What's is daily budgets or expenses as a bitcoiner? - page 4.

irhact

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Quote from: Abu-Naim on July 08, 2023, 02:03:36 AM

Your revenue source determines how much you spend each day. Not only bitcoiners, but everyone, there are those people who budget exactly what they will spend regardless of what they make daily, weekly, or even monthly, while others simply spend as they see fit.
I personally have a daily budget, however there are occasions when the plan doesn't work because of unforeseen circumstances.

We should always have an estimated budget so as to watch our spending. If we spend as we see fit we might end up running out of cash very soon and for those individual with emergency funds they'll have to touch them and they will have nothing left. I don't think we should based our spending on how much we make instead we should have a budget so when we make more money we can save more and increase our investment funds.

Obviously we can't spend more than we make unless we want to spend on borrowed money which is a very dangerous lifestyle. Budgeting helps alot and all Bitcoiner should development a happy of budgeting, it could be daily, weekly or monthly, we should budget anyways.

xSkylarx

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When i am still single i don't really plan out my spending it is just let it be so i do always come out short because i do spend much but now I do plan out my day like I only need to spend this for food and having extra then that is the time i will buy my wants . Without planning right now is very difficult because you'll caught of short and then you cant buy anything mostly now i do have family to feed.

jostorres

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Quote from: tjtonmoy on July 07, 2023, 05:21:45 AM

I just make a plan for the whole month. Everything I earn I divide it into 2 parts. 75% and 25% to be exact. 75% I use for savings, investments, emergencies, etc. The other 25% I use it for the whole month. I can easily cover the whole month with that. If any emergency situation occurs, I still have the backup funds. So the budget is quite strict. I try to avoid unnecessary expenses so that my budget won't get affected that much.

I don't think being a bitcoiner has anything to do with this. It depends on your income, your lifestyle, your expenses, and the price of goods. But if your life is dependent on Bitcoin investment or trading then it might vary. Price fluctuation could heavily affect your daily or monthly budget. If you choose Bitcoin as your main source of income, then making a budget according to it could be tough. But if we make a plan and save, then we can avoid such problems to some extent. Keep what you need and want to save. After that, invest the rest of what you can afford to lose. This is the first thing we need to keep in our mind. So, it won't have any effect on our daily life. So in the end, bitcoiner has nothing to do with it if you know what you are doing.

You either earn way more than you need in your life or you are single and don't have a family to take care of, because when you have a family to take care of, even 1% of your salary a day wouldn't be enough every day, and even if you spend 1% per day, it will still take 30% of your total salary, not including all the extra expenses such as bills, check-ups if needed, monthly grocery, school/college fees for children, and a lot of other expenses that you need to take care of.

Even if you have a separate savings fund for emergency situations, you will still need to spend more than 50% of your salary on the general expenses for the whole month if you are a family man and if you don't earn a very high income, this obviously doesn't apply to those who earn a fortune every month.

naira

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Quote from: Godlovesyou on March 26, 2023, 01:07:27 PM

I know everybody is not in a same class but still we all do budgeting, expenses and impulse. How much do spend a day? Do you think is possible to program your daily expenses?

To be honest, for my personal needs in a day I only spend around $ 3-$ 5 (enough), whereas if combined with the needs of my wife and children's family in general, a maximum of $ 15 x 30 days = $ 450 (a month). But keep in mind that I don't classify in the bitcoiner category or not, because I think everyone's needs will vary depending on the cost of living for each region including the price of basic necessities. For the daily spending program that you mentioned, of course, it is very important to review, as a family living in difficult conditions you must be good at managing finances.

All of the above expenses that I mentioned do not include investment funds, because monthly investment is something that I have to separate from my main needs.

bussybuddy

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I lose no less than $10/day for trading acts Roll Eyes

However, to sum up, there are different failures and successes for day-to-day spending, in the other side of investing I don't build a daily spending table with such a portfolio. It can be weekly or monthly to deduct an income to buy btc, these are quite a long investment that I think is suitable for the current market context, but maybe in the future it will another change in strategy.

Kimonoe

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Quote from: jaberwock on July 09, 2023, 10:01:59 AM

Quote from: BRINIRHA on July 07, 2023, 02:37:42 AM

This is included in the financial management that we usually do. divided into daily, weekly and monthly expenses. plus incidentals. But I won't go into that in detail. I just want to answer that I am used to setting a budget that I spend for a month's needs is only around 15-25% of my total income a month. and the rest I save and I invest. But this also depends on the number of family members you are responsible for. the more family members you have. then the percentage of spending must also be different.

Obviously, it is because a budget or expense is still related to financial and if we want to possibly grow our wealth, we will do a financial management to be able to track our spending and not to over spend. Almost all people do a shopping which can last for a week or two so we rarely spend daily. This is great. Not only we can save money but we can also save time. Monthly expenses most be mainly for the bills.

There are also practices that we can do to be able to lessen our bills but I think they are still under the financial management. I see that your allocated percent per month on your spending is only small. I guess you are still single? That's a good choice. Many of us regret that we get into a married life early and now we are struggling in terms of finances.

preparing for a life of financial problems from an early age is very necessary. of course we have to manage finances well so that life in the future will be better. for me, who have a family, my salary is used up for daily needs, while for investing, I use the additional income that I get. now you can imagine the income of an ordinary employee which is very limited. if we don't get used to investing as early as possible, then our old age will regret, because we didn't make the best of the opportunity

jaberwock

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Quote from: BRINIRHA on July 07, 2023, 02:37:42 AM

This is included in the financial management that we usually do. divided into daily, weekly and monthly expenses. plus incidentals. But I won't go into that in detail. I just want to answer that I am used to setting a budget that I spend for a month's needs is only around 15-25% of my total income a month. and the rest I save and I invest. But this also depends on the number of family members you are responsible for. the more family members you have. then the percentage of spending must also be different.

Obviously, it is because a budget or expense is still related to financial and if we want to possibly grow our wealth, we will do a financial management to be able to track our spending and not to over spend. Almost all people do a shopping which can last for a week or two so we rarely spend daily. This is great. Not only we can save money but we can also save time. Monthly expenses most be mainly for the bills.

There are also practices that we can do to be able to lessen our bills but I think they are still under the financial management. I see that your allocated percent per month on your spending is only small. I guess you are still single? That's a good choice. Many of us regret that we get into a married life early and now we are struggling in terms of finances.

Lorence.xD

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First thing that comes to my mind when I read your title thread is the Bitcoin mining. Since some people have a lot of cpu which contains a high class brand of supplies plus the cooling system for them to not overheat. And the electricity which cost a lot depends on how many mining devices you have.

But for me, when it comes to expenses I just always have a spare money that always goes to savings and investing. Those spare money would be split into 50/50 so in case in emergemcy I have a savings while having an investment. But this is only when after I meet my requirements of spending my money to my needs everyday, if there's a spare one even a small amount, it always be saved or invest. I don't usually use my funds in crypto since I am holding, that's why I have an alternative savings for me to used for what I want.

Stalker22

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Quote from: Despairo on July 08, 2023, 01:33:45 AM

There's no daily budget as a Bitcoiner because non custodial wallet will not charge any fee, it's not like bank where they will charge monthly fee and any other charges which you wouldn't know.

A Bitcoiner just need to spend one time money to buy a hardware wallet, then your coins will be safe even though you not move it for a decade or more.

But hey, can bitcoiners spend their money too? Or is that not the case?

Quote from: khiholangkang on July 08, 2023, 03:50:15 AM

~
3 packs of cigarettes on an average of approximately $ 5,

You seem to be quite the smoker! By the way, where I live, $5 will only get you a single pack of cigarettes. Depending on the brand, some are even pricier than that!

khiholangkang

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Do I have to make a report or draft of my monthly budget here, maybe I will give some of them.
If I calculate I eat 3 times a day, and it costs $ 3 every time you eat, 3 packs of cigarettes on an average of approximately $ 5, snacks approximately $ 7 every day, it is not always like that sometimes less than that and sometimes too Exceeding it, if accumulated within one day I spend $ 21 for active needs, and if accumulated within one week $ 147 has become a definite count for my consumptive expenditure.
It's beyond other needs such as electricity, water, internet quota, etc., too much if I write everything, but a small picture of expenditure is enough.

And indeed this depends on where you live and what your condition is like, we cannot see in this case objectively.

jossiel

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Quote from: TimeTeller on July 07, 2023, 04:38:09 PM

Quote from: jossiel on July 07, 2023, 03:14:28 PM

It's possible to budget and make a program for my daily expenses with my family. But it doesn't matter whether I am a bitcoin person or not because expenses are just the same unless you're a single person and it differs from being a family man.

Taking groceries should be every week and that's saving us more money and effort going to the grocery store. And the amount of budget differs from country to country where cost of living aren't the same.

A $50-$100 worth of grocery for a week is enough but with inflation, that's making less of what we're able to buy and then the increase of the price of formula milk is also another factor.

That is true, not only where you are living but what kind of lifestyle are you practicing.
If you are a frugal family, you won't buy things that are just a luxury for you.
You stick to the basics to survive and save as much as you can. Hard to give the approximate amount as it depends on where you are at now.
As you mentioned, bitcoiner or not, you have the same basic needs, so being a crypto enthusiast doesn't change a thing when it comes to your expenses.

Right, if you're living frugally then that's easy to cope up with inflation. But I know that many do still struggles even if living frugally, they need to adjust a little bit more with their lifestyle and has to sacrifice other wants that they do like food.

We all do have basic needs and what's hard is that you have to check what's happening in the local market so that you're aware on what you'll have to do with the adjustments regarding your budget.

Abu-Naim

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Quote from: Godlovesyou on March 26, 2023, 01:07:27 PM

I know everybody is not in a same class but still we all do budgeting, expenses and impulse. How much do spend a day? Do you think is possible to program your daily expenses?

Your revenue source determines how much you spend each day. Not only bitcoiners, but everyone, there are those people who budget exactly what they will spend regardless of what they make daily, weekly, or even monthly, while others simply spend as they see fit.
I personally have a daily budget, however there are occasions when the plan doesn't work because of unforeseen circumstances.

Despairo

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There's no daily budget as a Bitcoiner because non custodial wallet will not charge any fee, it's not like bank where they will charge monthly fee and any other charges which you wouldn't know.

A Bitcoiner just need to spend one time money to buy a hardware wallet, then your coins will be safe even though you not move it for a decade or more.

Someone spending isn't because of he's a Bitcoiner, Stocker, Golder, Silverer, Banker etc, but it depends on his own character and the way he would spend.

passwordnow

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Quote from: Darker45 on July 07, 2023, 08:42:41 PM

Do daily budgets vary depending on whether you're a Bitcoiner or not?

Maybe for OP and for the others, it depends that the budget of a Bitcoiner is different from being not. In third-world countries, $10 is enough but being a breadwinner and having all the obligations goes to your shoulder that means that the budget should be bigger. While in first-world countries, it's more than that obviously and I think the factor of why the expenses of a Bitcoiner differs for some is because. It could have been separated from the cash expenditures and to the bitcoin base payments. Dunno.

bayu7adi

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It's all about the routine, really. Are you consistent in creating reports or not? The more diligent you are in generating reports, the better the quality of data you possess. This, in turn, facilitates the budgeting process and makes it easier to accomplish.

By analyzing the data you have and rectifying unnecessary expenditures, you can improve your financial condition.

Personally, my life isn't much different from those who aren't Bitcoiners. In my country, living on $10 USD is sufficient to purchase food three times a day (breakfast, lunch, and dinner).

Rabata

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Quote from: Stalker22 on March 26, 2023, 01:58:22 PM

I think we all can agree that budgeting and expense tracking is important, regardless of our income or social class. Tracking our expenses helps us ensure we are not overspending and enables us to make informed financial decisions.

I spend about $40 a day on average. That includes my daily commute, meals, and other miscellaneous expenses. I use a budgeting app to track my expenses, and I try to stick to a daily spending limit. It is not always easy, but it helps me to avoid overspending.

Yes of course, budgeting will help limit my spending levels. Moreover, every person should be aware about budget and expenses. Otherwise he will not be able to control his expenditure. I support this strategy of reducing your budget. If I write down the daily expenses in a ledger manually it sometimes becomes negligible. But when I save that expense list in the mobile app it will be convenient for me to retain and at the end of the month I can get my exact expenses amount. Also, if I want, I will be able to collect the previous few months of expenses by using this app.

yhiaali3

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At the moment it is difficult to program daily expenses because things change on a daily basis, due to inflation here in my country prices change on a daily basis and for this reason it is difficult to prepare a list of the budget and daily expenses.

In general, at the beginning of each month, I always buy the large items that I need for the entire month. This is how I will ensure that I buy my items at a cheaper price because they are at the wholesale price on the one hand, and on the other hand, the price increases every day.

Also, due to the deteriorating economic conditions, I have to get rid of some recreational luxuries, which are not basic materials.

rat03gopoh

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I think the comparison is not too far with household expenses in general, depending on the country of residence and lifestyle. Unless you are an active bitcoiner, I mean there are special cost requirements from prominent bitcoin activities such as electricity, internet, device maintenance, and other ancillary needs.
I don't know what the ideal spending plan is, what I do is budget as much as possible for vital household needs for at least the next 3 months (without details) based on the average expenditure history of the previous months.

Darker45

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Do daily budgets vary depending on whether you're a Bitcoiner or not?

Anyway, as for me, normal days only require a few dollars. I only need food normally. Monthly, however, there are bills to pay; rent, electricity, water, internet, and so on. Add to them some spending on impulses, gambling, some luxuries like travel and beer and the like, and some other miscellaneous.

Yeah, it's very possible to program your daily expenses. As a matter of fact, I believe it is better to do that.

salad daging

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I think every expenditure will definitely be counted every month, they must have a different budget to be allocated for family needs. Because we are the head of the family, we must be able to allocate every month from our income, including sometimes the uncertainty of the budget that has been set but with what has been determined, it becomes known how our expenses are every month.

Honestly, I don't know how much is spent every day with my family because I didn't count this because it will be a job every day by tracking what we spend, but with months it has been determined, for example $ 500 for monthly and other needs, then it has to be it's enough if it's less than that it's good because we don't spend more.

Topic: What's is daily budgets or expenses as a bitcoiner? - page 4. (Read 851 times)