Hello fam ❤️ welcome to the second edition in week 46, I hope you are happy to be here with your favorite host and for today's prompt we would be discussing on personal budgeting, do you have a personal budget or do you just spend without targets? Share with us in the comment section let's know more about you.
The first funny question I had to ask myself when I saw this topic is that "do I even have a personal budget plan" like I wasn't sure if I had intentionally planned out my personal budget but then I could remember doing that anytime I want to resume school which sometimes it exceed my income, but that's not what we are focusing on today let's move to my view on this topic.
Well normally the idea is that this personal budgeting is only for the first class people who earn in high rate but what we haven't observed is that even those who earn little also plan or budget what and what the money coming is for, me for one have a rational personal budget because the coming in of my budget is not stable they way you may have envisioned it, I don't regularly have a monthly pay because even the jobs aren't the same, so the first thing I would say is that my personal budget is dependant on how I am paid and in what season I am paid, don't get it twisted am headed somewhere.
Savings and creating a personal budget is what prepares us well for the rainy days not just the budgeting, my view on personal budgeting is like having a pointer or map for your money which is like having a scale of preference which helps you to weigh and prioritize your needs over your wants and if you are spending with a personal budget I would say you are going on this journey without sight and trust me you do not want to hit your leg hard on a stone, and you may want to ask why is it important well it may interest you to know that personal budgeting helps you to keep tape on your expenses and also it make sure you save which is very important, it also helps you to reduce unnecessary spending and borrowing and the last but not the least is the one that bursts my moral which is to gain financial stability and goals.
The next question is how can you create such plans if you haven't done it before or if you want to do it the right way well that's why am here for you, the first thing is to calculate your income, how it comes and your expenses then you start setting that scale of preference which you might likely know as your financial goals, then you put their prices or how much they would cost, after which you will monitor your personal budget as you execute it and you adjust where necessary. You may want to check how this personal budget reduce financial stress and I would say for me it makes me in control of my life and finances, it motives me to save and spend less.
Just my take on personal budgeting, what's your own or what do you think of my theory? It was nice doing this with you see you next time.
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