I strted to work when I was 17 but I nver thought about save money, I was still studying and my parents paid everything for me so every single penny -I earnt usually ended into commercial shops. But in the end of 2006 I started the first job with a monthly salary, but still my parents paid for me.... I thought only what I could buy with X money? I am been able to spend $200 in a couple of hour also in not essential and never used items...that's been a great waste of money!!!
In 2009 I started a new job and I started to pay thigns, salary wasn't so hight but with that amount I am been able to pay for fuel my self, birthday gifts for friends, clothes and save for holidays. Unluckily after I achieved goals of savings I came back in the circle to spend what I had...
Last year I had a surgery and during my period of hospital, I talked with a lot og girl about savings and future goas and I started to think about myself in the next 10 years How I see myself in the next 10 years? which are my goals for future? well surprise surprise I have big goals
-Buy a home
-Start my own business
MY goals aren't cheap so I understood that my mind needend a change/switch about money's management.
But as everything is new first question is been: How you can start a budget? I researched a lot into the web, I bought books about savings, financial magazines, then I choose a calm day, sit on a table, with block notes and a pen, with every single expenses/bills and every salary ( if you are married or share the budget with your partner you must to include also his/her expenses/bills/salary). Having everything on paper you can see the areas where you are overspending.
Well my first experience is been a disaster because I had my salary directly on my bank account and I didnt use cash but always card, I choose to dont have a credit card but a pre pay card and pos, but payng with cards you dont see the money and dont put a lot of attention. In the end of month I saw on my account a disaster, so I started to have moeny inside wallet and use card only if it is really necessary. Looking cash money that go away from your wallet permits you to see where are u spending a lot and what could be better.
I changed different work and now to save I have also extra works for my side hustle, I started to control more often bank account, write every single expenses I had, use less is possible card, put a determined amount dailly in my wallet and try to respect it...I dont have a llot of savings to be honest in this moment after some extra bills I had my savings are near 0, but I'm working on it.
This is been one of best suggestion about budget management:
Think about yours salary as a round cake where the 50% is to cover all billls you have every month (ex: rent) then 20% for savings about your retirement ( and ask more information about retirement option your company has) and so you have every month a 30% to spend in whatever you want...well if you're on debt you have to put the rate of it into your monthly bills and I suggest to increase it from 50% to 60%, savings from 20% to 30% and the eftover you can spend free is about 20%.
Write your goals, and remeber everytiime you have impulse to buy something not so essential tha tyou could put your money into savings for goals. Have short terms, medium terms, and ong term goals so you are focused without became bored.
Looking % of leftover you can use is less of money amount ayou sually spend, well believe me having a frgal life doesn't means to have a poor life, there are a lot of magnificent things that are free and also you have a budget to respect you can have a rich life.
How is been your first budget experience?
In 2009 I started a new job and I started to pay thigns, salary wasn't so hight but with that amount I am been able to pay for fuel my self, birthday gifts for friends, clothes and save for holidays. Unluckily after I achieved goals of savings I came back in the circle to spend what I had...
Last year I had a surgery and during my period of hospital, I talked with a lot og girl about savings and future goas and I started to think about myself in the next 10 years How I see myself in the next 10 years? which are my goals for future? well surprise surprise I have big goals
-Buy a home
-Start my own business
MY goals aren't cheap so I understood that my mind needend a change/switch about money's management.
But as everything is new first question is been: How you can start a budget? I researched a lot into the web, I bought books about savings, financial magazines, then I choose a calm day, sit on a table, with block notes and a pen, with every single expenses/bills and every salary ( if you are married or share the budget with your partner you must to include also his/her expenses/bills/salary). Having everything on paper you can see the areas where you are overspending.
Well my first experience is been a disaster because I had my salary directly on my bank account and I didnt use cash but always card, I choose to dont have a credit card but a pre pay card and pos, but payng with cards you dont see the money and dont put a lot of attention. In the end of month I saw on my account a disaster, so I started to have moeny inside wallet and use card only if it is really necessary. Looking cash money that go away from your wallet permits you to see where are u spending a lot and what could be better.
I changed different work and now to save I have also extra works for my side hustle, I started to control more often bank account, write every single expenses I had, use less is possible card, put a determined amount dailly in my wallet and try to respect it...I dont have a llot of savings to be honest in this moment after some extra bills I had my savings are near 0, but I'm working on it.
This is been one of best suggestion about budget management:
Think about yours salary as a round cake where the 50% is to cover all billls you have every month (ex: rent) then 20% for savings about your retirement ( and ask more information about retirement option your company has) and so you have every month a 30% to spend in whatever you want...well if you're on debt you have to put the rate of it into your monthly bills and I suggest to increase it from 50% to 60%, savings from 20% to 30% and the eftover you can spend free is about 20%.
Write your goals, and remeber everytiime you have impulse to buy something not so essential tha tyou could put your money into savings for goals. Have short terms, medium terms, and ong term goals so you are focused without became bored.
Looking % of leftover you can use is less of money amount ayou sually spend, well believe me having a frgal life doesn't means to have a poor life, there are a lot of magnificent things that are free and also you have a budget to respect you can have a rich life.
How is been your first budget experience?
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