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Ep #3: Budget

03, Podcast July 22, 2020

What do you want your money to do for you? How will you plan it? 


Budget is the basis of an individual’s finance. It is significant because it tells us where our money is going. Sometimes budget allocation doesn’t work your way.


Do budget carefully and see where your money is going and plan it out efficiently. 


Lessons about Budget allocation:Building money AWARENESS is one of the best ways to plan your budget. You shouldbecome aware of where your money is going. Always think budget from a point ofabundance and not scarcity. You must take out time to think about what you want yourmoney to do for you.


This behavior corresponds to and is reflected in an individual’s dailyroutine as well. Money, wealth, and budget have a lot to do with EMOTIONS.


It is said that 80% of it is behavioral and 20% is the actual knowledge that we possess. This is very much similar to our relationship with food and shopping.


Once you go out for shopping, the emotional aspect plays a huge role. You are happy and enthusiastic, hence, you end up doing impulse buying which eventually depresses you. Plan your spending wisely and do not let your emotions overpower you.


 GUILT plays a vital role in our purchases. If the things you purchase truly bring happiness and joy, without you feeling guilty, that’s worth it. But, where does the guilt of buying things come from? Two things make us feel bad about our spending. First, it’s either coming from your gut feeling or, second, from being a people pleaser. Other people’s expectations of what you have and what you should buy shouldn’t affect us and let us decide our purchases.


If spending $5 on a Latte brings joys for you, go for it!


There are many ways which can help you to plan a budget. Zero Dollar budget is one of the ways to allocate all of your money to expenses and savings. Your income minus expenditure (this includes savings and investments) equals zero by the end of the month.


This method is a little difficult and it might take a while. It takes at least 3 months to try to get your budget right.


The first month is seeing where your money is going. Be it online shopping or going to store for your purchases. It is important to realize your true expenses. Every dollar budget App can be used to help you work foryour money and spending. Try to look at different applications. How would you like to plan your budget, what would you like to do? In the end, it’s all about saving more than spending. 

 

Final Note:You live once and you should try to do things which make you happy and bring peace. Those are the priceless things. Don’t look at it from the scarcity point of you. Become aware of where your money is going and then plan your budget efficiently.


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