HOW TO BUDGET YOUR EXPENSE
I know I'm not exactly the right person to write about this kind of topic since I've pretty much lived a sheltered life.
Growing up, i always had someone to take care of my room, my breakfast and all I had to do was study and do good in school, and even those simple tasks I couldn't perfect.
As soon as I graduated and got my degree my parents decided to send me away and find myself and now they've pretty much decided to have me live on my own at my own expense. Which means I have to budget every single cent I had.
Now, coming from a business and marketing background I thought it was going to be very difficult since working isn't suppose to be my thing, I should have been opening a business but since my folks won't provide for my business venture, I have to fend for myself in order to learn how hard life really is.
It was tedious budgeting for the first few months of working but after realizing that budgeting is just like handling a business, technically your personal business, I discovered that it's very doable. I know most moms know about this by now.
First off, I'll start with the essentials from what I learned in school. Here are the basics that I deem very important in budgeting which are very easy when you think about it but kind of hard to actually do.
Step 1
Write down your total NET PAY every month
Write down the DUE DATE of ALL BILLS for the month (Rent, Phone, Electricity, Water)
Write down the amount for SAVINGS
Write down the amount for Miscellaneous EXPENSE (Gas, Food, Allowance, toiletries)
*This is very important since savings is considered an expense, it must always be part of the budget expense. Always bear in mind that remainder of your monthly salary is NOT savings.
Step 2
Add: BILLS, SAVINGS, EXPENSE
Step 3
Subtract ALL EXPENSE from Step 2 from the NET PAY for the MONTH.
*The remainder will be the amount that you can spend on rewards-to-self for doing a good job for the month or buying your mom or sister a token or a gift, or you can set aside the amount for future travel plans.
Step 4
REPEAT.
For sure by the end of the year your savings would be 12 times!
These are my most easy to budget steps to avoid being broke a week before salary day.
NOTE: AVOID OVER SPENDING AT ALL COSTS! Always take into consideration your daily wage against your living expense
Growing up, i always had someone to take care of my room, my breakfast and all I had to do was study and do good in school, and even those simple tasks I couldn't perfect.
As soon as I graduated and got my degree my parents decided to send me away and find myself and now they've pretty much decided to have me live on my own at my own expense. Which means I have to budget every single cent I had.
Now, coming from a business and marketing background I thought it was going to be very difficult since working isn't suppose to be my thing, I should have been opening a business but since my folks won't provide for my business venture, I have to fend for myself in order to learn how hard life really is.
It was tedious budgeting for the first few months of working but after realizing that budgeting is just like handling a business, technically your personal business, I discovered that it's very doable. I know most moms know about this by now.
First off, I'll start with the essentials from what I learned in school. Here are the basics that I deem very important in budgeting which are very easy when you think about it but kind of hard to actually do.
Step 1
Write down your total NET PAY every month
Write down the DUE DATE of ALL BILLS for the month (Rent, Phone, Electricity, Water)
Write down the amount for SAVINGS
Write down the amount for Miscellaneous EXPENSE (Gas, Food, Allowance, toiletries)
*This is very important since savings is considered an expense, it must always be part of the budget expense. Always bear in mind that remainder of your monthly salary is NOT savings.
Step 2
Add: BILLS, SAVINGS, EXPENSE
Step 3
Subtract ALL EXPENSE from Step 2 from the NET PAY for the MONTH.
*The remainder will be the amount that you can spend on rewards-to-self for doing a good job for the month or buying your mom or sister a token or a gift, or you can set aside the amount for future travel plans.
Step 4
REPEAT.
For sure by the end of the year your savings would be 12 times!
These are my most easy to budget steps to avoid being broke a week before salary day.
NOTE: AVOID OVER SPENDING AT ALL COSTS! Always take into consideration your daily wage against your living expense
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