Hive PH Financial Literacy Blogging Contest. "3rd Week:

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HivePH is a group of Filipino bloggers and crypto-enthusiasts with the mission of helping others become successful here on the #Hive platform. The weekly blogging contest is one of the ways we aim to do this. In connection with this, we also want to improve financial literacy through blogging.

For the third week of October, the theme we have chosen is:

3rd Week: Formulate a budget plan

This exercise is intended as a follow up to the first two writing prompts (Daily Expense Tracking and Making an Important Financial Decision) and allows us to think about how we will spend our hard earned cash after looking at the way we spent in the last few days and weeks.

We know that Filipinos are not that keen on financial matters, let alone creating budget plans and forecasting expenses. We understand. Because of this, we had hoped to bring a little light into this part of our reality as financially literate and thriving individuals.

So, without further ado,

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Here are the Entries:

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1. Formulating Budget Plan - Reverse Math Theory
Mula kay: @sensiblecast

So first I usually determine the amount I am comfortable with, a definitive number, which by the way with reverse math you can always adjust and you can determine pretty much from high to low or vise versa, and I do the reverse math going to the End point and back knowing endpoint number which is x by dividing x to 4 weeks and 25 days, and 12 hours in a work day.

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2. Formulating a Budget Plan
Mula kay: @jenthoughts

I always tried to live within our means because I am not fond of having some debts except those very important loans but there were times that we are short from our budget. We really need to adjust our spending or we really need to have savings so we could get some from it to provide our specific and emergency needs.

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3. Making The Most of What I Have: My Budget Plan
Mula kay: @cthings

There are several methods of tracking expenses and budgeting. My personal experience has shown me that the best way to discipline myself to save more money for investments that will eventually generate passive income is to set a limit on each category of my expenses.

4. First Attempt In Creating A Budget Plan
Mula kay: @ayane-chan

I budget my money monthly, so a weekly data of expenses isn't enough. I have to know my monthly expenses, too. As you can see, I have fixed expenses and other stuffs which I'm paying for but not in a fixed price. Those just depends on my mood if I would spend them for that or not but I have to include them anyway, just in case. With my weekly expenses combined in a month, with my fixed expenses, and mga ibang rip ko sa buhay, their sum would Php15,300. Ang gastos ko, di ba? However, note that aside from my transportation and fixed expenses, the other expenses are just estimation. Kung ilalagay ko lahat baka sobra pa sa 15k.

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And, the winner is: @cthings

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Congratulations!

Budgeting need not be difficult,from selecting an approach that makes sense to you, to the way you categorize items in your budget, to developing discipline in your spending habits. Please visit her blog to read more about it here.

For the final week, the topic for our blog contest is A Reflection on Implementing Your Budget Plan and Summary of the Data you gathered for the past 30 days. As usual, please use the hashtags #financial-literacy and #financial-education for the weekly October blogging contest. Thanks and wishing everyone a financially rewarding week ahead!

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_{*Support the community by delegating to @hivephilippines}

~Juan 😎