Tips On Budgetting; Know Your Basic
Nowadays prices of commodities is increasing day by day and with the crisis of cooking oil ‘shortage’ in market recently is a clue for its’ price hike. Not to mention about our hot topic at ‘kedai kopi’ – the petroleum price hike. Everybody know the situation is, so the question is how long can government hold the existing price? Most likely it would not be imposed before the election. With the price hike it may affect the way we use our income so in our part it is proper to make our very own strategic plan on maximizing financial resources and to make sure every cents earned is well spent.
The following tips are basically on how we can help ourselves manage our finances and assume a new outlook to become responsible in our spending habit.
First, coordinate our finances and list of expenditures that may affect the way we use our income to empower us on economic stability as a working individual. Our source of income, lifestyle, spending habits, current job, cost of living, payables and loans determines our level of budgeting needs. Starting to take note of our finances is one sure way of becoming successful in a field of self-fulfillment and success.
Second, do not spend more than we earn. It’s a very basic financial planning tool. There is always truth to this phrase for us cannot live in a world where we consume more than what we can produce. Live wisely!
Third, know our wants and needs. Please limit our spending on something which we are not in dire need of. No need to buy a new car because the old one still can run smoothly and more important is the hire purchase and hanky panky from finance company is over.
Fourth, always keeping a list. Making your own budget list is vital to your success to becoming prudent. A wise buyer needs to consider the amount of a certain commodity and how will it impact his life as an individual.
Fifth, always treat math as our partner. Try to compare prices across our current location for the price of a range of grocery and household items we need in a day-to-day basis. Do the entire math in our purchasing needs.
Sixth, save as much as we can in an item we are trying to buy. Look at Chinese businessmen; they exercise an effective buying technique. They save as much as they can and usually purchase in bulk to increase their revenue on the item they plan on selling as well.
A bad consumer would not care about what is being purchased as long as he or she has money to buy for them. Unless you are someone who has a considerable amount of wealth and income resources, you can not afford to disregard this recommendation and go ahead with your practice.
So guys, make your move now.
