Good day everyone, it's a great time to share with everyone, my view on budgeting. We all generate income from different source but the best way to control how we spend our income is to create a budget for it. Budgeting has to do with estimating your revenue and expenditure. You can make a chat showing what your revenue(salary, income) is for a month or a year and plan how to use it. As a salary earner, a mother, a wife and a woman. I need to create a budget to distinguish my income: When I receive my salary for the month, I create a budget on how I spend it on my needs for a month.
Define my expenses: By creating a budget I define my experience. For example, Now that I have being paid my salary for the month, I divide my expenses into four(4)
a. Food: I have a joint account with my husband where we but deposit 40% of our salary for food every month.
b. Health: We opened another account in the children name and tag it for health care. 15% go to that account every month.
c. Personal savings: 15%(fifteen percent) of my salary goes to my personal saving to take care of my personal needs.
d. Salary account: after sharing my income to their destinated account, the remaining 30% left in my salary account for all upkeep to work and any immediate expenses that comes.
Our progress: We could be able to achieve this savings plan with the help of the bank by granting us a standing order to help us despatch funds to the different account listed as soon as payment gets into our salary account.
Adjusting to the plan: when we started to control our income with the budget plan listed, we cut down a lot of extravagant expenses for it to work. It's still working. You may want to ask me how effective is this?
Very effective and it has helped us to manage our homes and our private business.
Thank you for reading.
This is in response to the #hivelearners community contest week 28 edition 1. Title Budgeting.
HOW TO MANAGE YOUR INCOME | Ecency
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