How I Make My Budget.

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Hello Hivers! I trust the new week started off great for all of us? 😃.

Well, it's another week for the @hive-learners posting topics and for this edition, we're discussing the topic of ”Budgeting”.

Now, I'm certainly no geek when it comes to finance. Matter of fact, it's just not my flair and I most times tend to shy away from "finance" related convos 😄. However, I'll be seizing this opportunity to chip in my little knowledge 🤓.

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One thing I do know is that Budgeting is one of the important basics of financial knowledge. Every financially literate person should by now understand what a budget is, how to create it and the factors considered in creating one. Before I share how I make my own budget, let's quickly refresh our minds on the meaning of Budget, shall we?

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A Budget is simply the amount of money or resources set aside for a particular activity or period of time. It is a money plan that helps us track our income and expenditures.
Lack of proper budgeting could lead to impulse buying and unaccountability.

It is necessary for one to have a budget so as to not be caught off guard by the question; “what is your budget?“. You might need to make a budget for your purchases such as buying a house, renting an apartment, shopping, etc.
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As a student, I've had to make budgets as well. You see, whenever I receive monthly allowance (pocket money) from my Dad, I usually create a budget to account for my expenditures. How? 🤨

First, On my journal, I write down the total amount of allowance received for the month.

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Then, I write down my regular expenditures and their costs for the month. These expenses include feeding costs, transport costs, airtime costs, etc. After calculating the total cost, I keep the specified amount of money aside.

Afterwards, I write down my needs and their costs. For instance, if there's something important that I really need to buy like sanitary towels, books, stationary, repairs of torn shoes, and other emergency stuff. I keep some money aside for it.

Lastly, whatever amount is left of my allowance will be used for my wants and enjoyment 😁.
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I believe there are three major factors affecting budget and they must be put into "due consideration" when budgeting. They include;

  • INCOME.

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Without a doubt, our income determines our budget. One can only control expenditures based on the amount of money received whether daily, weekly, monthly or even yearly. So, when setting my budget, I always look at the money I have so as to ensure a balance.

  • INFLATION/RECESSION.

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The economic state of the country as well as the price of goods, products and services should be considered when making budget. When the value of money declines, our budget tends to rise. When it stabilizes, our budget lowers. Putting this into consideration enables me create a realistic budget.

  • NEEDS.

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When making my budget, I ensure to identify and prioritize my pressing needs first as they are the essential part of any budget. And it enables me to spend wisely and maintain a focused goal.

Conclusively, the truth is that budgeting requires self-discipline. It is one thing to create it and another to actually act on it. Sometimes we're too tempted by our fleeting wants that we forgo our needs and end up surpassing our laid down budget. And at the end of the day, we're only left with feelings of regret and an empty pocket.

I hope you also find this helpful to your own use and understanding 😊.

THANKS FOR READING! ❤️



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24 comments
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Conclusively, the truth is that budgeting requires self-discipline

This is just the bottomline about budgeting. It's a good thing to have a budget but a lot of people end up not sticking to their budget. It requires lots of self-discipline to be able to follow a budget without falling into the temptation of spending money on unnecessary things that's not part of the budget

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(Edited)

Of course, self-discipline is an important part of budgeting. There'll always be temptations... Infact I've fallen victim of it countless times in the past but I've learned my lesson now 🙂.

Thank you for stopping by! 😊

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Chiii, omor you didn't forget the flexing part oo. Person cannot come and kee himself

You did great in reminding us what affects budgeting we just hope and pray the income equals it and we find enough discipline to follow through our plans

I had a nice time here, thanks for sharing 💕✌️

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Haha I no fit forget am oo, body no be firewood abeg 😂.

Sure, we can only hope so 🙂.

I'm glad you did ☺️. Thanks for stopping by!

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It's a thing to make a budget and another thing to act on it.... This is very true.

I always look at the money I have so as to ensure a balance.

This is very important or else, one would run out of money quickly.

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Exactly!

Extremely important 👌. Like they say, "cut your coat according to your cloth."

Thanks for stopping by! ☺️

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such a useful article for me, I can follow some of the directions you wrote to control my expenses

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I'm so glad to hear that ☺️. Sure you can. It'll definitely yield good results.

Thank you for stopping by! 💕

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How are you @dimmablogs, we have chosen this post to be curated by MCGI Cares(Hive) community. We are inviting you to join our community that study the words of God.

We can also follow our official Facebook page

Keep doing the great job ❤️

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I am doing great and trust you are too 🥰... Thank you so much for the curation, I appreciate it! ❤️

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The factors you consider in making your budgets are very key and I think anyone who really wants to come out with a good budget should adhere to them. Thanks for sharing this with us ♥️

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These factors are necessary to consider and I'm sure we'll all adhere to it for a better budgeting.

It's my pleasure, thanks for stopping by! 😊

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The fact you said budgeting requires discipline,because it’s not done by mouth😂,it’s another thing to have a budget and to act on the budget we have planned. This is a great post Dimma❤️😁.

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Haha yes oo, everything no be my mouth 😅. Action is needed too!

Thank you dear ❤️.

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As a student, I've had to make budgets it a good thing to have a budget especially as a student so that we will not run out of the important things we need to sustain

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Of course. We were taught to manage money properly and not squander, so budgeting is extremely necessary as a student.

Thanks for stopping by! 😊

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Without budgets one will end up buying unnecessary things especially we the ladies oooo, we always one to look good, budget is the only way to stop one from spending extravagant.

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😂 I agree with you, we always want to look good but it's important that we spend according to what we have. And also try to save for future use.

Thanks for stopping by! 😊

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Indeed, one can only make proper budgeting when they are disciplined. Because without discipline the mere thought of budgeting will not even cross their minds.

Thank you for sharing this with us.

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Exactly, there are still a lot of people who don't find budgeting necessary. I guess we can also link that to lack of self-discipline.

It is my pleasure, thank you for stopping by! 😊

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