Yet the year is still new, greeting my friends Happy New Year
It's another weekly prompt of the @ladiesofhive community.
We all know the inflation rate is growing significantly. Last year the cost of products went so high that it wasn't easy everywhere. Although we wish for a better 2023 and things to get better, you still have to plan. The worst aspect about this inflation is that your income(salary) stays the same. Feeding, transportation, taxes rise while salary stays the same. If there's no early preparation you may wind up spending everything and become a debtor even before the income arrives.
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Living within your budget can help you enjoy a stress Free financial life.
These are some of the ways you may likely live inside your budget.
Identify your financial objectives
Make sure you have your financial goals and how much you need to attain them. They may be written too this will assist you have an idea where to focus your money.
Prioritize Your spending:
In economics this is called Scale of preference. This is just checking the most essential item on your list and performing them first before the others. It can help me acquire goods which are more vital on your plan and help you live within your budget.
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Track your spending
Most times not everything is required. You don't have to compete with anybody while spending since if you get broke nobody is going to help you out. Most times clubbing, parties are not required. Identify and monitor your expenditure to see where you are overspending and adjust.
Also minimizing your expenditures may help you save money .
Find means to save
Your savings might save you later when circumstances turn rough. When living within your budget is it beneficial to save. Get your stuff from cheaper things.
Some things that are joined like (bread and egg) you may make decisions to consume solely bread occasionally.
Things aren't simple as previously and you must learn to adjust to the present scenario.
Even budgets should be altered time to time
Learn to make your money more for you by making investments or saving in a location with interest, I wl always use the HBD savings as an example.
Thank you for reading