Altcoins Talks - Cryptocurrency Forum
Further Discussions => Economics , Sociology & Politics => Topic started by: Mr. Allcrypto on March 11, 2024, 03:05:02 PM
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Spending above your budget in a bad economy is not good for your financial stability, rather it can affect you financially. Many people set budget to meet up, to ensure that the, don't mismanage funds, but in our society today most people go through financial difficulties because they fail to set budgets for Spending and at the end of the day, they spend more than their income, making them to take loans and go to bankruptcy.
What do you think about setting your budgets?
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I always recommend it in threads dealing with personal finance. If you want to improve your finances, the first step is to control everything you spend and everything you earn, and that is done with a budget. From there you can reduce debt, if necessary, and save, and then invest. Many people would be surprised that millionaires actually use a budget, especially those who were not millionaires and became one.
A very positive aspect of budgeting is that when you start to control your income and expenses, you feel like your salary has been raised, without it actually happening. And when you get a raise in the future it will be better, because you will have been in control of your finances for a while and you will know how to distribute the money better.
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Spending above your budget in a bad economy is not good for your financial stability, rather it can affect you financially. Many people set budget to meet up, to ensure that the, don't mismanage funds, but in our society today most people go through financial difficulties because they fail to set budgets for Spending and at the end of the day, they spend more than their income, making them to take loans and go to bankruptcy.
What do you think about setting your budgets?
This is actually what is happening around here in my area because people on social media posted some food, new gears, gadgets, parcels, on party and any other lavish lifestyle but when you have to check on them they have nothing but to only survive the day. Though it's their decision that should be respected but unfortunately that is how they manage their finance.
I personally don't take loans unless I am in an emergency situation. I also don't like to spend more than half of my monthly income for my wants because I only prioritize my needs. I was once of those who wasted their money because of mismanagement that is why I took that as a lesson for me to be able to avoid that mistake ever again.
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Spending above your budget in a bad economy is not good for your financial stability, rather it can affect you financially. Many people set budget to meet up, to ensure that the, don't mismanage funds, but in our society today most people go through financial difficulties because they fail to set budgets for Spending and at the end of the day, they spend more than their income, making them to take loans and go to bankruptcy.
What do you think about setting your budgets?
Setting your budget is spending below what you know you can afford. In an economy that is experiencing turbulence in economic problems, you need to find a level where what you earn should be enough to carter for things that you need. If there is food inflation, go for alternatives, it's not compulsory that you must consume a particular item, if you live large try and come below so that you can be able to continue in a longer term. When you comprise the way you spend in a difficult economy, in the long run, you might even touch your savings that are meant for important things or worse even touch your investments which you ought bit to do in the first place.
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Setting your budget also means putting your basic needs first before any other things, if you do not put your basic needs first you might spend the money on less important things, and it will drain your money ...
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Setting your budget also means putting your basic needs first before any other things, if you do not put your basic needs first you might spend the money on less important things, and it will drain your money ...
Yeah true that is why we need to set our budget so our money will be managed correctly and should be spent only to the most important priorities we have at home. Overspending is for me the new norm nowadays based on my observation here in my area the reason why most of us suffer hardships during pandemic and after the devastation of natural disasters like super typhoons. I personally have learned from that and I don't care if other people don't see that as a lesson because at the end of the day it is still their choice and decision.
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Spending above your budget in a bad economy is not good for your financial stability, rather it can affect you financially. Many people set budget to meet up, to ensure that the, don't mismanage funds, but in our society today most people go through financial difficulties because they fail to set budgets for Spending and at the end of the day, they spend more than their income, making them to take loans and go to bankruptcy.
What do you think about setting your budgets?
Actually even if the economy is not bad yet we must put budget in everything we spending because not everyday is a good day.
Look at the Ants , who is gathering everything when summer so they will not starve when rainy day comes .
we Human must be as Ants perspective .
so My budget is enough to feed my family daily and we are having some good time together outside in weekends.
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Spending above your budget in a bad economy is not good for your financial stability, rather it can affect you financially. Many people set budget to meet up, to ensure that the, don't mismanage funds, but in our society today most people go through financial difficulties because they fail to set budgets for Spending and at the end of the day, they spend more than their income, making them to take loans and go to bankruptcy.
What do you think about setting your budgets?
Obviously, there is hardly anyone whom is endowed with the ability to earn an income and doesn’t do some form of budgeting. Everyone has a budget eventually, that’s if you’ve got some job that pays regular wages. It’s either your pay is enough or not and in most cases, it’s not usually enough. The changing economy catches up to you eventually. You can’t completely get all your expenses into a budget, some things fall in between the lines, some friend might seek a helping hand and others might be unforeseen accidents or incidents.
The catch is,
Though these were out of foresight, it’s effect still could be minimized.
In having a budget, you plan to have some surplus to account for these unforeseen expenses. These would reduce the excesses that comes with expenses and that’s how you find yourself lost in budgeting and mostly not having to meet up with the excess. Even in that, you still have to try.
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Spending above your budget in a bad economy is not good for your financial stability, rather it can affect you financially. Many people set budget to meet up, to ensure that the, don't mismanage funds, but in our society today most people go through financial difficulties because they fail to set budgets for Spending and at the end of the day, they spend more than their income, making them to take loans and go to bankruptcy.
What do you think about setting your budgets?
Actually,setting once budget give him a financial stability, because it helps someone to have a spending limit. Most people who don't set a budget spend extravagantly and most at times have financial issues or crisis. Setting budget makes one to have a good financial plan.
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Obviously, there is hardly anyone whom is endowed with the ability to earn an income and doesn’t do some form of budgeting.
It's more common than you think. You'll be surprised how some employees are constantly borrowing because they don't know how to set up a proper budget. Maybe they do but they do not have the discipline to strictly follow it. I've known of some people that keeps posting their expensive coffees and vacations on social media while still in debt.
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Obviously, there is hardly anyone whom is endowed with the ability to earn an income and doesn’t do some form of budgeting.
It's more common than you think. You'll be surprised how some employees are constantly borrowing because they don't know how to set up a proper budget. Maybe they do but they do not have the discipline to strictly follow it. I've known of some people that keeps posting their expensive coffees and vacations on social media while still in debt.
Haha you nailed it I have seen a lot of these guys on my soc med accounts as well. I wonder why they sent pm's to me asking for favor just to borrow some cash for their needs despite the fact that they have stable source of income. What is funny thing here is that it is for me not a "need" since they just wanted to initiate an extravagant birthday party and or they just wanted to pay their expensive parcel. I can even see they have huge amount of money from their savings intented for something important but unfortunately that money just pop like a bubble and now they are planning to get credit just to have a newer and advance smartphone again. Most of my 'hood here can afford to get debt after debt after debt I just don't understand how they do that and what is that for. I also observed that they are more dependent on the governments financial aid that is why some of them don't have plans to get proper job and save or even invest on something because they know aid will keep on coming for them. Budget is not an option for these kind of people that is why they are the most affected when it comes to crisis and inflation.
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Spending above your budget in a bad economy is not good for your financial stability, rather it can affect you financially. Many people set budget to meet up, to ensure that the, don't mismanage funds, but in our society today most people go through financial difficulties because they fail to set budgets for Spending and at the end of the day, they spend more than their income, making them to take loans and go to bankruptcy.
What do you think about setting your budgets?
Improving your finance or setting a good budget can be factor,on how you control money you spend .
For you to have an improve finance, you need to have a limit of spending per day, per week and per month.
Certain budget improve the condition of living in any given society. So to me if you set your budget rightly you will not have any financial difficulties. That's my opinion.
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The initial stage in creating a budget plan is to determine how much you earn and spend. Begin by writing down all of your means of income, which involves your day job, any extra income from side works, and any other sources of money coming in. Then, make a list of all of your costs, including fixed expenditures like housing and utility bills, and variable expenses like food and recreational activities. Remember to include any outstanding debt settlements, such as tuition fees or credit card balances. Once the you have an accurate picture of you, can begin creating a budget once you have determined your earnings and costs. Splitting down your budget into sections might assist you avoid overpaying in any one area.
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Whether in a bad or stable economy, spending above your budgets on the aspects that doesn't bring forth profits has never and would never be a good courage because it would definitely affect your bankrolls.
Most at times we spends extravagantly simply because tomorrow is a promising day to refill our pockets again.
Such an expenditure system would definitely deprive us from growths and achieving great things. It would always end us regretting by the end of it at when we would see our fellows at a higher level while we remains below.
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Spending above your budget in a bad economy is not good for your financial stability, rather it can affect you financially. Many people set budget to meet up, to ensure that the, don't mismanage funds, but in our society today most people go through financial difficulties because they fail to set budgets for Spending and at the end of the day, they spend more than their income, making them to take loans and go to bankruptcy.
What do you think about setting your budgets?
Setting a budget is absolutely necessary but in the current economic conditions it is not at all possible to work according to that budget. In my country Bangladesh, the economic condition and the price of daily necessities are so high that it is impossible to cover the whole month according to the budget with the amount of salary received at the end of the month. Therefore, no matter how much the budget is made, it is not possible to implement that budget. Moreover, the amount of inflation has increased so much that it is not possible to buy those daily necessities with the amount of money that goes to the market and makes daily necessities. So no matter how much we try to implement the budget in our country, it is not possible.
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Yes, you are right, @OP. Budgeting is a very vital spending habit to be cultivated. I don't use to forget one very topic I learned during my junior secondary school days on a subject called "home economics." The teacher made me understand the importance of making a budget and also spending wisely by focusing on fulfilling the primary needs first before going for secondary needs, because if a person spends on secondary needs, forgetting the primary ones, they will still have to fulfill the primary ones because they will get more demanding. If, by chance, the person spends all their money trying to fulfill the less important stuff, they will have financial difficulty at that moment. So, budgeting is very important because it will help you analyze the things you want and how to spend the money accordingly.
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Yes, you are right, @OP. Budgeting is a very vital spending habit to be cultivated. I don't use to forget one very topic I learned during my junior secondary school days on a subject called "home economics." The teacher made me understand the importance of making a budget and also spending wisely by focusing on fulfilling the primary needs first before going for secondary needs, because if a person spends on secondary needs, forgetting the primary ones, they will still have to fulfill the primary ones because they will get more demanding. If, by chance, the person spends all their money trying to fulfill the less important stuff, they will have financial difficulty at that moment. So, budgeting is very important because it will help you analyze the things you want and how to spend the money accordingly.
Yes it is good to set our budget, so that we can be able to differentiate between our needs and wants l, and also setting our budget helps alot in achieving plenty things, instead of spending your money no things that are not adding to you then with the help of your budget you can be able to achieve your needs first l
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Everyone should really set the budget. A list of what you need when you go to grocery can be really helpful, so you can just get what you need. The same thing with other things. Because if we won't set it then most probably we will reach out to some lending apps and will be in debt. That's very frustrating
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What do you think about setting your budgets?
It should be a common practice for everyone. Setting up our own budget can help us to lessen the stress we can get from work and any other activities we do in life. It is also a simple strategy to avoid any difficulties in our financial status. Spending any more than the capabilities of our budget will indeed make us end up in huge debt.
Like the people I often see whom they choose to show up the new things they bought, like showing to everyone that surrounded them they can purchase anything they want. Even if the money they use to purchase things is coming from debt, they don't care and think of it as long as they can continue this kind of activity.
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In our current reality, spending without a budget is like living without a plan or blueprint. Remember he who fails to plan, plans to fail. This becomes a case of embarking on a journey without a road map and the outcome is simple, you will make no headway.
Setting a budget and sticking to the budget should be embraced in our daily lives. This will go a long way in serving as a shield to the untold hardship we are facing as a country. With a budget, you can follow your scale of preference but when no budget is set, then there will be no scale of preference too because both are like Siamen twins.
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Everyone should really set the budget. A list of what you need when you go to grocery can be really helpful, so you can just get what you need. The same thing with other things. Because if we won't set it then most probably we will reach out to some lending apps and will be in debt. That's very frustrating
That is most likely what will happen or even has happened if we are not capable of budgetting our funds properly given that inflation is high here in my country I should be setting it all since I have already learn from it in the past that when crisis came we are left unprepared because we don't set our budget and don't even have emergency funds when worst case scenario will come.