Spend only based on what you earned, and don't use your credit card to purchase more than what you had on your debit card. I had read about this thought somewhere and forgot who the author was, but I still remembered it as this had been my motto in life. One of the reasons why I got this habit was my Mother and the way she raised us. She always reminds us to value money and learn to budget with the current amount in our hands. What she meant was in our Lifestyle.
Also, when I started working, I was helping my parents financially with my sister's education and other matters in our household. And so, spending without tracking the expenses was impossible, or I would end up in debt. After receiving my salary, I would take a portion for my allowance and personal needs, and the rest would go to my Mother. That became a routine for years and wasn't even able to save but the good thing was, my sisters finished their studies.
Now that I am married, I still have that habit, especially since my husband works outside the country (OFW). It may be a bad culture, but sometimes the relative of a married couple who is OFW becomes nosy regarding finances. I have been hearing that with several friends who would rant as they have been accused of allegedly spending the salaries of their partner on unnecessary things. I am thankful my in-laws aren't like that, but still, I had a monitoring of our expenses.
My last entry was yesterday; it's my payday.
It is likely a ledger where I input my monthly income and the total amount my husband was sending to me.
Why am I doing this?
First, where are we spending our money? Now that the prices of everything are spiking up like crazy, I want to save myself from wondering why nothing is left in my ATM 🤣. It may not be that detailed, but at least I have an idea.
The date, amount credit, debit, and remarks. In the expenses, we are extending support to our parents and sometimes siblings if needed. The remarks portion is what those expenses are for. It was relatively easy to track.
Second I wanted to control our spending. I mean in not-so-important things. For example, I am going to shop for what a woman needs. You know there are a lot and how much we love shopping. Yet, I would refrain if I knew I already spent based on my record. Also, my husband has that habit of betting on small-town lottery, and we agreed on a total amount he could only pay. Without tracking it, for sure, he would go over budget.
Third to know how much we spend. The first thing is knowing our expenses, but I also wanted to monitor the total amount on a particular. Not all costs but only in the construction of our house and now in applying for electrical power.
I entrusted the processing to my sister-in-law so I could leave work alone. She is the one paying for everything, but I keep my record so I would know if she still had a budget. Then, at the end of this, I had total expenses. What for? Of course we are not rich. We just making sure that we are spending wisely.
The last and what was important was knowing our finances. If we are still earning, making progress, or in debt? As a couple building a HOME to live in, can we afford to proceed or purchase additional needed in our house?
How about you? Do you track your expenses?
Hello everyone, this is my entry in @galenkp WEEK 171
Topic four: - Do you make a habit of regularly tracking and budgeting for your costs and expenditure? Explain how and why and how it benefits you, with examples.
