Budgeting For Personal Needs

[Golden9]

Budgeting is one essential aspect of managing your finances. No matter how much you earn, you still need to figure out how to spend it properly else you run into loss.

I do use the 80/20 rule where I save 20% and use 80% for personal expenses. How do you create your own budget?

 

[cherry123]

That's how it should be , we need to always budget for our needs and also save too. I like the 80/20 rule it isn't bad to save 20% of your money every month.

 

[uptrendfinancialsignal]

It is highly important to budget for your needs so that you will not spend money at random.

 

[freelancermaria]

I also follow the 80/20 rule. I only recently learned how to save money. But, hey, it's better late than never, right?

 

[Enxx]

20% is small to save but I think our savings should depend on what we earning and our bill. As for me I would save like 30%

 

[Starmix]

I save depending on the earnings of my milk tea business. I deposit the profit of my business in the bank 100 percent.

 

[Shavkat]

Personally speaking, I still do the same thing. I tried my best to earn the 20% of my money during the pay day. It is better than nothing to save something.

 

[Magnus2022]

Honestly, I don't follow any rule. I simply get what I need as I see the money. I will try to learn how to manage my resources. I think this 80/20 formula is commendable and I must in learn it.

 

[Niyi Briggs]

Budgeting is important to control how much you spend. I personally budget my finances everyday. So that I know how much I spend daily.

 

[LoukiaCharilaou]

I believe that budgeting is very important because you decide how much to spend and how much to save.

 

[cherry123]

Yes it is good to always draw out a budget for your needs and not just budget but stick to it. if you know that you are out to conserve your money

 

[Springtime]

To be honest, I don't prepare a budget. But I keep track of my expenses and don't buy anything I cannot afford. My principle is spend less than I earn.

 

[eldavis]

When it comes to budget for my business i do not really have a specific amount though, i simply put in what i am able to get at the moment.

 

[uptrendfinancialsignal]

The amount of budget for a need would depend solely on the needs to be established.

 

[astutimeliana723]

I don't set any special limits, I just always make sure I have enough money. I rarely buy unnecessary things, and I tend to save money on shopping by buying quality but affordable goods, I don't care about the brand of the goods I use, the important thing is the benefits and I'm comfortable using them

 

[RicAngelo]

Personally speaking, I still do the same thing. I tried my best to earn the 20% of my money during the pay day. It is better than nothing to save something.

indeed, its better do that way for now, after the salary is increase you can increase your saving not spending, right?

To be honest, I don't prepare a budget. But I keep track of my expenses and don't buy anything I cannot afford. My principle is spend less than I earn.

spend less that we earn is so wise, but you do saving your income, right? at lest for emergency funds?

I save depending on the earnings of my milk tea business. I deposit the profit of my business in the bank 100 percent.

awesome, you did a great job so far my friend, its really nice to know this, youre very inspiring

 

[allen1109]

I use the 60-30-10 method.

60% for bills and expenses, 30% for savings, and 10% for building up my emergency fund.

 

[RicAngelo]

Great @allen1109 you dont forget emergency funds, youre well prepare then, its always nice to read experiences from members here, its give us a lot of input and we can practice it in real life

 

[arunima]

I don't have a set limit. I have different buckets...savings, investments, travel budget, household budget, insurances, medical expenses etc. Husband and I plan it together. We mostly stick to it unless there is some unexpected incidents where we might have to adjust a bit. We make sure that we save enough. From last one decade we put most of our saving into education fund for our daughters. My elder one is already into college and younger one would join college in 2024.

 

[SHAHID987]

Budgeting is one of the outstanding requirements to run smoothly a family and even a country as usually we listen that government has announced budget. Personally I am not making my family budget till date but soon I will also adopt it.