The Steps I Consider When Making Budget
Nigeria's economy has been on a downward trend, and the local currency, the naira, has fallen precipitously against other well-known currencies like the dollar. The majority of goods' prices have increased as a result, making life difficult for regular people and those who live on the margins... Budgeting has enabled many people to save money and rein in unnecessary spending, and it has also enabled many people to survive. I'll be talking about the steps I use when creating my budget in today's blog.
Budgeting should be taken with more consideration, and more emphasis should be made on it to the juveniles, because when it is not, the outcome of such would really make or rather cause great damage to one's life.
So, checking up the meaning of "budget" on hitting my Google search engine "Chrome", I found out budget is defined as "an estimate of income and expenditure for a set period of time".
A straight forward and self explanatory meaning, but when the implementation in our lives is needed to be done to some point is an almost impossible thing to or carry-out. Sometimes it is not about making the budget, but sticking to the written down budget because it is here the main work and budgeting is carried out.
Let me give you an instance with my present state now. Earlier today I wrote a down a list of what I will be needing for the rest of this month, I was actually doing by making budget right? So I said to myself, "go and check up what you have left in your bank account". After checking all my accounts home and abroad, only for me to discover that I have just three thousand, one hundred and twenty five Naira left as my balance all I was able to say to say was wow, because after looking at my list I had a list of almost thirty thousand naira.
On a normal day, I don't make my budgets like this there are certain things I do put to consideration before making my list so I would avoid stories that touches the heart like what I narrated above that happened to me earlier today.
The first thing I do put into consideration is my available balance in my bank account, and I'll also advice you to do so when you're making up your own budget.
Secondly, I write down all what I have on my mind, and after writing every down, I'll attach the price or amount needed for all the things I have written down.
Thirdly, I do the screening session where I check my available balance and what is the sum total of my list. Then I'll do the screening where I'll remove all unnecessary "wants" from the list and keep just only my "needs". I do this when I really don't have enough with me, but when I have more money with me and I know I'll still have enough to save up, I don't remove the wants sometimes you need to give yourself some nice treats.
"Account balance, write down a list, and screening" are the steps I consider when making a budget and you my friend can also try it out.