Good day to all Hivian, it's nice to be part of this week contest and the first edition #hl-w28e1.
Whatever we do, we should endeavor to plan ahead, because there's a saying that 'if you failed to plan, failure is inevitable'. So, we need to plan financially through 'Budgeting', in order not to fail.
What is Budgeting?
Budgeting can be defined as the activity of constructing a budget.
While;
Budget can be defined as an itemized summary of intended expenditure, usually coupled with expected revenue. Also, it can be defined as the amount of money or resources earmarked for a particular institution, activity or time-frame.
From the above definition, we can understand that we can only make budget on expected revenue, but it's so surprising this day that some people are budgeting without any source of income, and some people are budgeting more than their income.
Before you can plan financially (Budgeting), you must have a source of income, because you can only plan on what you have/expect either by the end of the week/month/year. As a salary earner, if you don't budget your salary you will discover that you are spending more than your salary, thereby incurring more loan which is very bad.
I had an experience when I'm teaching in a school, after my N.C.E (National Certificate in Education) program of three years in Teachers Training Institute of Nigeria some years back, I was qualified to teach in a nursery and primary school. So, I used to budget my salary for the whole month, by writing out all my needs using scale of preference to attend to them one after the other.
Scale of preference is attending to one's needs according to priority. Also, I will remove my tithe from the salary, and I also have monthly savings in case of emergency.
There's a colleague of mine, that run on a loan every month because, he didn't plan on his salary, he purchased the trending wears and shoes, at the end of the day he incurred a large amount of loan from the school. As an individual you should learn to purchase only the things you need according to priority, and learn to save for emergency.
This is my submission for the week 28, edition 01. Thanks for reading...
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You are definitely right. One needs to work on scale of preference when budgeting as this would allow proper management of money and also not become financially unstable at the end of the day.
You don't budget with income you haven't received yet because it end up in disappointment. So, wisdom is needed in everything.
You are absolutely right my sister, wisdom is needed in everything we are doing.
It is a very good topic, monetary matters are really important. This is a trait I need to develop for myself going into early adulthood.
Sure, one need to develop this trait in order to avoid over spending, thanks for reading my post.
I like that you talk about finances and more about the personal that many people in the world need it for not knowing how to manage themselves. It shows that it is a subject that you dominate, it seems excellent to me
Thank you, i appreciate