Economic hardships like the one experienced globally right now have forced people to look closely into their finances. Those who want to lessen the negative financial impact of this crisis need to seriously plan their budgets for both short-term and long-term goals. Not just plan but also follow your budget and stick to it. There are several ways to go about budget planning but you can take a look at these 3 steps to get the ball rolling. The sooner you start working on your budget the better for your financial health.
Create a doable budget plan. Don’t get too ambitious with your budget plan because it’s more important to have one that you can stick to compared to one that looks good on paper. There are basically 3 components that you need in your budget plan. These include your income, expenses, and savings or financial goal. You’ll need the data on these to come up with a savings and spending ratio that works for you. Particularly one that allows you to achieve your financial goals without tightening your belt too much. A budget with just the right balance for a comfortable life now and having savings for a comfortable life in the future.
Allocate resources accordingly. Your budget plan lets you know where the money comes from and where you need to put it. Now you need to organize your funds and expenses to make them easier to manage. For instance, a salary that comes in gets directed to credit card and bills payment, passive income goes directly to savings, etc. There are actually budget apps that can help you do this. These tools help you manage bills, loan payments, mortgages, etc. promptly to minimize risks of incurring interest dues. They can also help you manage your spending and track your investments.
Commit to your budget plan. For some people committing to a budget plan is the most challenging part of the equation. It can be very tempting to deviate from your budget when there are sale events or special products at big discounts and your credit card is just there for you to use. One way to avoid overspending is to keep track of your cash flow. Always be aware of how much money is coming in and out of your wallet so you only get to spend what you actually have. The budget apps can do this for you, but if you want to stick to the old-fashioned way, simply go for cash transactions.
Views: 37
Pagba budget ang pinaka mahirap gawun talaga lalo na po sa panahon natin ngayon na napakahirap ng kalagayan natin dahil pandemya.
Budgeting is very important especially now we are facing crisis. It will ensure that we have always enough money to buy food, to pay our bills and other expenses.if we doesn’t know how to handle our money , it will lead to debt and it is very important having emergency fund🤗
Thanks for the heads up Mamu ! 🤗👍
Kelangan po talagang mag budget Lalo na at may anak na Tayo. Pero mahirap Po talaga Ang pag budget ngayong panahon Kasi walang Sahod ..
Ginagawa ko lahat ito but unfortunately dahil sa mahal ng bilihin minsan may mga bayarin na di agad naapglalaanan
Budgeting is very important especially now we are facing crisis. It will ensure that we have always enough money to buy food, to pay our bills and other expenses.if we doesn’t know how to handle our money , it will lead to debt. Moreover, if you have a budget plan it will be easy for you to have an emergency fund in this uncertain times.