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How do I Budget my money so it spreads further?

For if there's a specific item I wish to own, or if my mother is short a few bucks on rent for bills, how can I budget my money to help her and buy items I'd like too?

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Aaron’s Answer

Identify your earnings and spending, and differentiate between your essential needs and your luxuries.

I set aside a certain percentage of my monthly earnings as 'untouchable.' This money is reserved for emergencies or for future self-indulgences.
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George’s Answer

Your money only spreads where you put it. You need a WRITTEN SPENDING PLAN. Two parts: income & expenses. Then it's addition and subtraction.
Spend on needs first. Then spend based on priorities. What's most important to you.
I always highly recommend something saved and something given. Up to you how much and where.
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Yanna’s Answer

Creating a budget involves figuring out your earnings and expenditures. You'll need to identify which expenses are necessary and which are simply desires, then rank them in order of importance. To prevent spending more than you earn, you have two options: boost your income or cut down on your expenses. Another effective strategy is to keep a record of all your spending and revisit it later. This will help you decide if you need to modify your spending habits for the following month.
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Anson’s Answer

To achieve your dream of owning a specific item, it's a great idea to allocate a portion of your earnings to a special savings account dedicated to buying that item. It's important to figure out how much you can comfortably save, how much you need for everyday expenses like rent, utilities, and food, and when you aim to buy your item. If you're eager to get your hands on your desired item sooner, you might need to put a little extra from each paycheck into your savings. Remember, this money is for your dream purchase, so try not to dip into it for other expenses unless absolutely necessary for your daily life. Keep going, and soon enough, you'll have saved enough to make your dream a reality!
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Omani’s Answer

Hi,

You ever heard of the 50/30/20 rule? If not in simple terms, it is 50% for income needs, 30% for income wants, 20% income savings. This is a great way to start budgeting and looking at the long term. Do some research on it. Once, I used that for a few years in my 20's, I was able then to tap into better ways to budget for sustainable success.
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Tyler’s Answer

Dear Hailey,

As a Financial Analyst with a lifelong passion for personal finance, I commend your noble aspiration to assist your mother financially if necessary. Achieving financial stability to support not only yourself but also others requires either substantial wealth generation or a modest lifestyle. My personal approach has always been to maximize savings to be ready for life's unexpected events and seize desired opportunities. I seldom indulge in dining out or making purchases based purely on wants. By being disciplined in your spending habits, you're likely to attain greater financial freedom than most people around you.

Wishing you all the best,
Tyler
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