how do you manage your expenses?

wondering how i will going down to manage my expense in future asi am very expensive kind of person who expenses alot, some times difficult to manage them, some times it is more difficult to manage them by my family too, often we fall into the debt crises. as i am still a student who expenses a alot. thinking when i am working as a family how i an going down to cope with the expenses.

Start from setting top to bottom priorities. For food, what I can suggest to you is to buy in bulk so that the price is lessen. You can also create a sort of mini-cooperative amongst your close friends or neighbors and consolidate all your budget for food into one so that the purchasing power or value of your money is increased. You can buy more with less. This is also true with rice. For water, have your line checked for any leaks or any illegal connections. Better be sure than sorry :) I for one practice saving water by trying to use only a pail of water whenever I take a bath. To lessen electric consumption, make sure that all your electric appliances are in good working condition. Appliances that are in poor condition tend to double its effort just to produce the result that a good one can easily provide. kindly visit the Meralco website and visit its Appliance Calculator so that you can get more ideas on how to lessen your electric bill. A simple housing cleaning and clearing can also reduce your Meralco bill. Having more air passage ways mean a cooler house with less aircon or electric fan usage. I'll think of other ways and let you know. That is, if others haven't already mentioned them :)

It can be difficult to manage expenses and to budget for things. It's really hard, but sometimes you just have to do the best that you can. You can make it work, especially if you set your mind to it.

I mean, with 10k, you can't even save a dime? Hmm, there is a problem with your expenses though. You have to list all the expenses, and to see which is necessary, and which is unnecessary. Can you live without it, somehow you have to ask yourself such question. If the answer yes, you might want to consider cut it. That might help you cut some expenses, and save some money in your pocket.

Hello emdjay! It is really hard to budget our daily needs since the prices of commodities in the Philippines are high. I am earning 19k per month in my offline work and I am still single yet I am not yet satisfied with my savings. I am advising you to just save at least 300-500 pesos a month so if an emergency comes you have something to spend. I am now getting matured because I am thinking of a future investment where I can gain profit. My next advice is for you to think of other investment where you can earn profit.

I do not know why it happens to me but when ever i know that some extra income will be there in the coming month, one new reason for expenditure comes and stands in front of me. So what ever i plan to save is gone. really bad , nothing to save.

How much are your bills for? Is 10K actually enough to cover your bills? I'm in canada, so 10K Canadian would be a lot of money to cover monthly bills, but i don't know which currency you're talking about. If the reason you aren't saving is because you spend little bits of money here and there, could you start off with a small goal like moving $10 per week into a savings account?

Pay yourself first! Figure what your bills are. Then figure how much of a budget you need for the remainder of the month. You should be able to save 10-25% of your income. Some months more than others. But pay yourself first. Take atleast $25 and put it away. Do this every month.

Hi, I have discussed a similar topic earlier also. You are absolutely right and the income what we get on these is no more sufficient with our present situations. The prices for everything has increased from 25% to 80% or more. Whereas the income not even increasing 10%. People who got only fixed income would really suffer a lot. However we need to adjust with our income and expenditure. Those who earn 10K and at the same time those people's income with 5K and 50K also are managing. Here the common factor is adjustment or managing is the best way out to resolve this issue. A better planning with avoiding extras and planning with most urgent things can make life better. I have cut out and reduced all extra vagance and minimised most of the unwanted things from my life for a long period. Means things are under control when we really realised the facts and when things coming closer this is the only way out for issues. A best thinking and proper plannig with what we have can really improve life and savings. Just try and I hope with a period of short time, we can cooperate with situations, till things get improved. Regards Thank-s

Hi

How much is the 10k?He he he i do not know how much is that..for me, it is hard to saved for me specially every day you buy,and eat. I just do not know how to saved and also my earning is not enough.........

I think you shouldn't use too much electricity. As much as possible, if you're not using a certain thing, then it's better to unplug it so as to save electricity. For the water, you shouldn't keep it running if you're not using it. For the internet, well I think it depends on the internet you're using. Are you using DSL? If so, then I guess you can't do anything about it since it's being paid monthly at the same rate. But what you can do is to lessen your use of the internet, so you can save on the electricity. Another way of saving money is to not buy things that are unnecessary.

There are two things you can do to manage your expenses: 1. Identify items that you can control at your end. Which of these can you forego--that is, live without them, or may minimize the amount? You can keep the savings from these. 2. If you find that these items are basically necessary, you may want to get other sources of income. Your participation here in mylot is one but you may find other employment or business opportunities around. The entire earnings from these revenue sources may enable you to save. Further, I suggest you live a simple life without the vices and excesses in life. Keep your lifestyle simple yet maintain a healthy living.

Remember the saying 'Cut your coat according to your cloth' This bring us to the subject on how to control expenses. The essence of saving money is put aside 10% of your income in a bank or in a kitty. Then balance your finance on the 90% you have. Don't tell you can't do it. Should the government imposed a 10% tax on your income, don't say, "I can't do it". Believe me, by hook or crook, you have to cough up the money! Hence, develop this habits even without outside forces. By the way, you should buy the book or tape on 'The Millionaire Next Door' It's a great book. You will be shocked if you read it. Their version of a millionaire will get you re-thinking of rich people. OK? Hope that this meet you request. You can always write to me for any questions. OK? Thanks. Regards;Bro. Joe. GBU