For the next 52 Mondays until 28 December 2020, I will try and post financial literacy posts. I am also here to learn from everyone of you because I believe learning is the key to improving our life chances.
You know why there is a saying that a fool and his money easily parted? This is because the fool doesn't have a plan. If you don't have a plan you'll be tempted to fritter your cash away, spend it instead of investing. Likewise if you don't have a plan you are likely to forget the new business idea.
Your plan should involve taking financial control of your life. A good plan today is better than a perfect plan tomorrow. Whatever the plan includes , just make sure you have one, and that you stick to it.
So this being the first full week of 2020 its better we start of by planning our budgets. Even if your financial situation is not rosy, its good to face up the reality so you can take positive action to address the situation.
The budget is a simple checklist of your expenditure. Ensure that you include everything in the budget. What I mean is that if you have those regular one off expenses like school fees, or car insurance you need to break down the amounts per month and include them in your budget.
I know making a budget can be hard. It is even harder to stick to the budget. But in 2020 liwe liwalo we must make budgets and try as much as possible to stick by them.
Personally, after making my budget, I go and buy envelopes. I then label the envelopes with the expenses as per budget. Then I make one withdrawal at the beginning of the month and put money into each envelope as per budget. Pesa ya entertainment ikiisha first week of the month it means the rest of the month no entertainment.
So don't come for week 2 kama hujatengeneza budget.
Oh, and for the business people, don't come back for week two kama hauna plan for your business for 2020.
If you have any budgeting tips, pls share.
Adios
You know why there is a saying that a fool and his money easily parted? This is because the fool doesn't have a plan. If you don't have a plan you'll be tempted to fritter your cash away, spend it instead of investing. Likewise if you don't have a plan you are likely to forget the new business idea.
Your plan should involve taking financial control of your life. A good plan today is better than a perfect plan tomorrow. Whatever the plan includes , just make sure you have one, and that you stick to it.
So this being the first full week of 2020 its better we start of by planning our budgets. Even if your financial situation is not rosy, its good to face up the reality so you can take positive action to address the situation.
The budget is a simple checklist of your expenditure. Ensure that you include everything in the budget. What I mean is that if you have those regular one off expenses like school fees, or car insurance you need to break down the amounts per month and include them in your budget.
I know making a budget can be hard. It is even harder to stick to the budget. But in 2020 liwe liwalo we must make budgets and try as much as possible to stick by them.
Personally, after making my budget, I go and buy envelopes. I then label the envelopes with the expenses as per budget. Then I make one withdrawal at the beginning of the month and put money into each envelope as per budget. Pesa ya entertainment ikiisha first week of the month it means the rest of the month no entertainment.
So don't come for week 2 kama hujatengeneza budget.
Oh, and for the business people, don't come back for week two kama hauna plan for your business for 2020.
If you have any budgeting tips, pls share.
Adios
