SLC32-W2 || Real Life Problem Solving Challenge: Budget Planning

Assalamu Alaikum

I review the accounts of everything at the beginning and end of my month and after receiving the money, I determine the categories and calculate how much money I will need. Then I use the necessary expenses such as food, house rent, travel expenses, education expenses, other expenses, etc. according to my budget. From there, I save some money to face my critical times, due to which I can face any crisis later. After doing everything, I use the money that is left in my necessary account for any need. I review the expenses every month and see if they are going according to the budget. Through these, I can control my critical times and the current society correctly and keep all the accounts correctly.

After receiving my monthly money, I review its categories and use it and also take care that there are no problems later. I first verify my categories and then use the money in different categories accordingly. This is exactly how I plan my monthly budget which has been very helpful for me and below is how I follow my budget.

​From my monthly list below, you can see how I have divided my total income into percentages and budget amounts. It shows how I use my 20000 taka per month in which sectors.

​Food is very important for a person to survive, for which I spend most of my income on food and savings. I earn more money on food because I am a food lover. I take extra care of my health to stay healthy and successful, for which I give more importance to food and savings, keeping in mind the future.

The unnecessary expenses that affect my income are:

​Adding internet and minutes to my phone without need.

Eating out more than usual.

​Staying with friends and traveling around.

​Spending money unnecessarily in various sectors.

I spend money on entertainment.

​When I see something without any need, I want to buy it, which is why I buy it unnecessarily and then never use it.

There is a proverb - "Small grains of sand, drop by drop, build a continent, a bottomless ocean." This means that the small expenses that we neglect later occupy a large space in our money, and we realize it later. In view of which, now I am trying to reduce all my unnecessary expenses so that I do not have to face problems later.

The field is very necessary to spend the critical times of life. But then due to lack of money, it is not possible to spend those critical times. Therefore, it is very important to earn money for the critical times. Which can be used during the organization. Earning money is difficult, but spending money is very easy. I understand this, so I try to save my money.

What I usually do is - after I get a certain amount of money, I save that money for my critical times, which I add to my mobile banking account. Even when I withdraw money from Steemit, I still send a certain portion of my money to my savings account in my mobile banking.

​Mental strategies include:

​Collecting money to deal with difficult times.

Now to avoid any accidents Money to face the crisis.

To be used during unexpected events.

15% savings for future use

Saving is difficult, but these simple savings habits shared have helped me prepare for emergencies. For example, sudden needs of family and close people, medical expenses and various unexpected events have helped me a lot.

Yes, I save money to get through my crisis times. There are some critical times in life when the need for money is very clear when it becomes very difficult to get money. That's when we realize that half the need or so is not possible to understand without money crisis. So I save my money so that I can face all these critical times.

​My real example:

So that I can face critical times, I increased my monthly savings from 1500 tk to 3000 tk. This has improved my financial stability significantly so far and it has played a very important role in facing all my problems. Through which I have faced all my critical times and am able to overcome everything. Through this, I have been able to collect my mistakes.

1. I will share tips on how to save money and cope with the photocall environment to deal with the critical times of life. Through which they can make their monthly budget correctly:

2. First, I have to get an idea of ​​how much my monthly income can be.

3. Then I have to calculate my total expenses.

4. How much of my income I will keep for savings.

5. Regularly review and review the list of expenses.

6. Reduce unnecessary expenses and excess expenses.

7. Monitor the income and expenditure account weekly and monthly and correct any mistakes.

8. Keep all kinds of highways and accounts correct by reviewing your budget frequently. Proper budget planning makes a person's financial life orderly and helps in dealing with future uncertainties. By following the right rules and keeping information about expenditure distribution and savings correctly and doing everything systematically, you will get a beautiful life gift. It can keep us happy later.

Mention 3 people - @pea07, @jakir46, @shuvo25