Budgeting is absolutely needed
September 20, 2022
Budgeting is planning and allocating a specific amount to be spent for a particular necessities.
Is budgeting important?
Budgeting is necessary. It is essential to have budget so you will know a particular percentage or amount to be spent for a particular need or wants.
When you have a budget, it won't be difficult to find an amount to be paid or to be spent in a specific goods.
What are the benefits of budgeting to us?
When you have a specific budget for a specific thing, you will spend just the exact amount or lesser amount based on the budget. You don't have to spend more than it because if you do so, your budgeting is useless and you might spend the amount which is supposed to be allocated for the other things.
Having a budget will also help you monitor the in and out of your money.
You will also learn self discipline because you really need to spend according to the plan.
You will also learn temperance as need to control yourself on buying things which is needed or the things you just wanted. Sometimes or most of the time, food is one of the temptation to spend more even out of the budget. Am I right? We really need temperance on this.
How do I make a budget?
I am the eldest among the six siblings. When I have my first job, I became a breadwinner of the family. I need to support my parents for their needs especially for food and at the same time I have to support my younger brothers for their studies.
Because of that responsibility, I need to make a budget so I can alocate a specific amount for them every pay day.
When I get married, I do the same thing. Since day 1 of our marriage, I am the one who make a budget and fortunately it really helps and we don't have a problem about it.
When making a budget, I considered the income and the needs.
Income should be considered because your budget will depend on it. You cannot make a budget where its total is more than your income.
Needs is also to be considered. We need to list and alocate a budget for our needs first and foremost.
When budgeting, I provided a list of the needs and a small envelope for it where I will put the alocated budget.
I listed the basic needs and the amount is fix. Every pay day or salary day I will put a specific amount in the envelope based on the budget I made.
If you noticed, tithes and offerings is in the first of the list. I didn't put an amount because it will vary from the income.
In savings, I also didn't put an amount because it will also vary on the income.
Rice is the basic need. We are three in the family and we can consume about 25kg in four weeks or almost one month and it will cost about 950.00 - 1100.00 ($19-$22) depending of the price in the market. Since my husband salary is every two weeks, I alocate 600.00 ($12) per pay day so after one month I will have 1200 ($24) and we can buy 25kg rice.
Grocery is another basic needs in the house. I also alocate half of the budget every pay day so I can buy groceries once a month.
Water and electric is also needed. Water and electric company don't care if you have money to pay or not, what's important to them is you pay on or before the due date so your connection won't be disconnected. So, to avoid panicking or having head ache where to get money to pay the bills, budgeting is needed. So, every payday I alocate an amount estimated enough to pay for our water and electric bills. Fortunately we haven't experienced being disconnected due to lack of payment and I am thankful for this budgeting method.
Gasoline is also part of the budget because we have a tricycle. Motorcycle won't run without gasoline so I alocate some of my husband salary for it.
Motorcycle maintenance have an alocated budget too because motorcycle really need maintenance to continue its service to us. This tricycle is also another source of income of my husband and it will be added for our allowance and some abrupt needs.
Allowance don't have a specific amount because again it will depend on the income.
Last pay day my husband was able to work a complete payroll days which is 12 days and he have 3,141.71 as net pay. With this amount I was able to put an amount based on the planned budget and I also have some for savings
You might ask what if he will have a smaller salary? What will you do?
I will put an amount first on the basic needs like rice, grocery, water, electric and gasoline. I will skip the motorcycle maintenance and savings.
My husband salary is so small compared to others but still I am grateful because he have a regular job and it could sustain our basic needs. This is also the reason that we really need to spend according to the budget because if not, some of the needs cannot be provided.
As a housewife and a full time mom, I am trying my best to help my husband in financial aspects. I am a load retailer, an online seller and a writer in different blogging site aiming to help him in my own little ways.
I am responsible in budgeting so I know when and where to spend.
We really need to LIVE WITHIN OUR MEANS. It means that we should live according to what we have. We should spend according to the budget. Buy what is needed and buy your wants if you have some extra or you have alocated savings for that specific want.
Everyone have different needs and wants. Everyone have different spendings. Everyone have different level of income. Everyone have different ways of budgeting. What's important is, you make a BUDGET and you are following it.
All photos are mine.
Just like you stated, budgeting has a way of helping us to control and discipline our lives which is very important in life.
Also, in as much as we want to save some money, it always comes when basic needs have been met.
Yes @kingsleyy that's a good benefits of budgeting so we really need to do it either small or big our money is. Thanks for reading.
I was impressed with your electric allowance huhu, sana oll. Well I think that was normal when you have no high consuming machine at home hehe. As we grow matured budgeting is the keys for everything, but I am open honest I am not that good at that side hehe
Yes @eunoia101, the allocated budget for water is 250 and 250 also for the electric in one month. For water if we wont exceed in the minimum, i only pay 196. Then in electric last month I just pay 110 if im not mistaken. Yung subra sa budget just stayed there as savings because we don't know our consumption will go higher in the next month at least may pambayad na ako, diba? Washing machine na walang dryer, rice cooker, heater and cellphone lang kasi ang gamit namin tapos ilaw kaya maliit lang ang bill. Nag-aaply din ng energy conservation hahaha tama ba ang term?
Very nice! You have be doing budgeting for a long time and you have become really good at it. I love the way you organized each of your needs, that makes it very easy to allocate the required amount to each of them. This is a very good budgeting system. Keep it up ma'am, you're doing well 👍
Thank you so much @kushyzee and I hope you learn something about budgeting from me. Everyone should know about it because it is really needed in life spendings.
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Napaka organize naman po. Ganyan talaga tayong small earners para magkaroon ng savings at magkasya ang pera neeed mag budget...
Christian ka po?
I love it that way @creepymeow so i can segregate them well and i can easily get the money according to the need. Never touch the other envelope if not needed.
Yes I am a Christian. I never discuss more about tithes kasi bawal ang religious content sa community.
Ang mura ng kuryente nyo ate! Kami nga nung wala pang ref e napatak na sa 500 ang monthly na kuryente e.
Mura lang ang kuryente ng SOCOTECO II. We don't have a lot of electric appliances din kasi. Washing, rice cooker, heater and cellphone lang and ilaw.
Sobrang mura san yan ate palno ko na lumipat 😢
South Cotabato kami @creepymeow. Depende parin sa pag gamit at sa mga gamit.
As I grow older I take budgeting seriously especially in electric bills because we can't avoid to consume electricity and sometimes you'll be shock that your bill is so high huhu.. Kaya unplug all once na hindi na ginagamit.
Plus only buy what is needed lang..
That's a good thinking @jhero22.. Yes power conservation is also needed. Even lights should be turned off if not in use. Sam2 in his small age already knows how to save energy. He will always told me to open the door and window early in the morning and turn off the lights kasi maliwanag na daw.
Ohh that's good po, at ealy age kids must learn how to conserve energy. It will help them when they grow up and will have the responsibility to budget their money.
I also teach it to my younger cousins po.
Hoping more kids will develop that kind of mindset and other parents must teach it also to them.
Indeed... As long as we are living within our means, we would be able to see to every issue that comes our way.
Thank you for sharing this with us.
Yes that's right @bruno-kema. So, we always need to live within our means so we don't find a lot or big problems in the future.
I like your opinions and yes everybody has different needs and income but I find your strategies very useful. Thank you for sharing your views.
You're welcome @eshacheema786. Whatever our income or needs we just need to live within our means as possible and avoid loan so we won't have a lot of problems.
Having budget help you check mate your spending and gets things that are more important to you
Yes @graciousvic thats right and we need to list our needs first to prioritize them.
Yeah
Wow I love the way you plan out things you need money for and the fact you include title😁. That’s really nice.
Oh Im glad to know that you're familiar with tithes too @mercysugar. More blessings and thanks for stopping by.
You are welcome😁
Seriously sis yan lng budget mo sa tubig at kuryente. Dito sa amin sobrang mahal ng kuryente... at around 19pesos/kilowatt.... Yan budget mo parang sa lights lng yan na gamit namin 😭😭😭
Yes sis @bluepark mura lang tubig at kuryente dito. 10cu ang minimum sa tubig at it only 196. Ang kuryente namin nasa 11/kwh tapos we don't have appliances. Rice cooker, heater, washing at cellphone lang... nagtitipid din kami sa ilaw hehehe.
Ka mahala sa kuryente dere sis ,kanang gasoline ,ambot hastang mahala pud
Lagi maayo na lang medyo nibarato na ang gasoline karon compared previous months
Bitaw pero ang kuryente dere sis nagmahal
Hello @jenthoughts , wow...Love the way you handle budgeting in a unique and special manner. Wow, tithe and offering first, this is amazing 😍
Thanks for sharing this with us 👌
Oh thank you so much for appreciating it @nkemakonam89. Yes tithes and offerings should be the first in the list. Thanks for dropping by.
I love this, budget is like a monitoring agent that guard our expenses and it also helps to know the priority of our needs. Nice write up, thanks for sharing this with us.
I am happy to share it with you @mojtee07 and I am so happy that many learned from this writing. May we have a good budget always. Thanks for dropping by I really appreciate it.