How to: Budget your allowance!

I’m guilty that I’m one of those people who don’t know how to manage their money properly.

I always end up broke at the middle of the month because I splurge most of my money for food. Guilty of charge! So for this post I would like to share some tips you can do to budget your money properly. Well, I’m not an expert when it comes to money so I’m just sharing based from my own experience.

So recently, I just received my final payment from work, (thank you, Lord!) and my Dad just forgot to send me my monthly allowance so I have to get it from the money I worked for. /heart breaks And a friendly reminder, budgeting will come as a trial & error but if you don’t try you’ll never succeed.

  • Before you get your allowance, list all of the expenses you need to pay first. This will help you to use your money on the important things first and of course lists it according to the importance of it. So for you to get an idea here’s mine:
image

I list them on a note app on my phone called Evernote so I have them handy. It helps me track right away what I already paid and which is not yet.

  • Save first before anything else. Saving won’t make you poor, it will make you more financially stable. Oh, I created a quote! Kidding aside, making a habit of saving is good for you, this will help you in the future. When it comes to saving I have these old can of Pringles that I wrapped a scotch tape around the lid & made a tiny hole at the top lid, these serves as my piggy bank. If you’re not comfortable saving money at your house, open a savings account on a respective bank that suits your career.
  • Budget your daily expenses. Count how much you spend for your fare, food & extra expenses everyday at work or school. With these techniques, you can avoid overspending, just make sure you will bring the exact amount of your expenses daily. For example, my fare everyday at school is P56 and my food costs P50 so that’s total of P106 but I bring P120 – P130 so I still have extra money to spend. See? My budget is really that tight! P120 multiply by how many days I have classes equals my allowance,not included the other expenses because that’s a different story.
  • Discipline is the best policy after honesty. I’m really good at rhyming words and making my own quote ha! Hehe, and of course! How could you be able to save if you don’t practice this virtue of discipline. So after you lists your budget outline, work within that budget. Avoid asking your parents for additional money. You’ll survive, I promised.
  • Be an entrepreneur. Build your own little business so while saving you can also earn money! Make and sell stuffs to your friends. You can make graham balls and sell them to your class/work mates or offer to print the project of your friend for a price if you do have a printer at your house. There’s a lot more, just make sure you’ll be enterprising enough. Well on my side, I’m not. But I manage to have a printing job at home, I print or type the projects of those high school students at our compound for a costs. It’s your take on what you can do to earn money, the simplest way…take a part time job.

So that’s it! The bullets above is just my own way on how I budget my allowance and it varies for every person. I hope you find this post helpful and if you do have your own ways on budgeting your allowance feel free to give a comment down below so I’ll know and why not next time I give it a try.

In case you failed on budgeting your allowance, don’t worry you can go back from the start. As I’ve said, this whole budgeting thing is a trial and error so for you to succeed, try and try.

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