How do you budget your salary?
By eljayo
@eljayo (1105)
Philippines
August 31, 2012 6:40am CST
hi guys! I just received my first salary as a nurse. I am very glad that although its not that big at least my work has been paid of. Life today i not that easy especially with the high price of goods and expenses we have everyday. Good thing that I still live with my parents that is why I can save a little and my meals are saved too. Although I know that as an adult I also have to contribute to the expenses although they are not requiring it. First of all I plan to give 10% of it to the church as my tithes. God is the source of everything and I believe I owe it all to him and through this tithes He will be glorified and will bless me more. I do not know the exact percentage but maybe I will not spend that much.I am planning to save too at least 20 % of it since my meals are all free except for the times when I will go out with my friends and of course Ill buy something for myself as a reward. Well what are other tips that you can give to me in budgeting my salary to avoid overspending? Thanks in advance.:))
4 responses
@tedifa (1232)
• Indonesia
3 Sep 12
Budget your salary is one of good planning for your future.You can start with small plan. First : insurance for your self or your house,it will be useful for the future.Then don't forget to save your salary a half to your bank account.You will need someday.Last my advice you can give your little salary to others people with unlucky condition or poor people.Sharing and giving is really great attitude.
@ganadinero (49)
• Cali, Colombia
31 Aug 12
People nowaday plan their expenses to keep their wages disappear from their pockets
@cutepenguin (6431)
• Canada
31 Aug 12
It sounds like you have a good plan. I try to have each month's salary pay for the next month's expenses, so September is paid for with August's pay. That way I have a bit of a buffer in case there is some kind of paperwork mistake and we don't get paid on time.
I am also working on setting aside a bit of money each month for a vacation and a bit for an emergency fund. I'd strongly recommend that you do this because if I had done this when I started working, before I moved out from my parents', we might not have gotten into debt and then spent 4 years paying off debt.
@penrockerchic (1903)
• Philippines
31 Aug 12
Budgeting your salary is always been tricky for me. Anyway, it took a lot of practice on my part. I've had some ups and downs when it comes to money management but little by little, I got to realize how important it is to save and have something for yourself. So for my salary that I get from my day job, I usually set aside the amount I'm going to need to pay off my bills. Good thing for you, you don't have to pay any bills since you're living with your family. As for me, I do support myself fully now. So, first the bills, and then I usually set aside my allowance for the next couple of weeks before the next payday comes. I save a portion of my salary for emergency purposes, and if I do have some extra, I give them to my parents or buy something for myself or for my family. Always save something. it's one of the lessons that I have learned through the years. You'll never know when you'd need your emergency fund. You can always start from 5 to 10 percent of your income for your savings, and if you think you can manage to get it higher to 25percent as time passes by, then do it. Good luck!
