Sunday, February 15, 2009

The Essence of Budgeting

Some of the working class in our time may not know the importance of budgeting, including me.

I was at SM Megamall this late afternoon shopping for laundry soap, conditioners, colognes, and ethyl alcohols for personal use, when I found myself buying some other things that were not in my list of to-buys. I was grabbing this and that, thinking that I have enough money since it was payday last Friday. Reorganizing my thoughts, I mustered enough power to return back the things that were not necessary.

Impulse buying was what just occurred to me. And if I haven’t reorganized my thoughts I would have fallen into the trap of being a shopaholic for one day. Impulse buying is a dangerous habit if we form it. We might find ourselves out of budget at the end of the week if we don’t gain control of such bad practice. The website moneystuff.net provides some shopping tips in order to avoid impulse buying.

No matter how rich we are, if we don’t know how to budget our hard-earned money (either through business or employed state), we will certainly lose the game of money. Fortunately, I have read some of Robert Kiyosaki’s books about financial independence.

It is never too late for something if we want it. We want financial stability? Then let’s begin by computing our budget, be it weekly, monthly or yearly. It’s time to polish our accounting skills.