When the term budget or budgeting is mentioned, what comes into the mind of many people is the normal way of planning things and having them in an order. There is more to budgeting than meet the eye. A budget should be felt when it?s prepared. It should bring accountability which calls for discipline. A budget should act as one?s financial controller while incorporating discipline and calling for one to live within its limits.
How does your budget look like, does it help you save or does it help you spend more? Most of the existing budgets that we have are gadgets that only help us spend and barely save. How is your budget? What have you put as a priority in your budget, is it a luxury or is it an essential? Are you living beyond your means and you are still budgeting, I bet that kind of budgeting only drains your finance and you need to learn the principals of budgeting for you to be successful.
If your budget does not call for stiff measures that call upon tightening your belts and denying yourself some luxury for a better tomorrow then that?s not budgeting.
One, you don?t budget because everyone else is budgeting you budget according to your finances. ?Copying others to survive is the worst mistake people make as each and every individual has his or her own life to live. Your priority is not the other person?s priority and so live within your means without having to impress anyone. There is no impression and competition when it comes to finances you only cut your cloth according to your size.
Most of time when we are budgeting we fail to consider so many factors due to our pride and as we know, pride comes before a fall. ?Before budgeting, we should first consider our gross income and this is what should be guiding to be able to determine what percentage of our gross income goes where? From the tithes and offerings to the other deductions such as pay as you earn, the insurance, pensions, house rent, shopping and the list is endless. From what we earn, our house rent should not go beyond ten percent otherwise we will forever remain poor with nothing to invest.
When it comes to shopping, where do we go shopping, do we go to the most expensive shopping malls that everybody else may see or do we go to moderate supermarkets where we can afford? Do we budget when we go shopping or do we just get into the supermarket and start deciding from there? Where do we shop for our vegetables, do we still buy the expensive ones from the shopping mall or do we get them from the nearest selling kiosk.
What individual need to realize is that budgeting helps control and guide one on what to do and when, for instance when you budget and compare market price in the different places you will discovers that you can still get the same quality product at a lesser price.
The other thing one needs to realize is that its more economical buying goods in large quantities than buying goods in small quantities as for the small quantities you have to pay extra cash for the packaging, advertisements.
It?s advisable to buy vegetables from the main market and in large quantities as it is cheaper than buying small commodities from the nearest vegetable kiosk; get to the main market as this is where the kiosk vendor purchases her wares from and you will discover that you will save a lot.
In budgeting, when you discover that you are saving, set aside an account that you will be depositing that money as when you save without a plan you will only end up misusing that money. Budgeting helps you have a purpose and develop your future by making it better.
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