NU 12 (1) Abellera, Hanna - New Spending Habit

NU12 (1)-New Spending Habits

Hannah Rhuelle B. Abellera

S10-ENTREP

As a single and independent person, it is very important that I am practicing the proper way of saving up and spending money. It would also help if I would be settling down and have my own family. It is wise and practical if person knows where the hard earned money goes. I would like to keep myself away from buying of unnecessary items.  To have new spending and saving habits, I have thought of the following that might help:

·         On pay day, I would separate an amount of money for my monthly obligations like cellphone bills, credit card bills, and contribution to house expenses and others.

·         Deposit an amount of money immediately on my savings account

·         If I want to buy something new  for myself, I'll just stick to the range of price I'm going to buy

·         I'll withdraw the 1^st week's allowance and leave the 2^nd week's allowance, just withdraw one week at a time

·         Budget my weekly activities, I would make a list on my regular spending on a day and then add an excess on my budget (in case there's an emergency spending), that would also include if I'll be having a hang out with family, boyfriend and friends

·         I would buy a small index card box. Inside it, I'll put partition, index cards with labels on top. Labels would be indicating the names of the days of the week, monthly obligations and additional savings

·         I'll place the money in each day, I would really try to strictly follow the set budget on that day and at least still have savings from it

·         If I would save from a day's budget, I would place it in the index card box in the "additional savings" or "monthly obligations" labeled partition. This would serve as a fund and that would depend whether I am going to buy things for myself or add it to my monthly expenses. And if this would be successful, then this routine would continue, hopefully.

If I could abide in my new spending and saving habits, it would make my savings account intact for future spending. The savings can be used for travelling, investing it in venture and other higher purposes.