Techniques for Remaining On Course While Spending #169

To everyone, I wish an enjoyable and profitable day. I hope every person who finds the first topic interesting enough to participate in has the greatest possible outcome from this contest. I have to admit that @kerrislravenhill looked into financial intelligence in order to come up with a topic for the competition. Hehe, only a little bit of teasing, I'm grateful to you!

I would be discussing how I control how much I spend without compromising my financial objectives.

For as long as we are alive and kicking, we will constantly have needs to be met plus interests that are crucial to our daily lives, therefore spending is something we cannot completely eradicate.

As I once said by me, "Even the poorest person on Earth still spends money" because they have to eat, drink, and wear clothes to survive. For this reason, it's crucial to take spending patterns into account as spending is unavoidable, thus the challenge is how to overcome the temptation to go over budget when it presents itself?

The most challenging thing I have ever managed in my financial goal is spending what I hadn't planned for. For instance, I thought that throughout my national youth service days, I would make sure that I saved a significant amount of money that would help me later on, after I finish my service, so that I could use the money to start a business and maintain it until I found a solid job.

Guess what?, It didn't go according to plan. I recall that during my first week in camp, I became sick from the mosquitoes bite and didn't feel comfortable with the camp's medical facilities. I was forced to borrow money to treat myself in order to get better. After that, I refunded the money after receiving my allowance. Honestly I wasn't happy at all because my financial goals was interrupted.

Why am I talking about this narrative? Sometimes we spend what we didn't plan for. It is the reality that outlining your spending and saving portions in your budget in writing is crucial.
Making and sticking to a budget has been really beneficial to me.

This is my figure budgeting process.

• 40% for feeding
• 10% for saving
• 10% is the tithing amount; ah, strive high.
• 10% for investing: I want to use it to improve my abilities.
• 15% is for my kid (Darius)
• 10% for health
• 5% for other reasons

Having created this budget, I can now determine how much is left over for additional expenses. Acknowledge me correctly Sometimes we don't plan for health problems, but I can always rely on my plan when I need to find a quick solution, especially if it concerns someone in my personal family. This also means that we may need to find other sources of income since our wage may not be sufficient or we may need to make changes to our savings in order to meet urgent demands or resolve other concerns.

Having a side gig or additional revenue is crucial to controlling our expenditures. Although it is only natural to be tempted to spend, you can always assess if you have additional income to maintain yourself without depleting your savings, so your spending will not interfere with your financial objectives.

Secondly, I reduce needless spending and give priority to what is truly important.

I have to reduce some unneeded spending these days, especially when items are becoming more and more expensive. I usually like listening to foreign news from around the globe, therefore I've decided to put off expenses like getting a DSTV subscription at home. Instead, I frequently use my phone to download kids' movies for my son—especially his favorites from the internet and I also visit news website for foreign news. My intention is not to restrict myself or my kid of entertainment; rather, I'm doing this to reduce expenses. I might just as easily accomplish those goals using a different method which is my phone, after downloading movie for my kid, I copy and play it from the TV. My explanation for this is that on certain days, we get home later than expected, and nobody remains at home after subscribing to DSTV, indicating a lack of use of the subscription. I always give critical items priority over less important ones when it comes to spending.

This also applies to the purchase of pricey items such as jewelry, watches, and clothing. Sure, it's wise to strive for the best but I often wonder what makes me any different from someone else when I wear clothing whose assessed value is $200 while theirs is just $30? We all succeed in covering up our bare bodies. Don't also get me wrong—driving the greatest cars and making the most use of everything is always a good thing, but when the economy isn't doing well, it's critical to reduce spending patterns. If you're a salary-dependent person like me, you may find that you run out of money before the conclusion of the month.

Morgan Corbert, a financial writer in one of his books on financial intelligence, provides tried-and-true methods for business owners seeking both financial security and success. I found this book on Amazon to be quite helpful, and I recommend it to anyone hoping to safeguard their finances in the future.
Click Here to Access The Book

Since money is the basis of everything these days, make sure the money you spend is on things that will increase your income or develop you. You may spend money on a training program that will do just help you get more money. I think that's an incredible investing strategy, and it wouldn't bother me if I used borrowed money or savings to implement it.

I want to take this opportunity to thank you for reading my blog and to emphasize that it is normal for spending to get in the way of your financial objectives. However, you should ask yourself questions such, "What value will the spending add to you?" It's highly recommended to spend wisely if it would help you, but it's also not required if it won't be useful.

Really, have a great day!