Greetings and thanks for visiting my blog. I hope everyone had a good time ringing in the new year. It's a new year and a new week, and as we all know, one of the biggest problems facing the majority of nations has been inflation. Most nations are now experiencing inflation, which is defined as a steady rise in the cost of goods and services. My own nation of Nigeria is hardly an exception. Our well-being has been affected by the price increases, which have made living challenging for the majority of its residents. increases in clothing, food, transportation transportation, etc.
Additionally, despite the inflation, there are still autonomous consumers who have no source of income but still consumes
I myself, I still partially depend on my family, but I also utilize hive revenues to sustain myself when I'm away at school. My parents do provide me a monthly allowance of 30k naira for upkeep, and profits on Hive are not always assured. It usually varies. The money won't even last until the end of the month given the pace of inflation in the price of items. Due to this, I have created a monthly budgeting plan that I intend to stick to in order to avoid running out of money before the month is out.
- The very first step is to reduce wasteful expenditure. I should be able to distinguish between costs that are fixed and those that vary and create a scale of preference for each in order to keep within my monthly budget. That is allocating costs based on their significance. These fixed costs include things like power bills and rent. N/B: My rent is normally paid once a year and is due at the end of the month. I would thus strive for it. Trying to get the idea across only**
Food buying, travel, shopping, airtime, data subscriptions, hanging out with friends, dining out, getting a haircut, and other expenditures are examples of variable costs. I could keep on track if I avoided making needless purchases. Most of the time, it is preferable to purchase the ingredients and prepare a dinner at home rather than spending the money on a single meal at a restaurant, which might cost more when all costs are added together.
- I also intended to begin setting up a savings budget. I estimated that my monthly costs would take up around 70%–75% of my income, with the remaining 25% going toward savings. Though I am aware that I currently lack a steady or consistent source of income, I believe that using this saving approach can help me in times of need when I am short on cash or maybe when I need to complete tasks quickly. I'm looking forward to beginning long-term savings too as I'm making this short-term one.
Although I have intentions on starting or joining an investment plan too, I'm still making research on which to join. Because of the inflation and how tough it is for everyone, including parents, I don't want to continue to depend on my parents for an allowance to survive the economy while I'm still in school. To help them avoid the burden of having to deal with certain specific costs, I also want to put a portion of my income in something that would provide monthly profits for me.
I appreciate you reading, however.
Have a successful week ahead.