How did you manage your budget?
Budgetting is not that easy to do specially if the budget is very limited. Also add the fact that the prices of commodoties is not as stable as the salary you are receiving.
Honestly I am not that good in terms of budgetting but I can say that I am getting a good grasp of it slowly. Since I manage not to exceed from what I earn. So here are some ways that I do in order to cope up with my budget.
1. Divide you salary into separate envelope. These envelopes must be for certain bill like electricity, water, food, etc.
2. Jot down all your expenses everyday. This is something tedious to do but it means a lot since by doing this you can see how wise did you spend your money in one day. You can also avoid spending too much on other things specially those that are not necessity.
3. Keep credit cards at home. Never bring your credit card where you go. In this way you can avoid to buy in an impulse specially when you are at the mall.
4. Always pay your bills on time, specially the credit card bill. This will save you from extra charges like interest charge, finance charge, etc.
5. Avoid eating out. If you are going to a grocery or mall and you don't have budget try to make sure that you eat first at home before going somewhere.
6. Have decipline. Before buying anything try to decide if it is really needed or not. Some people tends to buy stuff that is out of necessity. Also avoid buying too much lotions if you still have one. Make sure you finished the first bottle before buying a new one.
7. Don't buy something on an installment plan. Some people think this is a good way to buy things but it will only cause you problem since you can't determine if you still have the budget to continuedly pay the installment. If you want to buy things that cost a lot of money try to save for it and buy it when you have enough money.
8. If married, choose a spouse who knows to budget well and has the discipline. Make him/her manage everything. From your income to all the expenses.
9.Open a separate accounts for savings. Some people always forget to save for the rainy days which is very wrong. You must compute your budget after you have allocate the money for your saving. Having this equation (income minus savings equals amount devide to expenses)is even better.
10. Make your budget on quarterly basis. Example on the first month you have excess on the budget then add that to the budget on the following month so that once you go beyond the budget you can still have extra amount.
Hope this helps.
Honestly I am not that good in terms of budgetting but I can say that I am getting a good grasp of it slowly. Since I manage not to exceed from what I earn. So here are some ways that I do in order to cope up with my budget.
1. Divide you salary into separate envelope. These envelopes must be for certain bill like electricity, water, food, etc.
2. Jot down all your expenses everyday. This is something tedious to do but it means a lot since by doing this you can see how wise did you spend your money in one day. You can also avoid spending too much on other things specially those that are not necessity.
3. Keep credit cards at home. Never bring your credit card where you go. In this way you can avoid to buy in an impulse specially when you are at the mall.
4. Always pay your bills on time, specially the credit card bill. This will save you from extra charges like interest charge, finance charge, etc.
5. Avoid eating out. If you are going to a grocery or mall and you don't have budget try to make sure that you eat first at home before going somewhere.
6. Have decipline. Before buying anything try to decide if it is really needed or not. Some people tends to buy stuff that is out of necessity. Also avoid buying too much lotions if you still have one. Make sure you finished the first bottle before buying a new one.
7. Don't buy something on an installment plan. Some people think this is a good way to buy things but it will only cause you problem since you can't determine if you still have the budget to continuedly pay the installment. If you want to buy things that cost a lot of money try to save for it and buy it when you have enough money.
8. If married, choose a spouse who knows to budget well and has the discipline. Make him/her manage everything. From your income to all the expenses.
9.Open a separate accounts for savings. Some people always forget to save for the rainy days which is very wrong. You must compute your budget after you have allocate the money for your saving. Having this equation (income minus savings equals amount devide to expenses)is even better.
10. Make your budget on quarterly basis. Example on the first month you have excess on the budget then add that to the budget on the following month so that once you go beyond the budget you can still have extra amount.
Hope this helps.
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