Budgeting (control over your money)

in #hive-1538502 months ago

Namaskar / Hello to all hive users, who will reach this post. I hope you are doing great and having fun in your life and enjoying it with your loved ones.

Most of us who are here and all do earn money in the hive. that is why we all are here we all do have our own plans to do that. It doesn't matter whatever we do we all do have plans in our mind about that for sure, there are only a few who don't have any plans for that.

Some plans are for the long term and some short terms plans. But I am sure we all do have plans for what we all do earn. some of us do withdraw what we earn and some of us are staking and investing here whatever they do earn I used to do the same but unfortunately, I have to withdraw hive (I need the money) 🙂



Although Hive is my secondary income hive is like back support for me or you can say my emergency money. I do hope that the government will soon reduce the tax else I have to pay 30% tax on each withdrawal and that is not good for sure.

Although I have a full-time job too it doesn't matter how much we do each it seems to be not enough for sure what about you?

I don't have to give money to my parents but I do buy goods for the house whenever I do see something that is used for the house. But that is nothing compared to what my father does monthly. half of his salary flew in the monthly house goods. Now we are four members who do earn for the family but still, it is not enough. I am planning to help my father from next month, we do have to pay a huge amount of loan to the bank and the list of relatives is endless 🙂. I do think that together we all finished the loan much faster.

So here is my strategy to spend my salary (money):

  • 10 % to saving:


yes, you heard that right I will save 10 % of my salary every month and I will increase the amount as my salary will increase too. That is a really good way to learn a habit of saving it doesn't matter how much you each we all should have at least start saving at least 10 % of our salary.
I am not going to keep this money in my account I will surely open a recurring deposit (RD) for sure and do earn interest in that amount. if I will keep the money in my saving account then it will not be going to increase. 😅

  • Money to my parents:


I don't give money to my parents but the next month I am planning to do that, I do think that will help me a lot for my parents although I don't earn enough money still something is better than nothing.
I am planning to give 30 % of my salary to my parents and that is what I can give for now slowly my salary will increase so do the amount will increase too. I do hope that will happen soon. I have to wait for next year for that, most probably that will happen in march or April next year.

  • Share Market:


Yes you heard that right, to get rich we do have to take risk and we all should try that I am not saying to start gambling. many do see share market as a game but that is not true if you do have a good knowledge of a few things then sure share market is really worth it for sure. Don't invest your money on the bases of others' advice (always do your own research while you invest your money).
start buying shares that do have good use in the future don't invest just by looking over the 10 years or 5 years graph (stats) of the company.
Invest in the company, not in the share (I have read this line somewhere ☺️). I will invest 10 % of my salary in the share market monthly. After crypto new bill of taxation of 30 % there are millions of users are shifting towards to share markets and that is good thing for the country and for the companies too 😅

  • Mutual Funds:


There are thousands of mutual funds now available and thousand of different schemes & apps too which has made the work easier than before. you can open your account in a few days it sure took some time to verify your account, but once it is all set you are good to go. you can invest your money at many places from the same account and mutual funds are the best way to do that. If you do have time to look over your investment then I will recommend you to go with the share market.
Mutual funds give the best retuns in the long term only 😅, everywhere you do invest in does have risk. some are low risk some do have high risk. but high risks do have good returns too. I am planning to invest 20 % of my salary in mutual funds for at least 15 years.

  • Bills :


we all do have to playbills and sometimes the amount of bills is not predictable for sure. I do have to pay my internet bill, mobile recharge, insurance, and other small bills too. So I do keep 10% of my salary for that. if it gets saved then sure I do invest them (sometimes in crypto sometimes in shares 😅 ).

  • Cash In Account:


yes it is necaessy to keep money in your account we do need money for daily things, sometimes we do visit restaurant with friend or maybe with your girl friend 😅. you have to pay the bills if you are a job person.
It is a good habit to keep some extra cash in your account you never know when you do need that, it will took time to sell your assets and cash out but if you do have cash in your account then sure it will be easier for sure. So, the 20 % of my remaining salary will be in my account for other things.

summary:

S.NOInvestmentPercentage
1.Saving10%
2.Money to parents30%
3.Share Market10%
4.Mutual Funds20%
5.Bills10%
6.In account20%

These are all my personal opinion on the topic what do you think?

Thanks a lot for staying till the end 😃🙏, let me know what you think.

Never forget one thing you should be grateful for because what you have someone has a dream of that. So learn to be grateful. Be Thankful. 🙏😀

Thanks a lot for being here, let me know what you think.

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@bhattg
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your plan of saving 10% monthly from your salary is a great Idea.
You also gave some advices on long and short time profits.

I have read you well and made my decisions and I must say @bhattg, this is highly educative and helpful.
thanks.

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Proper budget you made.Wish you clear all of your loan very soon.Thats amazing four members are earning in your family.

Wow I love the plan spending your money and the fact you put your family into your plans😁.

This is great, I learn a new thing about budgeting with your write up, thanks for putting this up

Budget is indeed a means of having control over our money

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Wow, that was lot of thing that you percentage, just like a mini audit to yourself. 😁
I like it how you managed it, you even not missing a spot, all in count even your saving.
Good job Capt. and nice post by the way...👍👍👍

Wow! you're a good son @bhattg who always remember and allocate 30% of your money to your parents. For sure blessings will be upon you. I am happy that you are saving 10% of it and you can have something to get in the future if you need it.

he he thanks for the compliment that means a lot ☺️
yes I do try my best to save at least 10% of what I do earn, thanks for the feedback have a great day and week ahead.

Wao I like the fact that you will be giving your parents some money.... that's so sweet and thoughtful of you. I'm sure they will be so proud of you and even if the money isn't that much they will appreciate it.
Savings is very important but that percentage don't you think it's a bit on the high side?
I mean you have bills and personal stuff to take care of....

Your opinion should hold water for me. This is excellent. Well articulated on how spending should be done.

I don't know about others reading this post, but I love the fact that you included your parent in your budget. Really shows how much you care about them.👍

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