How to Survive the Crisis with a Smooth Note Financially Building healthy money habit to feed a Pocket

How to Survive the Crisis with a Smooth Note Financially

Building healthy money habit to feed a Pocket

Amidst these ongoing market downturn, people are being fired off to job,others make public rant for government to support them as this is their right,and if youre one of  the lucky ones if may so,you are either a frontliner risking yourself to the country saving lives and making the country safe.Or you are probably working at home, thanks to your industry which has been sanitized, which continue to operate for its demanding role to the economy.

Whether we have a job right now or not,the question is how do we manage our money with the situation like this?Being an Overseas Filipino Worker I am sharpen to train my mind to take care of my hard earning money using it only for my utmost needs and less for the wants. With the barrage of expenses we faced everyday, leaves us nothing but a bed of receipts. To give systems to our spending I came up to this habit which I've just also practice during my college days which is to have an "Envelope Method System". Let me guide you on this recipe of good handling of money to make it as a practice and put into habit.


What you need:
Envelopes or Ampaw (Red Chinese Envelopes)
Notebook
Ballpen
Mobile Phone

BE A BOOKEEPER
Start to list down your expenses,from Day 1 of the month.To make it easy for you separate the fixed expenses and the variable expenses.Examples of your Fixed Expenses are your Savings,Housing Rent,Car Loans,and Insurance Package and Internet Plan.While for Variable Expenses you enlist your Food/Groceries,Electricity and Water Bill,Transportation allowance, and Reward yourself fund.

BE AN INSPECTOR
Doing this religiously for 1 month,yes 1 month since we are doing this on a monthly basis we can now tell how much money comes out in your budget.Thats why I included notebook in what you need since it will be your tool to track those spending even a single centavo will be noted to your list.
When going outside a small notebook or a note app in your iPhone to bring with you is a must haves.

BE AN ORGANIZER
Now the next month came and youre fully aware where the money goes, lets move to segregation and group these into categories and designate a certain amount for these expenses.As for my case I group from needs then to wants.I make an envelop for Savings,yes I treat my savings as expenses also,Food and Groceries and regarding for Groceries I divide the amount for 4 weeks,Rent,Electricity/Water Bill,Transportation,Wifi,then I put also for my wants  in a separate envelope as my Reward Fund to finance my Travel Goals and the much awaiting Starbucks splurge treat.

BE A PRACTITIONER
Yes all of this, will be useless if youre not doing it as a habit.During the first week will be horrible headaches but trust me as you continually do it,you tell or remind yourself  if you still following  it or you're goin overboard.Checking how much left for the budget on each envelope everyday you will be amazed and love to do it no matter how busy you are, it will give you a sense of achievement for the day.Lets put those writings into action

BE A FUTURISTIC SAVER
For what purpose we are doing these budgeting?After vigorous trial and error,you have became comfortable with the budget you have,everything is fall off in the bones its time to achieve that emergency fund you are responsible for it  might happen like a thief in the night.
Cut those unnecessary expenses and put it on your savings account for emergencies that may happen in the future. At the end of the day,savings will turn out to be your go to guy if crises like this happen again,you are not only building good habits to yourself but you create your own future for yourself and for your family.

Nowadays our market is down and businesses closed,business economy are unpredictable leaving us in a vulnerable position as we cant control this kind of phenomena but tighting those belt for budget is what we can do to survived.If we cant predict Business Economy lets put the fate of our Personal Economy to our barehand.