Budgeting for a Brighter Future

Budgeting is one of the realizations of the concept of delayed gratification. It is such a good practice that even people who don’t need to do so still practice it. This is because they want to have a brighter future for themselves, their offspring or people who are dependent on them.

Your Primary Objective Should be to Keep on Living

Most people budget their funds because they have lots of responsibilities and limited income. If you aren’t limited by this constraint, you might think that you can just continue living a lavish lifestyle. Guilty? Well, you better think twice. This is exactly the mindset that brings people down. People like MC Hammer, Lindsay Lohan, Toni Braxton and numerous others have all went down that road simply because they thought their income would just keep flowing in and not need any managing.

How Do You Accomplish This?

First, get rid of any unnecessary charges. For example, if you are paying for landline and a mobile, you’re better off keeping the phone. These days, people don’t need landlines much except if they have DSL lines. Lately though, telecommunication companies now offer much more competitive rates on mobile internet which makes it the better choice.

  • Regarding cable television, carefully choose the package that gives you sufficient entertainment. You don’t need a package with hundreds of channels if all you watch are just 5-10. Likewise, the same also holds true if you aren’t home much to enjoy it.
  • Cut off all credit cards whenever possible. These cards are like ticking time bombs. When the temptation comes and you fail to resist it, your finances for several months will be adversely affected. As much as possible, pay everything with cash so that you are aware how much you spend on a regular basis.
  • Haggle at stores whenever you shop. There are always deals in the backend that are not being advertised. If you manage to talk smoothly with the salesperson, I’m sure he’ll bring it up.

How Will It Benefit You?

Think about all those people who die just because they can’t afford hospital bills. With emergency funds in place, you won’t have to worry about suffering in your old age. Likewise, you won’t need to burden your relatives with bills when this happens.

Best of all, you get to life your life worry free. No need to worry about calls from loan sharks or credit institutions. No need to worry if you will have food for the next week. No need to worry if your home will still be yours tomorrow all because you managed your funds well.