10/01/2023
hi everyone this is my infographics about inflation rate and how we can address it.
so let's talk about budgeting
WHAT IS BUDGETING?
- a budget plans future saving and spending as well as planned income and expenses. Budgeting may be carried out by individuals or by companies to estimate whether or not they can continue to operate with its projected income and expenses.
WHAT IS THE IMPORTANCE OF BUDGETING?
- a budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term.
HERE ARE SOME STEPS/WAYS ON HOW WE CAN DO THE PROPER BUDGETING:
1. Assess your financial resources
The first step is to calculate how much money you have coming in each month. This might be investment income, government assistance, student loans, employment income, disability benefits, retirement pensions or money from other sources.
2. Determine your expenses
Next you need to determine how you spend your money by reviewing your financial records. If your records aren't clear, consider keeping a financial diary to track your spending.
Be sure to separate the fixed expenses that you must meet (rent, other payments, insurance) from variable expenses (food, clothing, etc). Once you see your spending patterns, you may be able to make adjustments to certain expenses.
3. Set goals
Establish a list of the goals you wish to achieve. These can be long-term goals like purchasing property or funding your retirement. Or they can be short-term goals such as home improvements or car maintenance.
4. Create a plan
Once you've figured out how much money is coming in and where it's going, you can put together a plan that matches your goals with your financial situation.
5. Pay yourself first
When you pay yourself first you simply set aside a certain amount of money each month to go into an account that you will not touch. You can set up a separate savings account for infrequent but anticipated expenses, such as property taxes, vacations, automobile insurance .
6. Track your progress
At the end of each month, you should re-evaluate your budget. Compare your actual expenses and income to your budget and make appropriate adjustments.
Once your budget is done, things are bound to change. They always do. So stay flexible. And remember, a budget is only a guideline. It doesn't factor in non-financial considerations that can result from drastic changes in spending habits.
My specific thing or way on how i can address inflation rate, as a student is to prepare a budget or spending plan. I use this social media platform to share my advocacy and share some ideas on how we can address the inflation rate. The easy way that i can share is by budgeting dahil alam ko at alam nating lahat na madadala natin ito hanggang sa ating pagtanda maging sa ating magiging future sa buhay, kaya't BUDGETING IS A MUST!!
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