Some Little Tips About Budget

Hey there,

This is my first post in the leofinance community. I have been really reluctant to make a post to this community because I've been opportuned to from different writers in this community and oh my!! they are so so educating which left me wondering, what can I possibly offer?. But today, I'm breaking free from my fears and uncertainty 🤭🤭.

Today, I'll be enlightening us more on Budget. First, for us to talk about something we need to know the meaning right?.

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So, what is Budget?

Budget in simple terms means planning your income. I'm not going to bore us with more definitions, we all have our own understanding of it but we all will agree that there's is truth to my simple definition.

I will be speaking on three major factors of budget, which are;

WHY
WHAT
WHEN.

For the sake of this write-up, I'll be writing on just these three.

WHY DO WE NEED TO BUDGET?

In our world today, overcome to realize that as humans we tend to easily get attracted to something both the ones that we need and the ones we want. Not everything we get attracted to are what we need but we find out that often times we spend more on our wants and at the end we regret our actions and that is due to lack of budgeting.

The reason why we need to Budget are;

We make Budget for us to be able to track our expenses. If we are able to plan our income, we would see that we will be able to know how we spend it.
For emergency purpose. We all know that in life there are some unexpected situations that may arise and with budgeting you will be able to scale through that time of unexpected happenings. And this emergencies could be job termination, health issues, pandemics, etc.
We need to Budget so we can also know when we are spending too much. When you have a budget, it helps you to be able to know when you're spending unnecessarily.
It helps you to plan for both long term and short term goals.
Having a budget helps you spend your money wisely. It saves you from not spending what you don't have as it is the habit of some of us. We see something that attracted us and we know we don't have the means to get sure a thing, we go to the option of buying on credit but when we have our budget in place, it helps us to control our impulse and emotions.
Budgeting helps you to be focused on what you actually need. When you live without budget you easily get a substitute for your actual need. For example, you need a house but seeing that you get a free house from your work place, you loss focus of getting your own thereby spending your income on something you don't even need.
The last but not the least reasons I'll be giving is that, budgeting helps you to be in total control of your income and not your income controlling you.

These are the few reasons why we need to budget.

WHAT DO WE BUDGET FOR?

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There are many things one could possibly budget for like a house, a car, a family, a business, education, seminars, emergencies and so on. We can even budget for those that are in need and most especially, we can budget for the future.

THE LAST THING I'LL BE WRITING ON TODAY IS,

WHEN DO WE BUDGET?.

Budgeting is something that I'll advice everyone to key into, so as for when to start budgeting, it is now. Whether as a child, an adult, a parent, a family or a firm. And if you're already into a Budget, my advice to you is for you to keep it up and always do well to go back to your budget and see how well or poorly you're doing.

This is all for today guys, I hope you were able to pick something out from all that I've said to day. It was not that difficult after all to write a post to this community, I hope I don't regret doing so.

*I want to specially thank all the brains and minds behind this great community and thank you also for reading through this post, see you at my next blog 😍😍.*

Also posted Here😆

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