BUDGETING IS YOUR BESTFRIEND

November 11, 2021 

 

Photo By: Stephanie Baldeo 

 

Budget is a word that we so often use, yet so often not do. It does not matter whether you are a millennial who recently entered the world of work or a young professional already there. Cultivating a habit of intentionally planning how you want to spend your money within a certain time frame is important to your financial future. 

So how do we budget and what constitutes as budgeting? 

Here are some steps towards budgeting:

  

1. TRACK YOUR SPENDING 

Often times when we receive our pay cheques and even before, we often buy unnecessary items. We buy things that we have always wanted, but we really don’t need and often buy things we think we need but don’t need.  Instead of buying everything you want, keep a concise copy of the purchases that you have done, so you know the exact amount of money in your account.  

 

2. SET A GOAL.   

3.  Some of us think that only dream warrants goals. Not true. Set an amount  that you would allocate to social spending and be discipline with sticking to the amount of spending money that is set. 

 

4. ADJUST SPENDING HABITS.  

As young people we might develop some bad habits of spending and not saving, adjust as soon as you start getting paid. There is a such a day as a rainy day and that rainy day comes more often than people think. 

 

5. MAKE SURE YOUR BILLS ARE PAID. 

Pay all your bills before thinking of anything else. This is what contributes to building your credit report for future loans you may take. This also helps you with not being in debt when you get your next pay cheque. 

 

Budgeting is something that as young people we have to become best friends with. It helps you to manage your finances properly and to assist you to make your life better financially and socially.  

 

Written by: Stephanie Baldeo