Budgeting is simply the process of making adequate plans to control unnecessary expenditures. Individuals/families can decide to prepare a weekly or monthly or yearly budget depending on their choices. However, the most important thing is to apply discipline while budgeting. In most cases, you may agree with me that our needs are usually more than available resources and so it becomes very important that one set a good budget and strive to abide by it👌.
Being a family woman, I apply a scale of preference while budgeting. This is simply by arranging our needs according to how important they are.
There are so many factors one should consider while preparing a budget however, these factors may vary from one individual to another. For instance, a bachelor or a spinster may have different factors to consider, unlike a family man or woman. Hence, find below some factors I consider while preparing my family budget:
-INCOME FLOW: Some families/individuals have different streams of income. In my case, I calculate the total amount my family makes on monthly basis and use it as a guide in setting a budget!
-FAMILY NEEDS (Primary needs): This is where the scale of preference comes in. Setting priorities on particular products, more important than the other. For example, food, shelter, clothing, etc.
-FAMILY SIZE: The number of people in my family is usually put into consideration because everyone including babies has needs!
-INFLATION: The current cost of goods at the time of budgeting should be considered. For instance, what #20,000 can buy in the past two months, the same amount may not be able to purchase the same product this month and perhaps in the few months to come. So estimating a bit higher, win the game here.
-MISCELLANEOUS: In as much as we set a specific budget, there are times expenses surface, like the medicals and others, so budgeting in this area should be considered 🤔.
In summary, a good budget whether the short-term or long term helps in controlling unnecessary spending, and for anyone who can budget and follow it with discipline, he or she will have the set objective goals, achieved!
This post is in response to the #hivelearners community contest week 28 edition 1 topic titled BUDGETING. Interested in joining the contest? Kindly visit 
DO HAVE A BLISSFUL WEEK AHEAD💖👍