SLC32-W2 || Real Life Problem Solving Challenge: Budget Planning

Dear friends, I hope you are all well. I am also, Alhamdulillah, doing very well by the countless mercy of Allah. A wonderful contest is being organized, and now the second week of this contest is underway. It is a nice contest for solving problems. Zinia has organized it; she is @ahsansharif. You are running this contest very skillfully. Let's answer her questions.

01 How do you plan your weekly or monthly budget? Explain well.

A great question has been asked. How I plan my expenses with my monthly income. I am telling you from the very beginning. Today I will inform you about my low monthly income. I am a teacher at a madrasa, and I live here in the residence, which is free of charge. My monthly income is 20,000 Bangladeshi Taka, which is equivalent to 3,333 STEEM.

Personally, I have no family of my own. It has been about two years since I got married, but my wife and I have not lived together yet because she is still away studying. For this reason, I have to send money to my wife and my parents for their expenses. Personally, I do not have to pay for any house rent, nor do I have to spend on other daily food and necessities.

And for this reason, I don't have to spend for myself, my household, my parents, and my wife, and for light expenses for my sister and niece near my madrasa. Combining all these, I have created a planned budget written on paper. Something I have been doing in advance.

	Monthly Budget Plan
	With My Selfie

02 What tool or method do you use to track your expenses? Show at least one tool or method in detail with a selfie.

This is truly an excellent question because I make a plan, but how I implement that plan or how I will implement it, if I do not discuss the method in detail, no one will be able to understand my monthly budget plan. You have certainly seen the answer to my previous question regarding the monthly budget plan I have made. The method I follow to implement this plan is to record the daily accounts.

This is how I write
A selfie with writing method

First, I write down in my notebook whether the correct amount has been given to my parents and my wife. I record this. After that, I write down all my daily expenses with the date, the name, and the amount spent. This is not just my current practice but rather a method I have been following for the past three to four years. At the end of the month, I calculate this and see what percentage of my income was used and what percentage was spent.

03 What are the unnecessary expenses that affect your income? Explain.

I am a child of a middle-class family, and what I earn is not a very high-quality income. Of course, I need to work consciously, earn, and spend. But I feel that alongside this income, I waste some things unnecessarily, which I consider unnecessary expenses. Especially when it comes to food, I prefer eating outside. At the end of the month, I definitely regret these expenses because they truly seem unnecessary.

If I detail these expenses, you can see them:

1. Visiting expensive hotels
2. Eating Chinese food
3. Eating fried street food outside
4. Using a high-quality car
5. Buying another bag even when I already have one
6. Buying another set of clothes and shoes even when I already have some

04 How do you save money from your income that will sustain you for future hardships?

This is a wonderful question. Every person has a plan for the future, and it is the responsibility of each person, both men and women, to implement that plan. Whatever we spend each month does not make our future bright. Therefore, we need to think about the future every month or every week and accumulate savings.

Bank card for saving

I have a small job, and the income I earn from it is not very high compared to my current expenses. As a result, I save about 2,000 Taka every month through my personal bank account at Bangla Bank. This has been effective; two years ago, when I got married, I managed my household for two years and covered all the wedding activities and expenses with my own savings.

05 Have you ever created a budget that would improve your financial situation? Show us practically how.

This is also a great question. We need to plan our budget in such a way that it becomes easier for me to save. If I make a monthly plan like this and follow this method going forward, financial problems will be resolved. And certainly, with Afridik, I will be distinctive. It is written at the end of my budget, where it is clearly stated that for me, 2,000 should be kept in the savings account.

Monthly savings amount

I believe this will definitely improve me financially in the future and from the next month onwards. For this, today, for my personal improvement, I follow this method with my monthly budget plan. This way, I become distinctive and realistically, I improve.

06 What advice would you give to others for great budget planning?

I am an inexperienced person in this matter. Personally, I have received my personal plan and have discussed it with you. There are users here who are better in quality who have studied this matter. However, in terms of experience, every time I have done this matter, the savings have been very good from my side. Especially, I felt good about savings because whatever we do, saving is extremely important for every person. No one can predict when something will happen or when money will be needed. Therefore, I would say to everyone that you should definitely save and plan a good budget every month.

In this great contest, I will invite a few of my friends who will discuss with us about their expenses, their monthly and weekly budgets. @josepha @bossj23 @aviral123

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Comment Link

1. https://steemit.com/hive-180106/@memamun/tg8q38
2. https://steemit.com/hive-180106/@memamun/tg8pzn
3. https://steemit.com/hive-180106/@memamun/tg8q68

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Thank You Everyone For My Post Reading

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