Kaya mo bang mag ipon? Yes kaya mo!!!

9:48 PM

HotForex Pamm V2



Income - Savings = Expenses

I believe that most of us had already seen this equation and would agree that this is the right way of saving for our future. Pero kaya ba talaga nating mag ipon?

It is easy to know where the money is coming from but it is almost impossible for us to detect where the money goes. Having an expense tracker helps us determine where we get our money and where it is going. 

Let me share this idea on how much we can actually save before spending whatever is left in our income. 




First TRACK your expenses. Write down your income for the past month then your expenses. Categorize your expenses into two. Non-discretionary expenses are the ones you do not have the option but to spend on. Discretionary expenses are the ones that you can set limit, delay, or not even spend on. After that compute whether you had a healthy or negative cash flow for the past month.

Then set your BUDGET. Place a limit to your next month's expenses. Start first with your discretionary expenses. Be realistic. Do not deprive yourself like going on a crash diet. You don't want to end up spending more in the future because you felt deprived. After setting your budget, you will come up with your desired saving. But wait! When your next salary comes, do not save that money yet. You have to TEST your budget.

TEST your budget. Try to live within your budget. If sometimes it doesn't go as planned, it's ok. Just go on, at least you are now conscious with your expenses. At the end of the month, whatever is left, that will be your savings opportunity. Keep that money saved. It also means that when your next salary comes, you can already set aside that amount on a regular basis without having to compromise your lifestyle. INCOME - SAVING = EXPENSES will more probably become successful. When you start getting used to this, I am optimistic that your savings opportunity will eventually become higher.
Good luck!
HotForex Pamm V2

You Might Also Like

0 comments