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Salary VS monthly expenses how to budget?

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    Salary VS monthly expenses how to budget?

    We work to sustain our daily living expenses in weekdays and sometimes weekends. If work demands for overtime then we took it. But no matter how you work so hard, why most of the time our monthly salary is insufficient to meet the expenses we need to pay. Proper budgeting I know makes a huge impact, but how do you do it the best way.?
    Last edited by kurai1128; 12-12-2017, 04:04 AM.

    #2
    That's the most hardest part of budgeting. I don't even know how to budget my salary. But when I watch some videos how to budget your salary, it's helps me a lot. They said, the 20% of my salary should be my savings, I should keep that, and do not use, and then prioritize the monthly expense, like monthly bills, transportation cost, your food allowance on your office. And the rest of salary if do you still have, is for your vices, if you have.

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      #3
      Ouch! This is one dilemma I have right now. :-) I spend more that what I earn monthly. Probably because I don't have a fixed monthly income that is why I face this problem right now. I have subscribed to some regular monthly expenses before and now I have difficulty in budgeting my monthly income. Bills are coming every month while my income is not enough for all the bills to be paid. I don't even have savings anymore, so sad. But I guess this is just one thing I have to survive from at this time. I'll try to find ways to be better in my spending and earn a little extra for the bills to be paid. Good luck to me :-)

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        #4
        Dilemma indeed. It's hard to budget between your salary vs expenses. Spending is so easy that we sometimes forgot what should we need first. It's nice to know that some ideas on how will make budgeting more efficient and will try it . Prioritization should be listed down in a paper that will be a guide for me in spending. And will work harder to meet what i need or more than what i should have.
        Last edited by kurai1128; 12-13-2017, 07:24 AM.

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          #5
          That is what everyone needs especially this holiday season. The one I've been doing for a long time is, once I got my husband's salary (I'm a housewife), I set aside right away the money for tithes, car maintenance, bills, etc. Half of the money that was left, we deposited in a bank. The other half would be the other expenses like eating out sometimes or pampering in a spa.

          I also have an app for a budget-tracker, which is very helpful to monitor on which area I spend the most, and how much money left on hand. I've learned that I spend too much on my coffee, so I have to lessen going to coffeeshops and just buy a simple coffee from the grocery which can make up to 30 cups or more. I know that a budget-tracker app will also help you in managing your finances.

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            #6
            There are helpful responses here already.

            People who don't have a fixed or predictable income are encouraged to take a twofold approach with writing down projected expenses/projected income vs. actual expenses/actual income.

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              #7
              It all depends on your status and lifestyle. People, who are single have different spending patterns compared to someone who is married, right? A mentor told me that you should save at least 30% of what you receive and the rest goes to paying your bills and buying groceries. I know, it's hard, especially if you are not earning that much, but try to determine your needs from your wants. I am sure there are some things you can let go to save.

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