Creating your own budget

[Matt B]

Hello people, I was once in credit card debts and got really tired of it. Hopefully, now I am debt free, and created my own financial budget, but still struggling. Do you have any ideas how to keep it? You know, some unexpected situations always happen… It somehow seems that I never have enough money. Any advice?

[Moshino7]

I think that you definitely need to have a saving account. In that case, you can manage your saving automatically. Take a paper and write down how much exactly do you need per month, and then add those unexpected situations. When you think about it a bit, you will be able to calculate how much can you put on your saving account automatically from your salary. In that case, you won’t experience those unexpected situations you are talking about. Of course, you will feel a lot of calmer. :)

[Yotamion]

I may agree with Moshino7, it is very important that you precisely know your income and also what you have. Besides that, how much you need to pay every month? Are you earning enough? You definitely need to track it and monitor it precisely. I would highly recommend you to get an excel spreadsheet and to follow on what you spend money and how. You will be surprised how much money goes on something you actually don’t need. In my case, that was coffee to go! Believe it or not…

[adamjonesvv]

I was facing a reduced income and I can realize how hard is to have a budget in such situation. Although, there are many things I know now and I wish I knew then. But, I can help you. Taking the immediate steps is a must thing to do. I was lost in fixed costs and didn’t even know how much we spend in a month. You know, groceries, bills… I never put it all together actually, my wife and I lived spontaneously, but that needed to change when our baby arrived. The best advice would be not to spend what you don’t have! Be honest with yourself and set the priorities.

[Philip D]

For some people creating their own budget may be hard. I had a friend of mine that was always living beyond his means, yet he was complaining for 10 years (literally) how he cannot create his own budget. So, yes, realize what you can afford and what you cannot. Of course, if you have some wishes and desires, then think about your job and career. You can always learn something new, upgrade, earn more… Or if you don’t want, you just need to know how to manage the money.

[Michelle4y]

I prefer creating a personal budget with a spreadsheet. You will see everything you need in that case. Of course, the first step would be noting your net income. Second thing, as everyone here has already mentioned would be tracking your spending, to the details (you wouldn’t believe how much money goes on ”nothing”). The third would be setting your goals. None of us have the same goals when it comes to creating a personal budget, so knowing yourself and your family would be very important.

[Matt B]

Thank you so much. I love your ideas. Took all the notes and will start implementing them daily. Those baby steps are definitely the best.

[Kerry100]

It takes 21 days to implement a new habit, that is why psychology says. So, if you want to change your habits, and obviously you do, then you should take one by one, not all together. In that case, you have more chances to succeed. Don’t rush yourself, give yourself some time and work on it slowly. Because it is a slow process actually, but it can bring you huge results. So, stay concentrated, calm and positive!

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