Are you a spender or a miser?
I’m more of the former. I admit
it, I’m bad at budgeting. Just the mere mention of it makes me cringe (yes, I’m
not a huge fan of numbers).
Worse, I’m an impulsive buyer. I’m
a member of the ‘One Day Millionaire Club’. And in time…gadgets depreciated, clothes
tattered, and stuffs wasted. And I ended up saving nothing. Poor me, I let
hard-earned money slip away that easy. With all the hard work, I’m penniless.
How ironic.
But that was before. I’ve changed
now. I realized that I have to learn budgeting to avoid personal financial
crisis. I know I have to start early or else I’ll be penniless for the rest of
my life.
How did I start? First, I set
realistic financial goals. I list down the things I want to achieve and possess.
I made them my inspiration. Then, I listed down my income and expenses in the
previous months. Next, I separated essential expenses (food, house, electricity,
internet, transportation, clothes, and other bills) from impulsive. Looking at
the figures, I have cut a considerable amount from my usual expenses. From
there, I started a budget I can live with. I prioritized my necessities. Finally,
I looked forward to the future. If there are upcoming events in my life, I
include the expenses to my budgeting. That way, it will not destroy my goals.
I have eventually learned to make
budgeting friendly. The friendliest (also the simplest) budgeting for me is the
20-80, where 20% is set aside for savings (or paying off debts, if any) and the
rest is spent on all other expenses.
There could be several friendly
budgeting ways out there. You just have to choose what works for you. Believe
me, it’s a small step that can give you peace of mind and success.
Once in a while, I pamper myself,
spend, and celebrate. But I will never revert to being a shopaholic. I’m not
saying “I'm now a scrooge” but I'm definitely more responsible financially. I
know my future depends on how well I manage my income. I hope more people will
realize it too.
