First things first

in Hive Learners3 months ago


My dad will always say to us that the last thing he wants to do is get involved in something he knows he can't handle financially. He always told us that whenever we were pressuring him to sign us up for something that is expensive and might require continuous payment of fees.

He has always been a man who plans ahead and that is why almost every penny is always accounted for. I said "almost" because none of us can see the future and there are some unforseen expenses that might come up every now and then.

Anyways, when it comes to budgeting, I think its safe to say I learnt everything about it from my dad because the man is a living proof that if you have a proper budget based on your income, then you will never find yourself in a spot where you are completely broke to the extent where you have to go take a loan from someone or buy something in credit to pay later.

So when it comes to budgeting, there are about two main things I consider first before making my budget. The first thing and the most important thing is my income, how much am I making?

Knowing this will so much help because then I can determine the kind of expenses I can make, what's too much for me and what isn't. This part can be a bit tricky for some people like entrepreneurs or freelancers, you know people who don't have a specific amount of income like salary earners. A good example is me, I do a lot of freelance work whenever it comes my way and some months are good, some are just manageable. I could make a certain amount this month and ten times of that the next month. So for people like us, it's a bit tricky, we have to be really careful.

The second thing I consider are my expenses. If you earn fifty thousand naira a month or below, you should be really careful with the kind of expenses you make because fifty thousand naira isn't a lot of money and not a lot money means that we have to cut down on unnecessary expenses. We just have to focus on the things we actually need and ignore those that are not relevant so that we can have some savings, just incase some emergency comes up and we have to spend.

Well those are the two main things I consider when making my budget because to me they're the most important and they've been working for me since forever.

So yeah, there we have it.


My dad was completely opposite to your one, hehe. He spent whatever he felt right at that moment without having thoughts about the adversities that might arise. My mother often tells us about some of his wrong calls and tries to teach us the lessons.

Well, I would say often I act like him, spend whatever I feel like without a second thought but slowly I am changing that. I try to have a plan for my earnings, expenses, needs, and budget, and try to save a little bit when I can. I think I am getting better day by day.

The first thing and the most important thing is my income, how much am I making?

Yeap, it's wise, I remembered a saying, "cut your coat according to your cloth."
Best wishes to you with your financial plans.

 2 months ago  

The good thing about all of this is that you now know how important budgeting is. You might not have known it then but your dad acting that way was just a way of life showing you some things you shouldn't do when you get to that age.. And now due to all you've seen while growing up, you now know better.

Yeap, it came out as a lesson.
Not like he did all wrong but things could have been done better that I wish to do now.

It is so relevant that make a proper plan for living. Yes, it is also true that we don't know what's going to happen or what will happen in the future but unplanned life never comes out anything good. I have noticed a couple of my relatives who have been living life in such a great way.

First thing is, they did not walk on the path of life in a chaotic way. Yes, our wishes are important to be happy, but sometimes fulfilling some stupid wishes we waste a good amount of money on unnecessary stuff. We realised it later after the damage has been done by us.

We must look at our earnings first before buying any stuff. I, most of the time purchase something which is not very much needed for myself, I do it just to fulfil my wish and I feel that can bring happiness to me. Ultimately, it doesn't last long, I feel the thing that is not a great attempt of mine. Yes, I'm quitting outings from the habit of mine.

 2 months ago  

Nicely said @riazud. We might get some unnecessary stuff every now and then but we should always make sure that we don't empty our account while trying to get those things because it will become our downfall in the long run.

 2 months ago  

Oh I am happy that you learned budgeting from your dad @prayzz. It means that your family haven't much problem in terms of budgeting because your dad in it. Yes budgeting is really needed so you won't spend in unimportant things.

 2 months ago  

Yeah that's true.. Budgeting helps in a lot of ways, even if you have enough to spend... You just have to make a budget to avoid any financial troubles.

 2 months ago  

Yes .Basic rule is balance between income and expenses.
Thanks for sharing this 😇

 2 months ago  

Thank you for reading.

 3 months ago (edited) 

I can understand your situation because I also face the same problem, A bit of difference is that I am a daily wager where someday I earn extra and someday I won't get a single penny. I only apply one rule for my budget, If I earn something I spent something If not then the simple answer to the expenses is a big NO.

 2 months ago  

Well that's exactly the same thing I said brother... Your income will determine the way you spend.

People who don't take this into consideration ends up getting into trouble.

 2 months ago  

Never get into anything you cant sustain financially. A really valuable lesson

 2 months ago  

Yup.. And it's one that has stopped me from doing a lot of things that I can't handle.

 2 months ago  

You've really learned a lot from your dad bro.

if you have a proper budget based on your income, then you will never find yourself in a spot where you are completely broke to the extent where you have to go take a loan from someone or buy something in credit to pay later.

No be lie. A well-planned financial lifestyle would certainly not result in this.

Taking income into consideration would help to plan one's budget better. I agree with you. And also, cutting costs matters as well. Nice one bro.

 2 months ago  

Exactly bro.. Good planning will see you use your money well regardless of how little it is.

 2 months ago  

No matter how little bro. No be lie...

 2 months ago  

No matter how little bro. No be lie...

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 2 months ago  

Yup that's very true.