For a very long time now, I have been making home budgets. Making a list of my expenses and income gives me a clear grasp of what I am to work with.
I have learned the importance of budgeting and it's been helping me ever since I have started.
I do make a monthly budget since my monthly income is not always fixed, so I work with what would be coming in monthly.
One of the things I take seriously is savings. It is very important to me, even though I save a small percentage of my income but I always tell myself better little than nothing and of course the saying about little drops of water...
One of the many reasons why I save is to have something to fall back on when push comes to shove and though I sometimes default with my saving goals, I always make sure it doesn't happen frequently.
I have promised myself that no matter what I don't want to ever be broke.I dislike that situation where I am just helpless and need something to fall back to and sees none.
One of my financial goals is to live within my means, so whenever I go shopping and see something catching my eye, I try to see if it's what I can afford at the time before deciding if I am to go for it or not.
Of course that doesn't stop me from living a little as I sometimes spoil myself but I do so moderately since I can't afford to live luxuriously, I make do with what I have.
But whenever I find myself in that situation where I am tempted to buy on impulse, I ask myself: Do you need this? Will It make a dent in your savings? That's one of the strategies that I use when tempted to buy on impulse but on rare occasions and I mean very rare, I do indulge and buy on impulse especially when there is some excess cash with me at the time.
Sometimes no matter how much I strategize, the temptation is always there to spend. But one of the things that helps keep me going is that I have always promised myself that no matter what, I do not want to be in debt for any reason.
I do believe most people want to save but what some people lack is commitment and discipline. It takes planning to make one achieve their set financial goals. Sometimes the limitations in our budgets come directly from how we think about money and ourselves. In other words if we see ourselves attaining a certain financial goal, then we will accomplish it.
This is my response to one of the questions posed by @kerrislravenhill in the Ladiesofhive Community Contest. You can also join in here