Sticking to budgets.

[TOZZIBLINKZ]

Money is important and must be spent cautiously , wisely , and sensibly etc . But in some cases one has no choose as a result of few resources trying to satisfy the numerous human want and need , so at this juncture the act of budgeting must be considered . By definition a budget refers to well arranged list or guidelines of material needs which a person would need over a particular period of time . It must be understood that the habit of budgeting is essential to stop the illicit habit of excessive spending . Not only should budget be created but rather it must be stick to , because when an individual endeavour to stick to his or her budget he will have enough money remain to save and to invest .

Sometimes human beings are facing with situations where they have to exceed their budget . In other words they may be facing in a situation where they have no choice but to exceed their budget . For example you went to a supermarket to do the shopping of the day and as you entered your car trying to go home you discovered that your fuel in the car has finished , situation like this demands a person to spend on something not included in his or her budget for the day . It is okay if you have to spend but what exactly can you do to replace the money being spent . To replace the money being spent you can take the money meant to use for a non relevant activity like " eating out " or " chill with friends " .

 

[Jasz]

It can be hard to stay on a budget, especially when you're trying to save money for something big. How do you balance saving for the future with buying what you need now?

First, know your budgeting basics. You should always be working with a budget to keep track of your spending and make sure you have enough money saved up for anything that comes up. There are four main ways of making a budget: cash only, cash plus credit, paid accounts (such as a credit card), and everything. All of these methods are great, so find the one that works best for your situation.

When creating a budget, don't forget to include things like student loans or credit card debt on your list. Try not to go over your total monthly income each month; if you do go over, make sure you have more than enough savings to pay yourself back later.

Next, figure out the difference between needs and wants. Needs are items that are vital; these include things such as clothing and food. Wants may be things like new shoes or a phone case for your device. Make sure that the wants aren't taking over in comparison to the needs; try limiting yourself.

 

[Kendy]

Honestly speaking, at times, it is easier said than done. Sticking to budgets is one of the hardest things in this part of the world and this is because at every second and minute, the prices of goods are on the increase. One could make a budget but getting to purchase the products, the prices are inflated, in that case, it means you would definitely dip into your savings. When I had a savings account which was strictly for just depositing money, I had no card and no mobile app activation but during 5he pandemic, I had no choice than to make the necessary changes because the economy was very unfriendly. Even presently, I have some goals but I see myself dipping into my savings each day mostly for data subscription, and if I continue this way, my plans might be unachieved. I have resorted that I would change the savings account to a fixed deposit account, where I would not have access to the money unless to a stipluated timeframe which I would choose. Sticking to budgets is one of the unrealistic goals because in a country with no job opportunities and no genuine concern for the citizens, the masses are left to source for their survival.

 

[Rachael]

This years has been so inflating in relation to the prices of goods and services. The year has not even reached its peak yet inflation is already taking a great toll. I have never followed my budget strictly because of the market value. There are some locations that I purchase my necessities with the mindset the prices would be cheaper, but the case is different because the price difference is almost the same when I consider the cost of transportation. Sticking to budgets these days is not possible especially coupled with the increase in fuel price, where the cost of transportation is triple the original price. Life is getting tougher by the day and the reality that adulthood has already climaxed yet no achievement has been made is thus draining. The only way to work strictly with a budget would be to improvise or purchase lower quality goods and services. It would be recommended to hire a manager who can help you manage your budget but this would be too much expenses already for those who are still managing their means of livelihood. This step would be good for business organizations that operate on a large scale or on technical issues.