taking a loan or living in your relatives for a while, or selling anything that isn't essential, that's your decision.
But there's no magic bullet here. Radically rising costs are tough nut to solve for anyone. If i would live in a country that's highly unstable. I probably would only keep money for essentials, I would buy only what's essential for my survival and save anything i could afford. I wouldn't save it as my own country's fiat currency if that's unstable, but as something like gold, or bitcoin. Or just USD. USD doesn't crash overnight and i can sleep with having my money in usd for a while. Not for a long time as it drops slowly in value though.
When it comes to expenditures, you will definitely exceed your budgets because:
1. Due to inflation, the price of goods and commodities might not be the same again as you thought it would
2. Sometimes you can have a budget of things you need at a particular period of time but at some point you will find other things of more importance than the ones you already have in your budget which can lead to spending more than your budget.
3. Improper planning of your budget can also lead to one exceeding their budget.
No matter how you want to plan your budgets, you should make provision for miscellaneous items and also make an excessive budget such that inflation will not affect your already planned budget and if there's anything that would have falling outside the box, your excess budget can take care of them without you having to go above what you planned for.
1. Due to inflation, the price of goods and commodities might not be the same again as you thought it would
2. Sometimes you can have a budget of things you need at a particular period of time but at some point you will find other things of more importance than the ones you already have in your budget which can lead to spending more than your budget.
3. Improper planning of your budget can also lead to one exceeding their budget.
No matter how you want to plan your budgets, you should make provision for miscellaneous items and also make an excessive budget such that inflation will not affect your already planned budget and if there's anything that would have falling outside the box, your excess budget can take care of them without you having to go above what you planned for.
As an adult with responsibility, there is what we call emergency needs, this needs arise on daily basis and at that you can not accurately make a budget of how much you spend in a day, all that you need is to be financially stable enough to be able to withstand whatever comes your way as long as you keep living each day, it may not be from you directly but from your family so before you set out to make any budget, you should also take that time to check or reserve an emergency funds.
So for sure you can make a budget only when your income esceed you spending, and to achieve such financial level you have to make sure to always save more than you spend, in other to stay ahead of any situation that could arise.
So for sure you can make a budget only when your income esceed you spending, and to achieve such financial level you have to make sure to always save more than you spend, in other to stay ahead of any situation that could arise.
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.
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.
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.
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