Greetings everyone! This Mohammad Sumon! from #Bangladesh

^{Hello everyone! I hope you all are doing well by the grace of the Almighty.}

Today, I am very excited to share my entry for the Contest organized by the Steem For Pakistan community. A special thanks to the community admin & modarator @ahsansharif Brother, for hosting such an engaging competition.

^{Spreading positivity and creativity through my words.}

Real Life Problem Solving Challenge: Budget Planning

A great topic is Budget Planning, which is one of the most important practical skills in our daily lives. I currently work at a courier service company, and my monthly salary is BDT 30,000. Since I pay government taxes regularly every year, I already have a good idea about tax and income calculations (Alhamdulillah). This experience has made it much easier for me to prepare financial plans and budgets every month. Today, I will share my real-life budget framework with you.

Monthly Budget

I plan my monthly budget. Currently, it is really difficult for a middle-class person like me to run a family and survive in this expensive market of Dhaka. With the way the prices of everything are constantly increasing, there is no chance of going beyond the calculation.
So I try to live with my limited salary by making a strict budget plan. Since my monthly fixed salary is 30,000 taka (there is no opportunity for additional income). Being a regular taxpayer, the mentality of keeping a balance between income and expenditure has been my habit for a long time.

The main principle of my budget planning is to divide the money into certain important sectors as soon as I get it, so that there is no financial tension till the end of the month. Below is a practical outline of my main expenditure sectors:

• Fixed and essential household expenses: Accommodation and utility bills are separated at the beginning of the month. These are expenses that cannot be changed in any way.

• Daily & Lifestyle: Daily food, clothing, and transportation to the courier office make up a large portion of the cost.

• Future & Special Savings (including Steemit Bonus): Since I have to file my tax return every year and handle festival expenses, I set aside some money every month for festival and emergency funds. In addition, I directly add the entire portion of my extra income from this platform, Steemit, to my future savings or savings account without spending anything.

Working in the logistics field has given me a special fondness for data management. My most reliable and favorite tools for tracking expenses are Google Spreadsheet, Color Note (Android app), and a personal notepad. I input my daily expense data into a Google Spreadsheet using various summary formulas, which also helps a lot when calculating my annual taxes.

Every day, when I get back from work or before going to bed at night, I first write down all the small and big expenses of the day in a notepad and update it in Google Spreadsheet at least once a week. At the same time, I also track the amount of rewards coming in from Steemit each week in a separate Google Spreadsheet for my savings (although I have been spending a little time on Steemit for a while now).

Working in a busy sector like courier services sometimes creates situations that put unnecessary strain on the budget. In my case, the expenses that affect my income are:

1. Outside refreshments and cold drinks: There is a tendency to have tea, coffee, chips, or cold drinks with colleagues on the spur of the moment during office work or field sourcing. While these expenses may seem small individually, when calculated at the end of the month, they can be seen as a large amount.

2. Urgent and additional travel (auto and transportation): Due to some rush or laziness in the office, sometimes, instead of using local or general public transport, CNG or ride-sharing apps are used in a hurry, which disrupts the travel budget.

3. Online gadget and gadget shopping: Whenever you see a new mobile accessory or technical device for work or as a hobby, you may feel a sudden urge to buy it, even though it may not be that urgent at that moment.

Since my salary is 30,000 taka, it is difficult to save a large amount while covering all expenses, but it is not impossible if you know the right strategy. I follow the golden rule "Income - Savings = Expenses" to save money. Because first of all, I am excluding my savings from my main income
To be honest, it is not possible to make any big plans or do anything big in the future with the little money that I save from my main salary. It is difficult to maintain the value of the money saved in the current market. In short, in the current situation, Allah is keeping me well by giving me some kind of food; this is a big thank you. Alhamdulillah.

However, even in this difficult reality, one thing is a big plus point for me— I count the liquid currency (STEEM) that I earn from the Steemit blockchain directly as my emergency savings fund.* I think this is creating an additional and strong financial backup for my future, which would not have been possible if I had relied only on my salary.

Below is a detailed breakdown of the specific fields or sectors that I allocate my expenses against my salary of BDT 30,000:

Yes, no matter how perfect my budget is in pen and paper or on a spreadsheet, real life does not always follow the rules. In the life of a middle-class person, some unexpected expenses cannot be predicted in advance.

Hard experience in real life:
My budget plan has been completely turned upside down for many months. If a guest suddenly comes to the house in a month or my wife or child gets sick, then due to medical expenses and emergency expenses, there are no savings left from my main salary. On the contrary, the expense account goes negative, which means I have to face a lot of financial pressure. In such adverse situations, the habit of budget tracking and the backup of the Steemit platform protect me. Even if my main salary goes negative, the emergency fund saved from Steemit works like magic and does not allow me to reach out to anyone or get into debt.

Normal Month Vs Crisis Month

• Normal Month: Salary Budget (100%) ➔ Main Savings Active ➔ Steemit Savings Bonus
• Crisis Month (Guest/Sick): Salary Budget Reversed ➔ Savings Zero ➔ Budget Negative (-0-) ➔ Rescuer: Steemit Savings

My suggestions for everyone, from my personal experience and real-life lessons, will be very simple but effective:

Be mentally prepared for medical expenses and guests: These two sectors can hit the middle-class budget at any time. So, don't be disappointed if the budget goes negative in a month, but rather have a backup source to overcome it the next month.

• Save part-time or online income: It is important for middle-class people like us to have a side income in addition to the main income. Instead of blowing the writing rewards of platforms like Steemit on daily expenses, add 100% directly to a savings account or power up. InshaAllah, this will help you overcome the limitations of your main savings.

• Save first, spend later: As soon as the money comes in at the beginning of the month, separate the savings part first. If you expect to save after spending, money will never accumulate.

• Give importance to small expenses: Don't neglect the daily rickshaw fare of 5-10 taka or the cost of outside tea. Make a habit of writing it down in a diary, a spreadsheet, or somewhere else.

Conclusion

I think financial freedom or comfort does not depend on high income; it depends on proper management. In this difficult market, a well-planned budget and the backup of a great platform like Steemit not only keep our present stress-free but also make our future secure and confident. I have tried to present this real experience of mine to everyone so that it is at least a little bit inspiring and easy for anyone to organize a budget.

I have already successfully commented on the posts of those who have already participated in this contest to increase engagement: ✌️

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I would like to invite @solaymann, @josepha, and @saxopedia to participate in this contest. Hope to see your wonderful entries! 🙂