Especially those of the Z and Y generations, who started to earn their own money, have many difficulties in financial matters. We share with you three ways to organize your spending and invest.
Although budget planning is an issue that concerns you completely in terms of your personal income and expenses, many individuals who are in the process of earning their own money have difficulty adapting to adulthood. With the most appropriate planning, you can prevent financial difficulties from becoming your nightmare.
1-Credit Card Diet
If you are confused by the length of the credit card statements at the end of the month or the bank accounts that you can’t figure out how to reset, we recommend that you only spend in cash . Of course, you can bend this rule in cases of buying plane tickets and spending in installments. Even with just one month of credit card diet, you can see how you need to revise your budget.
step 1
When you receive your salary, set aside the amount required for your monthly fixed income such as house rent, utility bills, grocery shopping, personal care, dues, transportation expenses and debts. Of course, do not forget to separate your savings while doing this.
step 2
The money you have left is the amount you can spend during the month. If this is the first month you put your credit card on the shelf and decide to follow the diet, set aside 100 TL for surprise expenses.
step 3
Determine your weekly allowance by dividing the amount you can spend monthly by four. If you have a tendency to go beyond this amount in daily life, carry only the amount you can spend in 24 hours with you.
step 4
Write down your expenses one by one. Remind yourself that you can’t spend more for that month if your money runs out early. If your money increases, add that amount to the next month.
2-Budget Percentages
If you are someone who is somewhat comfortable with your spending but still knows the importance of money, you can take the right steps without trying to control your every move at any time. First, divide your monthly income into three main headings: basic expenses, financial goals and flexible expenses. Your goal here is to cover your basic expenses with 5% of your budget. Allocate 20 percent of your remaining income to your investments, that is, to your financial goals. The 30 percent will be the remaining amount for your daily expenses.
3- Conscious at Every Step
We can say that this method is more suitable for you if your goal is to find out what you are spending rather than meeting the budget you have. First of all, we should point out that when you decide on this option, you have to note down every penny of your step. For this, our advice is to have it with you at all times, so you should use the Notes tab of your phone during the day. When you return home in the evening, you need to transfer the notes you recorded with an Excel or Word file in order to see them properly. Let’s say that this will take about 15 minutes of your time. Write down all your expenses in the form of the product you bought, the time of shopping and the amount. Thus, at the end of the month, you can more easily divide them into categories (such as food, clothing, cosmetics). When you come to the end of the process, you may encounter unpredictable results, and you may ask yourself, “How many bottles of water do I take in a day?” Small changes to your lifestyle (like keeping a glass bottle on your desk) can yield lucrative results in the long run.
Although budget planning is an issue that concerns you completely in terms of your personal income and expenses, many individuals who are in the process of earning their own money have difficulty adapting to adulthood. With the most appropriate planning, you can prevent financial difficulties from becoming your nightmare.
1-Credit Card Diet
If you are confused by the length of the credit card statements at the end of the month or the bank accounts that you can’t figure out how to reset, we recommend that you only spend in cash . Of course, you can bend this rule in cases of buying plane tickets and spending in installments. Even with just one month of credit card diet, you can see how you need to revise your budget.
step 1
When you receive your salary, set aside the amount required for your monthly fixed income such as house rent, utility bills, grocery shopping, personal care, dues, transportation expenses and debts. Of course, do not forget to separate your savings while doing this.
step 2
The money you have left is the amount you can spend during the month. If this is the first month you put your credit card on the shelf and decide to follow the diet, set aside 100 TL for surprise expenses.
step 3
Determine your weekly allowance by dividing the amount you can spend monthly by four. If you have a tendency to go beyond this amount in daily life, carry only the amount you can spend in 24 hours with you.
step 4
Write down your expenses one by one. Remind yourself that you can’t spend more for that month if your money runs out early. If your money increases, add that amount to the next month.
2-Budget Percentages
If you are someone who is somewhat comfortable with your spending but still knows the importance of money, you can take the right steps without trying to control your every move at any time. First, divide your monthly income into three main headings: basic expenses, financial goals and flexible expenses. Your goal here is to cover your basic expenses with 5% of your budget. Allocate 20 percent of your remaining income to your investments, that is, to your financial goals. The 30 percent will be the remaining amount for your daily expenses.
3- Conscious at Every Step
We can say that this method is more suitable for you if your goal is to find out what you are spending rather than meeting the budget you have. First of all, we should point out that when you decide on this option, you have to note down every penny of your step. For this, our advice is to have it with you at all times, so you should use the Notes tab of your phone during the day. When you return home in the evening, you need to transfer the notes you recorded with an Excel or Word file in order to see them properly. Let’s say that this will take about 15 minutes of your time. Write down all your expenses in the form of the product you bought, the time of shopping and the amount. Thus, at the end of the month, you can more easily divide them into categories (such as food, clothing, cosmetics). When you come to the end of the process, you may encounter unpredictable results, and you may ask yourself, “How many bottles of water do I take in a day?” Small changes to your lifestyle (like keeping a glass bottle on your desk) can yield lucrative results in the long run.
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