Saturday, July 23, 2016
Saving Money by creating and sticking to a Budget
If you are living alone or a single parent you need to be mindful of your budget, you also need to know how good spending and saving habits work. Its like living beneath your means and saving enough funds for emergency purposes. Recently I have an experience, it was a unexpected expense that made me realize the importance of saving and good money management.
Finances are one of the biggest challenges concerns that a single father faces. That is why it is very important to me to take steps to budget my money. Sometimes when your in that stage of what we call the critical age although I'm not that old to stop working but it so happened that I'm an early marriage failed relationship victim and that I have a company or business that is no longer giving me enough income nowadays . I wonder what will my plans would be. As for me, all my three children are settled with their own life, already finished with their school and has a good job with their chosen profession and what else would be next thing do to is for me to create a long term plan for myself, think about what's next to me, planning more as i get old and sticking to that certain budget. Good thing that I have a profitable rental property that I purchased long beforehand and a small house and lot inherited from my parents. It is one of the resources which I earned in a monthly basis just to pay my bills and buy what i need in everyday living. Just to survive and see my expenses, I have my routine to take down notes of what are my needs and what is my wants. Two are different but I realize that no matter how stressful you are with everything,
I'm always reminded not to forget to think twice or many times before you spend what is not important I should not. Just like what Brighter life Coach Aya, Spend with a Plan...but never deprive yourself. I agree with what coach Aya said, that every long term goal starts with short term goals. Invest to enjoy life.
During the Money4Life Challenge with Brighter life coach Aya, he shares some of the retirement concerns like housing, daily expenses, emergencies in health related issues that an individual experience and funeral expenses that in reality should also be prioritized. Its important that we should be prepared and open our minds to these. I also remember him saying that it is important to track down or take note of every expense i make so i can determine which expense is not will be prioritize the next time and what is more important.
Coach Aya also share an App called WALLY. it is an app downloaded for smart phones or Iphone helps us list all our expenses, I personally tried this app and so far i has been a big help to me.