budgeting of salary

@asliah (11149)
Philippines
January 18, 2012 4:04am CST
greetings to all mylot users and my friends,have you ever do this,budgeting your salary even your pay day is on next week or you will budget it when you receive it?why?because i do,i always budget my salary even if the releasing of it is on next week,so that i could know how much i can save and how much i could spend for my needs.
1 person likes this
12 responses
@varier (5699)
• Indonesia
18 Jan 12
I still haven't any regular job yet - I am still a student :). But thanks God that I can earn few from online, so let's say it's my salary xD. And yeah, I budget them all with all of the plan. I know that I can't earn a fix amount every months, so usually I made multiple plan xD. By doing so, thanks God, I can save a little while I can support my simple college life so far as well..
• Philippines
18 Jan 12
Hi Varier, Yeah, we really need to see the importance of budgetting. It is indeed a must most especially if our money is so tight..and we couldn't just use it to anything or something. If we are into budgetting, most things are really fix..and we need to stick to that. When I was still a student, I would always make sure that my allowance are enough for me for the whole day...and I will also think to put something on my savings. Have a nice day! PS. I like your profile pic. ^^
@varier (5699)
• Indonesia
18 Jan 12
I just try my best not to ask my parent's money again - that's why I run stricter budget and plan.. :)
• Philippines
29 Feb 12
I am not really into budgeting my salary, but I do always set a portion of my salary into my savings and investment portfolio. The I try to live with the remaining sum of money. If I got some left overs, it goes to my funds again to accelerate the growth of my investments. Basically, I just follow the simple rule of live below your means. Expenses = Income - Savings. That is my budgeting rule. I just don't know yet if I'll change that budget plan in the near future. But it is working wonders for me as of the moment. I just go with the flow of things when it comes to money. So I really don't have a definite budget plan.
@dodo19 (27729)
• Beaconsfield, Quebec
19 Feb 12
My husband and I always budget, whenever we get money or a salary coming in. It's something that we find very useful to do, which is why we keep doing it. It definitely does help manage things. When we budget, we're on the same page, and it helps to know that we're in agreement with regards to our finances.
@marguicha (80377)
• Chile
21 Jan 12
I have always taken care of the money in the family and when my husband was alive I managed to save for vacations and traveling. Now I do the same although my means are a lot less.
@inertia4 (26913)
• United States
20 Jan 12
Well you should know what your pay is and already have a budget. I would say budget ahead of time. Always know what you have to pay out to bills and always keep some in your savings account for the future.
@Muelitz (1592)
• Canada
18 Jan 12
Hello there, yes I do have a budget set. Mine is actually a monthly budget that follow. I have allocated amount for my savings, food, transporation/gas, house amortization, entertainment, etc. Everyone must have this so that their money can be spent wisely. Cheers
@kanchan10 (1061)
• India
18 Jan 12
i always do this to make some savings at the end of any month.but it is horrible to notice at every month end that budget has surpassed and i have to fetch money from other sources. hope you don't have to face such a situation
@indi15 (883)
• India
18 Jan 12
I guess it is very important to budget salary so that we know how much to spend on a particular thing and how much we can save from the salary. It is always good to be organized and plan things properly.
@fantabulus (4006)
• India
18 Jan 12
I also maintain maintain budget of my salary even paid next week or next month. I can also save the money after spending some money for daily needs.
@beamer88 (4268)
• Philippines
18 Jan 12
I usually do this but not for the whole salary I'm going to get. This is in case there are unexpected costs or expenses by the time I do get it. Well, I guess that's budgeting also :) I allot around 30 percent to these unexpected things. The rest have designated places to be put (bills, savings, etc) I do This has been a habit of mine a few years back now. I think it's one way for me to manage my finances better.
• Philippines
18 Jan 12
Hi Asliah, It's funny since every time I will receive my salary on that day...the next day, I would tend to make a budget for my next salary. I need to post it out of my cork board so that I can really budget it well. I will pay the bills (internet, electricity, credit cards)...so it is definitely a great budget for me. And I always look it up until the day on the salary. I always make sure that I will be paying those bills on time so that I won't have hard time budgeting again for the next salary. That's usually my case. And it's hard...because I will be out of budget most of the time. Anyways, have a nice day!
@thanks1961 (7049)
• India
18 Jan 12
I have been doing it for the last 10-12 years so that we can make plans accordingly. It will work very well and I think all should do it, especially those who have fixed income earners. There are so much of plus points if do so. We can make plans, we know what is our income, how much to spend, how much to save, insurnce, miscellaneous, expected expenses etc can be managed. Above all, we will learn to live with the earnings that we have. Nice to topic and I think all should do the budgetted living standards for a better suitable life patterns.