How to budget money?

@ajithlal (14568)
India
June 18, 2012 11:28pm CST
What will you do when income comes down and expenses side increase? Do you think it is good to cut down unnecessary needs and also things like cable and going for less paid cable and likewise cutting those expenses? What all things to cut down on expense side?
2 people like this
9 responses
@succeednow (1636)
• Singapore
20 Jun 12
Hi ajithial, Yes it is very important that one must budget properly. The first thing one has to note is to make sure that one's income always exceeds one's expenditure. Common sense, right? But you'll be surprised that many people are doing just the opposite. They have a huge cash flow problem and they start borrowing money to satisfy their expenditure on things which sometimes they don't really need. It's good to save as much as possible while one is able to derive an income. Proper financial planning is essential if one is to survive after retirement. Have a nice day.
@ajithlal (14568)
• India
22 Jun 12
I think it is good to spend money as one's income and one should try to save some money and the expenditure should never cross the income.
@scheng1 (24800)
• Singapore
20 Jun 12
Hi Ajithlal, it is bad enough to have lower income, but having more expenses is unthinkable. I think we have to look into the ways we spend money. Probably keeping a record of every single cent we spent for a month is necessary to have an idea of where all the money gone. After that, we can try to reduce bit by bit. For example, eating less meat and eating more vegetables.
1 person likes this
@ajithlal (14568)
• India
20 Jun 12
I also think it is good to cut down expenses and to increase income. I am planning to increase the online incomes through myLot and other sites more.
• Philippines
19 Jun 12
cutting unnecessary things or expenses is the most appropriate way to cope up with that situation. Budgets for gadgets and fun stuffs must be minimized. Focus only on those things that you need and not want. Surplus could be allocated for that stuffs
@ajithlal (14568)
• India
20 Jun 12
I also think we sometimes spends lots of money unnecessarily and we can save that money in our lives.
@suni51 (2991)
• India
19 Jun 12
Cutting expenses and try to earn more to compensate for the expenses increased due to whatever reason. I have been doing the same ever since the cost of living increasing without any obvious reason but the failure of our economist and concerned people. Although I do not want to sound sarcastic but the fact is we are going toward a deep trouble.
1 person likes this
@ajithlal (14568)
• India
20 Jun 12
I also think cutting expenses are one of the way to save money. Money saved is money earned.
@lynboobsy11 (11346)
• Philippines
19 Jun 12
I'm glad that these past few months I can budget my money in cutting down my electric bills and some unwanted things to buy. But it is not enough I have to earn more so I can save for my daughter education.
1 person likes this
@ajithlal (14568)
• India
19 Jun 12
I hope you earn enough money for your daughter's education and for the future. I also think we can cut down lots of unwanted things and also can save some money in the electric bills. I am also planning to increase the online income like myLot and also cut down some expenses.
@GemmaR (8526)
19 Jun 12
When I first became self employed, I had to budget to make sure that I had everything covered that I needed to worry about. I firstly started by thinking about the bills that I had no choice about paying, and making sure that they were covered. Once I had done this, I then knew how much I had left over, and thought about which luxuries I would like. Obviously there's no way that you can have everything, but you can at least have a couple of treats with your cash that you have left over every month. I have a good TV package, my mobile phone, and a few days out each month as my treats, and I am more than happy with that at the moment.
1 person likes this
@ajithlal (14568)
• India
19 Jun 12
I think we can save a couple of pennies every month on lots of things and this will come as a huge amount of money after a year.
• India
19 Jun 12
Hi friend, we must organize our expenses and avoid unwanted spending. Day by day the rates of essential things are raising high. We must be very careful and wise with our spending to save some money for our future
1 person likes this
@ajithlal (14568)
• India
19 Jun 12
I also think we must organize our expenses. I will try to save money for the future and be careful in spending money.
• Mexico
21 Jun 12
HI ajithlal: Since I was a little child I have work on this. When I received some money from my parents I make plans and have a list with the things I wanted to buy, I also save some money for the future. I think I am a good administrator and I don't spend more than I can afford to. If you make a budget you start learning how to distribute your money properly. ALVARO
1 person likes this
@lokisdad (4267)
• United States
7 Dec 15
It seems like things are getting worse for everyone no matter where there are and what there finanial status is. If things keep goign the way they are they are make things worse another great depression and I wodner if we will ever recover from such a thing again.