This is a simple formula that I have generated on how to gain my daily budget:
I am an over spender when I was still living a life not dedicated to Jesus Christ. But when I have been saved, I have saved a lot not only financially but spiritually. It was of last year when I became a christian and started giving and saving. The more I give the more I save. This may sound differently but I am a living proof of what I have planted when I was still in Manila reflects how I received things I have now in Doha.
Let us all admit, we fancy things that we aren’t supposed to buy after all. I admit most of the time I am really happy seeing getting a lot of paper bags with all my stuffs but after that I’m still unhappy.Retail Therapy doesn’t work anymore for me. It just made me pay to things I won’t be needing.
So here’s what I have been doing to live within my means:
1. Take this formula: Daily Budget= Salary-tithes-savings. In terms of percentage, I usually put 10% for my tithes, and 20% for my savings of my total salary. From there I will get my daily savings. It may be hard at first but it will be better specially if you know where your salary came from and that is from our mighty creator. So it is rightfully to give back to church because 90% is still ours.
2.Create a budget for a month that will constitute for your foods, transportation and others(important and essential stuffs).
3. Always keep and track your daily expenses by listing how much you have spent for the whole day, this way you could manage your finances and weigh which area you spent too much and needs to cut spending.
4.I usually have my 25 days rule for buying things that I consider as wants and not needs. From the day I think that I want to have this thing, I will count n+24 days where n represents the day I have thought of buying an item. If on the 25th day, I still wanted that item, I shall buy it. This promotes patience on my end and I have done this last month and I got my in ear buds at a sale price or should I say cheaper price from the day I wanted to buy it.
5.Always pack lunch.Yes, this will really help a lot in living within means and saving at the same time. I am not a picky eater, I eat what I cook. This way you can track what you are eating and you are assured that you know what are the ingredients in the said food. I have lots of food allergies so I had to cook for myself so my allergies had helped me in saving not only few bucks from my anti allergies drugs but also in eating out.
6.My aunt nenette who lives in Scotland, told me also to buy small things for my package going to Bicol for my family. If there’s a sale, allot 1 or 2 stuffs for you to put on your box for your family, and you would end up not noticing it, that your box has been filled up with lots of stuffs.
7.When buying in grocery store, don’t go for items within your eye level they are actually more pricey than those in higher places and lower places. Yes I admit, my eye level doesn’t match eye level of taller people. But trust me when I say eye level are pricey than none eye level.Always bring a list of items to buy in grocery so you won’t end up buying things that are unnecessary.
8.When saving up, keep a short/long-term goal and paste that on a place where you can always see it so that you will be constantly reminded of your short/long-term goal and you tell yourself I must resist buying things that would hinder me from my goals in life.I place mine on my office table, that way I could see it regularly and a constant reminder of my goals in life.
9.I have a phone tool in my android phone, it is called HomeBudget Lite, it has the functionality of having a budget tool and tracks your daily expenses for car,food and shopping expenses. It had helped me a lot in tracking my expenses.
10.Use cash instead of using your credit cards. Credit cards are really a temptation for you to purchase stuffs that are beyond your budget.
Living within your means is really easy if you put your heart into it, and pray God for grace to do His will and He will give you wisdom to manage your finances well!