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There is a popular saying “money flies” which is common in this contemporary society. And trust me, money has wings. It is no news that no amount of money you have if not well spent or budgeted will finish in a matter of time.
Too many people today spend money on what they do not really need, just to probably impress others. It is time to wise up and face the facts. Making an impression at all cost does not give more respect, it leads to depression. Just be you.
The truth is in this “You can never out-earn your bad spending habits. Rather, good habits must be developed to spend money smartly. “Mary Hunt!!.” Now, its time get up and change those bad spending habits.
Here, I will give you this simple tip on how to budget and spend smartly. Regardless of how much you earn, be it N1,000, N5,000, N50,0000,N50,000,000. It can be spent smartly based on your scale of preference or needs.
The use of percentage (%) has been found to be very useful when budgeting and spending.
Let’s take for example;
Kate earns or makes 10,000 monthly/daily/weekly and he has the following expenses in the month: Transportation bill, feeding, Tithe, Savings, Light bill, Water bill, Miscellaneous.
A percentage plan of the amount earned can be drawn to cater for all these needs: let’s say;
- 10% goes for tithe
- 20% goes for transportation
- 30% for savings
- 5% for light bill
- 5% for water bill
- 20% for feeding
- 10% for miscellaneous
In this plan, all the needs will be partially or fully catered for depending on the cost and this has helped the kate spend her income wisely.
This percentage plan is a proven strategy that can work for any amount of money at hand and expenses that needs to be incurred. This does not leave out entrepreneurs or business owners. You can spend smartly with income generated in business.
To conclude, “Having more money does not make you better, spending smartly does”.
By Tolu Williams.
Buzwallet Contributor.
