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It is another week’s #iucontest, and I am excited to take part once again. This week’s topic is very interesting because it opens our minds to how we handle money at all times, even during the festive period. The festival season often comes with joy, celebrations, and increased spending, which makes financial decisions very important.
In this post, I will be sharing my personal experience on how I manage and spend my income.

How I Manage My Income

Managing income is one of the hardest tasks for me as an individual. However, when I started having children and my responsibilities increased, I had to learn how to manage my income, even though the lessons came in an unpleasant way. I realized that I could not raise my children while living in debt, so I decided to become more intentional about money management.

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For me, managing income involves three simple but important practices: budgeting, saving, and staying debt-free. These habits help me stay organized and focused on my responsibilities.
As a salary earner who depends solely on monthly income for survival, budgeting is my greatest tool. I do not wait until my salary arrives before planning. I prepare my budget ahead of time and write down everything I will spend money on throughout the month which includes food, transportation, school needs, utilities, and even smallers items like chewing gum, by doing this, I know exactly where my money is going, and it helps me avoid unnecessary spending and also gather items in bulk.Bulk buying is one the surest means of saving money. Because good bought in bulk help reduce expenses as well as improve saving plan.

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The second part of my income management is saving. I save through a monthly contribution group and also have a long saving plan with an insurance company, where I set aside a portion of my salary immediately after it is paid. Saving, no matter how small th amount, gives me peace of mind and helps me prepare for the future.

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I also make a conscious effort to live a debt-free life. I avoid borrowing money or buying things on credit, especially when they do not bring any short-term or long-term benefit. This discipline makes budgeting easier and allows me to manage my income better.

Finally, although managing income is challenging, these simple practices have helped me provide stability, peace, and a better future for my children and family. This experience has taught me patience, discipline, consistency, and the importance of planning ahead in every season of life and income.

Thanks for stopping by my blog, @pascalukandy
With much love , Compliment of the Season!!!!