Budgeting............... Introduction!!!!

Hello Everyone!!!!

It's the last month in 2016, and I am soooo excited!!!!!

2015 has been a year of discoveries, and exploring new frontiers for me. I hope it's been the same for you?

You know, I sat down yesterday, and I was thinking............ this happens to a lot of us in December right? We start thinking about the year which is coming to an end......... We start ticking our lists (for those of us who make lists/resolutions), to find out if we achieved what we set out to achieve.

December is the month in which reality stares most of us in the face. It's also a 'turn-up' month, so we tend to spend a lot during this period. From giving out hampers and other Christmas gifts to attending parties, and lots of shows, we tend to spend more than expected in December. The funny thing about this month is this: It tends to go by in a rush, and sooner than expected January comes staring us in the face, with lots of bills to pay; from school fees, to house rents, to loan repayments, etc. January brings all these with it.

We are then faced with a huge dilemna: "How do we pay these bills?"

This is when we remember that we had a plan mapped out concerning our December spend, but didn't stick to it. Some of us didn't even have any plan. We then start chastising ourselves, and thinking thus: I should have stuck to my budget, or I should have had a spending plan for December.

Most times, we end up paying for not sticking to our December financial plan/budget in January when the bills start rolling in..........This leads me to the topic of discussion for today: BUDGETING.

Lets's start with the basics:

What is Budgeting?
What is a budget?
Why should we have a budget?
How can we prepare budgets?

A budget is an estimate of income and expenditure for a set period of time. A budget helps you to make choices, and determine what's important to you?

Would you rather save for your children's education or buy that ferrari?
Would you rather save and invest now, so you can retire financially healthy and wealthy at 50 or would you rather live the life now, with no savings nor investment, and end up retiring at 75?

The choice is yours to make. I'll finish this topic on my next post, but I'll love to hear from you before then.

Merry Christmas and have a wonderful, stress-less, and fun-filled holiday.

Till next time,

Peace and Love,

Lade.

Comments

Is there a smart way to save?

Babe, why have you stopped posting on your blog? When is your next post? What are you going to write about? All these and more were questions I got during the week. I want to use this opportunity to thank everyone who has come to this blog to read my posts. I also want to implore you to help share with your friends and family(after all, the more the merrier, or don't you think so?) Smiles................... So let's get back to the matter................. Of the discussions I had with people, one thing stood out for me, the second greatest excuse people give after "I don't earn enough to save from" is "I don't have the discipline to save in the bank, and not withdraw from it". Frankly, this was shocking, but then I realised that some people would rather keep things( money inclusive) out of their reach in order to keep it safe. So when I got answers like " If I save in my bank account, I will be tempted to withdraw when I want to

Money decisions as a couple

Hello friends. Happy new month. I hope we've been making good money decisions since my last post. I haven't written in a while, not because I am lazy, but because I really wanted to be sure that this is what I wanted. After some serious soul searching, I realised that I am in for the long haul. I am really interested in helping people make responsible financial decisions. Today's post is centred on marriage and finance . I was discussing with my friends about how wise it is for couples to share financial information with one another. We hear of couples who separate and even get divorced because they are not financially compatible, so I thought that this needs to be discussed. As you will have guessed, different people have different schools of thought about this. I have a friend who said this: "Lolade, I'm not interested in any joint account o, I'm working for my money, I think I should be able to spend it anyway I like, plus the guy should be the br

Tips for making 2016 your best year financially!!!!!!

Hello Friends, Happy Sunday!!!!! I hope we had a beautiful day. So it's the start of a new week, and I absolutely love starts. I see it as an opportunity to re-write, re-brand and renew. I read something about financial planning in the past week, and I decided to share with my fellow blog readers. Please relax, enjoy and learn a few things, as we go through this together: "From the look of things, this year will likely be a difficult one financially, and to get through effortlessly, you have to start planning from the beginning. You can't afford to wait till the end of the first quarter, or half-year to start planning. Planing should start now. Use estimates if you must plan, and change to actual as you go on, but don't wait any further." Be prepared to let go of some things, and only spend when absolutely necessary. If you have saved money, try not to touch it. Please do not spend on frivolities. Avoid capital projects in the next

Money Smart

Search This Blog