My Suggestion A Good Personal Budgeting Plan That Works

sunshine

Blue Belt
We know that it is quite offensive to see no savings after having struggled for years or months in my circumstances. There is a great importance of Planning a Private Budget.
Just assess your financial status and you will definitely find that it's not your income but your poorly managed funds that will not facilitate you to definitely save you.

Planning a proper personal budget is one of the keys to save your income.
Plan as per below;
• Figure out your desired expenses.
• Hold a check and balance on your own expenses.
• Adjustable expenses add or neglect.
• Repeated expenditures.
• Avoid financial loans.
Needless to say, there could be other factors as well however it's often the instance.
 

briannagodess

Well-Known Member
Budgeting is something I struggle with, especially since I have little salary. But this year, I promised myself to save a portion of my earnings every month. This way, I have something to use when we have emergencies, travels or events. This is what I do:

1. Only withdraw my earnings once a month. The tendency for me is to use up my salary when I withdraw them every week. So withdrawing them once a month and allotting a certain portion to go into my savings is a better idea for me.

2. Take note of all expenses. Categorise NEEDS from WANTS. You should know what's necessary and what isn't.

3. Allot a portion of your salary to go into savings.

4. Steer clear of credit cards or loans!
 

sunshine

Blue Belt
Budgeting is something I struggle with, especially since I have little salary. But this year, I promised myself to save a portion of my earnings every month. This way, I have something to use when we have emergencies, travels or events. This is what I do:

1. Only withdraw my earnings once a month. The tendency for me is to use up my salary when I withdraw them every week. So withdrawing them once a month and allotting a certain portion to go into my savings is a better idea for me.

2. Take note of all expenses. Categorise NEEDS from WANTS. You should know what's necessary and what isn't.

3. Allot a portion of your salary to go into savings.

4. Steer clear of credit cards or loans!
@briannagodess I like your suggestion to withdraw money once in a month and plan to spend this money for whole month. Moreover, preparing a proper budget plan is one of the keys to manage and save your financial system.
Once you have in fact worked on a proper budget plan, then you will be sound on your means which will make some significant cost savings and find out your bank account with growing balance.
 

Renren

Well-Known Member


It’s a good idea to set aside at least an hour before you begin planning a budget. Doing it in a rush is likely to mean you make mistakes.
Also, it makes sense to gather together all the paperwork you’ll need before getting started – so get hold of:
  • a few months’ worth of bank statements;
  • your recent credit card bills;
  • copies of your bills;
  • details of your savings and pension contributions;
  • information on any other incomes you may have.
 

sunshine

Blue Belt
It’s a good idea to set aside at least an hour before you begin planning a budget. Doing it in a rush is likely to mean you make mistakes.
Also, it makes sense to gather together all the paperwork you’ll need before getting started – so get hold of:
  • a few months’ worth of bank statements;
  • your recent credit card bills;
  • copies of your bills;
  • details of your savings and pension contributions;
  • information on any other incomes you may have.
@Renren Sure, make a budget plan with quite attention and cool mind, don't hurry to look on instant or extra expenditures. So these impulsive expenditures or unnecessary investing can be prevented. However for that, you have to understand exactly where your money goes. So make an individual spending plan that you will need to keep a smooth track.
 

rayone

Well-Known Member
I have no fixed budgeting but I have a sure shot plan of saving. I fix 30% of all my savings and never spend it come what may. Rest of the money is for me wife and my daughter and we spend it as we like to. If we still manage to save some we keep it for our leisurely trips.
 

sunshine

Blue Belt
I have no fixed budgeting but I have a sure shot plan of saving. I fix 30% of all my savings and never spend it come what may. Rest of the money is for me wife and my daughter and we spend it as we like to. If we still manage to save some we keep it for our leisurely trips.
@rayone Yes its also a good strategy for better budget plan to fix some percentage of total income and keep it separate for some extraordinary expenditures.
 

rayone

Well-Known Member
@sunshine not even for any expenditure. The money I save under 30% scheme is as good as forgotten for ever. For emergency purpose I have another plan besides having health insurance for all three of us. I got this suggestion from my father which will prove its worth when I will no more work.
 

networld

Well-Known Member
To be frank I am very poor at financial planning. I always end up spending more than I wish to do. I really wish if I can put some control on spending.

I read somewhere that the best way to save your money is not to spend it. Before buying an item just ask a few question to yourself like :

- Is it really needed to make your life better than before?
- What will happen if you do not buy this product?
- Are you buying it as there is a free offer with it?
 

ipol12

Yellow Belt
Those tips can surely help. Honestly, I used to be impulsive one before. I am not able to save money and struggling at times that I am running out of money to spend in important things. I assessed myself why I failed saving some parts of money that I am earning. I knew I spend a lot and I can't control it. So I made a budget plan. When I am at home, I am not buying or spending anything. So instead of going out and it's not necessary, I just stay at home. But when I am out, I will allocate a money that I will bring with me, so I will try to spend within the means.
 

sunshine

Blue Belt
Those tips can surely help. Honestly, I used to be impulsive one before. I am not able to save money and struggling at times that I am running out of money to spend in important things. I assessed myself why I failed saving some parts of money that I am earning. I knew I spend a lot and I can't control it. So I made a budget plan. When I am at home, I am not buying or spending anything. So instead of going out and it's not necessary, I just stay at home. But when I am out, I will allocate a money that I will bring with me, so I will try to spend within the means.
@ipol12 Welcome mate on the board here! You should figure out your desired expenses: if your deficient to start spending your cash, make a feasible plan for which you intend to help make sure that all your important needs are taken attention of and exactly just how much money you will be left with. After all the left over cash you once more wish for to discover away exactly how much amount you should have to save along with all the sleep you can easily enjoy.
 

Alexandoy

Well-Known Member
From my experience, I am a master of spending, waheehee. Ever since I started working, I always had debts that although I was able to pay but not fully pay. But after some years, I have learned the trick of properly managing the finances. It is all about lifestyle. Where before I would join my colleagues for a drink or 2 to unwind, I realized that it was an added expense that is taking its toll on my budget. Another is the purchase of extras like candies and other treats that I can do without. That helped me get to my feet with my finances. Now I am easily cruising life's road with a good bank account and a thick wallet, so to speak.
 

sunshine

Blue Belt
From my experience, I am a master of spending, waheehee. Ever since I started working, I always had debts that although I was able to pay but not fully pay. But after some years, I have learned the trick of properly managing the finances. It is all about lifestyle. Where before I would join my colleagues for a drink or 2 to unwind, I realized that it was an added expense that is taking its toll on my budget. Another is the purchase of extras like candies and other treats that I can do without. That helped me get to my feet with my finances. Now I am easily cruising life's road with a good bank account and a thick wallet, so to speak.
@Alexandoy Thanks for giving your own experience. I don’t understand “waheehee”?
Happy to listen about your financial establishment with a good bank account and a thick wallet just by adopting proper budget plans. Usually our expenditures have to be on a monthly basis, so we can spend our money on weekly basis too.
 

ipol12

Yellow Belt
@ipol12 Welcome mate on the board here! You should figure out your desired expenses: if your deficient to start spending your cash, make a feasible plan for which you intend to help make sure that all your important needs are taken attention of and exactly just how much money you will be left with. After all the left over cash you once more wish for to discover away exactly how much amount you should have to save along with all the sleep you can easily enjoy.
My problem before is I failed to buy the necessary thinngs but spending on unnecessary ones. Good thing I started to sort out the things I should spend my money on. Fortunately, I am not in debts even before when I was still impulsive.
 

sunshine

Blue Belt
My problem before is I failed to buy the necessary things but spending on unnecessary ones. Good thing I started to sort out the things I should spend my money on. Fortunately, I am not in debts even before when I was still impulsive.
Sure, its right to plan a proper personal budget before buying any thing which is one of the keys to save your income. Try to leave unnecessary needs and enjoy a big impact on happiness.
 

masterbusiness

Content Writer
Discipline is always the key in implementing a well-thought-of budgeting plan. One thing to consider also is the mind set of always setting aside for savings before breaking down for the expenditures.
 
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