A Self-Examination on How to Save Money

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9 months ago

Beware of little expenses, a small leak will sink a great ship

- Benjamin Franklin

Money is important to live, that is why everybody is working so hard just to earn it, but because of the economic downturn we are struggling on how to handle it, so, it's very important that we have a plan on how to budget our earnings.

It's a little bit challenging. But it's very important to make sure that we know where and how we spend our money to cover all our essential expenses because it may be beneficial to us and we can be a smart spender.

Needs and Wants

There is a difference between needs and wants and many are confused to see the differences.

Needs are the things important for us to live like, water, food, shelter, clothes. While, wants are the things that we desire and apparently can live without.

We can asked ourselves when buying, "Is this what I need or just I want?" In asking this, it help us to make right decision and it can save our money as well.

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Many are desired but not all are needed .

Examining these two can change the course of our life. We can prioritize on what's more important and we can have a less stressful life. But in order to do this, the first thing to do is be contented. Be grateful on what we have right now. Then after assessing the situation, the next thing to do is calculate our income. In doing so, it will help us see the adjustment needed to make.

Make a realistic plan. It helps us focus on our objectives and it may lead to the result that we are looking for. Always look on a big picture, in planning, have a long term goal. Asked ourself, " why am I saving for? To the things I want to buy or the things will be needed in my life?

It is very helpful also if we review our budget regularly. There are times that we can be out of line in certain circumstances,so, we needed to be consistent.

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Money can really make our lives easy. It, in some way, can make us happy. Moreover, money can really be a protection if use properly with good intentions. Always choose to be balanced and contented. Live simple. As what Sir Franklin said in handling our finances, can lead to a fall if we failed to assess what is important versus less important. If we don't want our ship to sink, never let our desire overcome our needs.

Blog #5

August 14, 2022

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Avatar for charol09
9 months ago