Daily needs are increasing day by day because inflation is increasing so always we cannot maintain the budget in the same way. With time and circumstances we have to change our strategies. Sometimes things are very good and we can have more fun in life but sometimes some sudden trouble comes and then we have to pass the time patiently.
A successful person is the one who does not cry about his/her situation in front of others but works hard to improve it. Hard work and continuous dedication are the guarantee of human success. It never goes in vain. Therefore, when the conditions are good, something should be kept in them for bad times. Yes of course, I am talking about savings.
1:- Calculate my income
2:- Monitor my expenditure
3:- Set realistic goals in my life
4:- Review my budget on daily basis
5:- Adjust my habits
6:- Thinking about my financial priorities
7:- Savings must
I have been following these rules since I was about 18 years old and they make my life easier. I never ignore them and suffer when I do.
1:- Calculate my income
The first and most important rule is to count my income . Sometimes I get some extra money due to working more but not always, it is very important that I decide my budget for the whole month keeping in mind my income and cut unnecessary things in that month. Specially things which I can't afford.
2:- Monitor my expenditure
Another rule is to make an outline of my expenses and then see what can be deducted from them. What are the essential things which are mandatory and keep the essential things aside because they have to be done and the optional things keep them optional because if the income allows then I will do them and if not, I will not do it.
3:- Set realistic goals in my life
It is very important to monitor income and expenses but at the same time we need to be serious in life because we need to know which things are really important to us and if we are more on frivolous and pretentious things, I will always suffer. Therefore, the budget can be managed only by a person who is serious about it.
4:- Review my budget on daily basis
It is very important to review our budget daily because. Sometimes we have to do things that we don't want to do and our income doesn't allow, but we still have to do them. Like giving a gift to a friend on his/her birthday, helping someone in trouble, studying the daily budget is very important for me.
5:- Adjust my habbits
Habits matter a lot. If habits are bad then life can never be lived properly. A spoiled person can never improve his/her life style because he/she is very non-serious in his/her life and takes things very lightly which always results in heavy losses. Therefore, improving habits is very necessary.
6:- Thinking about my financial priorities
While making a budget, I make two sides. On one side I keep my priorities, which I cannot neglect and on the other side unnecessary things. Like if I tell you with an example, my biggest priority is my studies, so I can't compromise on it. I have to pay my fees, book expenses and behind them I often have to miss many events and I don't regret it but studies can make my destiny. So my basic priorities are my study, family, and my health off course.
7:- Savings must
The best thing I think about myself is that I'm very smart about one thing. When I have more money, I am very happy and do not waste it on useless things, but save and use it in difficult situations. That way I never need to ask anyone for help because our self-esteem gets hurt whenever we ask for help. Therefore, I never want to spread my hands before anyone else, so it is better that I walk wisely.
These are all the rules that I use in my daily life and they have always proved beneficial for me. I might be wrong on some point but everyone has their own opinion because if it works for me I will surely always follow them.
This is how I spent my income
• My expenditure (including clothes and necessary things) | 20%
• Studies expenditure | 30%
• Family | 20%
• Groceries | 20%
• Savings | 10%
Kind regards;
Goodbye
