Budgeting For Personal Needs

Golden9

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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?
 
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cherry123

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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.
 

Magnus2022

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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.
 

eldavis

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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.
 

astutimeliana723

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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

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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
 

arunima

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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

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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.
 
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