Money Matter, money matters, Tips and Tricks

Money Matters: 3 Effective Ways To Analyze Your Budget

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In this hardest of times, making both ends meet is a struggle in itself. This is why it is a must to analyze your budget so you can maximize your spending power, ensure that there is enough budget to spend for needs and wants, and guarantee that money is set aside for important expenses, as well as for emergencies and similar unexpected expenses.

Examining your budget may be challenging, but here are a few effective ways you can practice to effectively analyze your budget:

Compute your monthly income

To analyze and create your monthly budget, you must first compute your regular monthly income. This would include all the funds that are coming in regularly by the end of the month. In case of unfixed or commission-based monthly income, you can compute for the average and include that to make your computation more comprehensive. It is also a must to subtract items like income tax and payables, as well as loans or social security contributions, in order to compute your net income, or the actual funds you receive at the end of the month.

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Photo by Jess Bailey on Unsplash

List down your monthly expenses

In the same manner, you must also list down all your monthly expense to help you set your monthly budget and analyze whether it is enough to cover all your expenses for the month. Your list must include all your fixed expenses, or those that you need to regularly pay each month. This may include rent, car mortgage, school tuition, insurance premiums, and the likes. Variable expenses, on the other hand, are those that may vary from one month to the next and must also be included in your list. Such expenses include gas, groceries, funds for dining out or food takeaway, medical expenses, as well as car maintenance and repair fees.

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Tips and Tricks

Money Matters: 5 Tips On How To Manage Your Finances in the Time of Covid-19

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The Covid-19 pandemic may have taken its toll not only on your personal well-being but your finances, but this does not mean you should give up and lose hope altogether. With frugal living and budget-savvy skills, there is no way you cannot tide this over until things get back to normal or, atleast, to the semblance of normalcy you used to enjoy before the virus hit.

Here are top 5 ways on how you can be manage your finances even in this most difficult of times:

Re-examine your family budget

Now is the best time to scrutinize your family budget and cut back on those expenses that aren’t as important. Why not scrimp on online shopping during sale and promos, and putting your money into something else, instead? Or maybe, instead of alloting funds for a weekend takeaway from your favorite restaurant, you can have a picnic at home or make it a teachable moment for the kids and have them help in the kitchen to prepare their favorite meals and dishes or participate in a family cook-off. This will not only save you a substantial amount of money, it will also prove to be a great bonding activity for the whole family.

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Photo by Kelly Sikkema on Unsplash

Build up your personal savings

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Money Matter, Tips and Tricks

Money Matter: Personal Items That Do Not Need To Be Expensive

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You may already be earning money, but this doesn’t mean you should buy the most expensive items to prove you’re a responsible adult. It’s more responsible to work with a budget and be aware of your spending limits. You don’t need to prove anything to other adults. Those who have been in your current situation understand that there’s a learning curve and that you have to slowly work on your belongings before you can confidently say you’ve got everything figured out.

With that said, let’s look at some items you can buy as part of your adult life without necessarily costing an arm and a leg.

Toners and Makeup Pads

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When you look at products such as face toner online, one of the first things you’ll notice is the range of prices. There are toners that are inexpensive and there are toners that come with a hefty price tag. The truth is, you don’t need the most expensive toners to get the job done. If you look carefully at the ingredients list, you can find a toner that works especially for your skin type without it ruining your budget. The same thing can be said about makeup pads. There are makeup remover pads you can buy for a good price, while those from well-known makeup brands can cost a little more. The price difference can be because of the technology they used to create the pads, but even a simple cotton ball can work if you already have a good toner to begin with.

Dinnerware

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