
Do you make a budget before payday, or you just spend as you are handed the money?
Some Nigerians have a list of needs, wants and bills before payday, but do they actually make a budget so as to implement the majority of what they have on their list?
Many find it difficult to stick to a budget with an abundant of temptations and luxuries. What they tend to forget is that a budget can be handy, especially when you are in debt.
Not only is a budget an essential tool in building your financial wealth, it allows you to financially assess whether or not you can afford certain luxuries in your life before you commit to buying them.
By drawing up a budget, you are able to distinguish between your absolute essentials such as payments on your car, rent , water, lights and school fees, as opposed to other luxury purchases such as eating out, entertainment and retail shopping.
JobHitch also recommends following a budget if you are currently experience money issues and your debt seems to be piling up around your ears. Following a budget helps you plan for what you are going to do to decrease your debt and where you can compromise to ensure your debt is paid back timorously and without penalties.
JobHitch gives 3 steps to building a budget below;