SHOULD WE MANAGE A BUDGET?

Hi! Assalamualaikum.

Before we start doing the budget, first thing first that cross our mind is the wonder of doing it, right? Should we manage a budget? Or should we not? Hmm.

Let put this into a situation on the day we earn our salary.

Tools we may use for budgeting.       

It is payday. Our paycheck is wiped out. Why? 

At first, the money fills in our bank accounts and that's a great moment. But for quite sometimes it's all gone. So quickly! 

Why this thing happens? Have we ever thought of that? 

It happens to me as I keep on wondering where the money goes? 

Now, I realized that I have to control it. Definitely. It's a real solution to solve this problem. 

I know I should have a plan for my money. This makes me choose to do my own budgeting.  

But why? 

7 Reasons for paycheck budgeting

          Here are seven reasons to budget our money from the paycheck.

1. Stops overspending - If we spend money without thinking carefully about where it all goes, we simply will overspend each and every month. So, when we do the budget, we will help ourselves to determine when we should stop spending. 
2. Helps Us Reach Our Goals - A budget is a plan that helps us prioritize our spending. With a budget, we can focus on the things that are most important to us and it ensures that we are reaching our goals.  
3. Helps Us Save Money - When we have a budget, we tend to save more money than people who do not. We can transfer the money automatically into a savings or investment account each month. Here, we will begin to build wealth and give yourself true financial freedom.
4. Helps You Stop Worrying and Enjoy Your Money More - When we are budgeting, we get to decide how much we spend in each category. So, we can put a significant portion of our money toward leisure activities with no guilt. 
5. Allows Us to Be Flexible - We can move money between categories as we need to throughout the month as budgeting can be flexible. So, we can adjust the amount we spend on each category as we go. 
6. Puts Us in Control - We will gain a feeling of control over our money when we do budgeting. Here, we can prioritize our spending, track how we are doing, and realize when we need to stop. So, it gives us the power to make changes.
7. Can Be Simple - We can simplify the process by allocating some amount of money for set expenses, savings, and spending money. It's a bit difficult for the first few months as we adjust our categories to find the amounts that work for our situation. But then, we can simply track the money as we utilize it.

Back to the question up there, I personally think we should manage the budget on our paycheck. The reasons for budgeting I mentioned earlier help me to consider taking the first baby step. 

And yes, I'm about to start it! 😃