Mastering the Art of Budgeting for a Healthy Financial Future

image

Living below your earning is one of the statement our parent use to say to us almost all the time they see us buying things that we shouldn't buy or some expensive things, there was a time my mom had to sat me down and started advising me about life and how to have a good financing budgeting/planning, she uttered a statement I will never forget, she was like " it is not a good thing when you eat with your 10 fingers", I was really confused at first because there is no way you will be eating and you need to use your 10 fingers to eat, it was later that I finally understand what she meant by that statement. Money they say is like a visitor, it comes and go anytime it want and the way you handled it really matters.

There is something we really lack when it come to handling money and that is having a proper budgeting, the way we spend, the way we get pressured when we see what people spend, the unnecessary things we wish to buy, all this factor always hinder us from having a good financial budgeting. Someone once told me, he will rather spend all he has today and wait for what tomorrow will bring and it is better to flex, that to have some money hidden, I really laughed that day because that decision of his, is now affecting him now. One good thing you can do for yourself as an individual is having a good financial budgeting, having a good record of the amount of money that comes in and limiting the amount of money that go out, we are insatiable, we can never get that maximum satisfaction that is more reason why we desire so many things but budgeting and limiting the things you want can really help on a long run. How can you do this?

You need to first understand what Financial Budgeting is all about, there is no way you will want to engage in something without having full knowledge about it, knowing this will help you understand the situation you are in financially and how to really create a proper solution plan in knowing your income, the expenses and also your financial responsibilities. Most of us, our responsibilities is too much and even greater than out major income, it keep taking all we have without having proper record and how to reduce it. If this is clear then you can find a way to implement some rules, I once say a 50/30/20 rule which I twerk and started implementing it financially and it have been helping out. I actually change mine to 50/40/10, 50% of my income go to savings and debt reduction if there is any, 40% to the essential things I need and know I cant do without and the remaining 10% to discretionary spending since they they are things I can always do without and I even had to limit most of it, So this implementation boost my saving plan more.

I love luxurious life, I want such life but I literally run away from it because they serve as expenses and I have to live below my means for now and focus on the essential expenses since they are way important and that is what the 40% is for, proper budgeting always give you that access to be accountable for everything and as an individual that is trying to walk through the path of financial breakthrough, the important things you should put into consideration first is setting your budget right and do away with the things that are not necessary nor important and it will always take discipline to achieve that.