Don't budget on money yet to come

[Augusta]

This is one mistake people make, the budget and work with money that's yet to get into their hands. You have to avoid this pitfall if you want to work better with your financial life.

 

[SHAHID987]

While working in Johnson &Johnson company my sweet late friend Maqsood Ali used to say. As if company says we are going abroad then don't believe on it, till airplane move on runway and fly up in the air. Same we should not do anything till we get money in our hands.

 

[freelancermaria]

Yes, it is true. Some people spend their hard-earned money before obtaining it. They go for the buy now, pay later options.

 

[Starmix]

We can do plotting, do list on what to possibly buy to make a proper budgeting despite money isn't there . We can make an assumption and speculation.

 

[Tracee]

Even the bible says woe unto the man that put their trust on man cause they will fail so to avoid story thy touches wait till you see the funds before you start planning

 

[Augusta]

While working in Johnson &Johnson company my sweet late friend Maqsood Ali used to say. As if company says we are going abroad then don't believe on it, till airplane move on runway and fly up in the air. Same we should not do anything till we get money in our hands.

Yeah that's the message. Have the money first in your hands to avoid building castle in the air and you get disappointed at the end of the day.

 

[Suba]

This is one mistake people make, the budget and work with money that's yet to get into their hands. You have to avoid this pitfall if you want to work better with your financial life.

In business and personal finance, a budget is an estimate or forecast for the future so that at the end of the period, whether business people (companies) or individuals will make a comparison between the budget and actual records or what we know as realization. In companies, budgets are also prepared from estimates such as income forecasts, sales forecasts, purchasing forecasts, production forecasts, etc. So if you make a budget with the money you have in hand, it means you are only recording financial expenses, not a budget.

 

[Augusta]

In business and personal finance, a budget is an estimate or forecast for the future so that at the end of the period, whether business people (companies) or individuals will make a comparison between the budget and actual records or what we know as realization. In companies, budgets are also prepared from estimates such as income forecasts, sales forecasts, purchasing forecasts, production forecasts, etc. So if you make a budget with the money you have in hand, it means you are only recording financial expenses, not a budget.

I was referring to making budget with money you are just expecting which you are not yet sure to get into your hands not the ones in your hands already.

 

[eLdavis]

This can be very dangerous, in a situation where you have made all your plans on a particular money you are expecting, only to get disappointed at the last moment, it means you are stranded.

 

[Augusta]

This can be very dangerous, in a situation where you have made all your plans on a particular money you are expecting, only to get disappointed at the last moment, it means you are stranded.

It can really be a frustrating situation. Nothing is so exhausting than this. You can execute the plans you had put in place

 

[King Belieal]

This can be very dangerous, in a situation where you have made all your plans on a particular money you are expecting, only to get disappointed at the last moment, it means you are stranded.

That's a valid point. But if you are expecting something like your salary, it is better to start planning ahead of time before the money comes in. When the money comes in and no plan, it might be spent impulsively.

 

[eLdavis]

That's a valid point. But if you are expecting something like your salary, it is better to start planning ahead of time before the money comes in. When the money comes in and no plan, it might be spent impulsively.

Yes in cases like this, it's best you plan so as not to mismanage whatever that is coming. Most times when I go for an outside job where I get paid monthly, I usually set a list for everything I need to do.

 

[Augusta]

The thing is that money you were too sure of might never come. So you need to budget and only execute Money you are sure is in your hands

 

[freelancermaria]

The thing is that money you were too sure of might never come. So you need to budget and only execute The money you are sure is in your hands

Yes. Although some individuals may be confident about receiving their money, there is always a chance that it may not come through. As an online freelancer myself, I only receive payment once a month, which makes me feel uneasy at times. What if my employer suddenly disappears? Unfortunately, these things can happen in the online world and many freelancers have fallen victim to scams. Therefore, I refrain from spending the money until they have been deposited into my account. I avoid spending a lot of money since I am uncertain whether the funds I use will be replenished.

 

[Augusta]

Yes. Although some individuals may be confident about receiving their money, there is always a chance that it may not come through. As an online freelancer myself, I only receive payment once a month, which makes me feel uneasy at times. What if my employer suddenly disappears? Unfortunately, these things can happen in the online world and many freelancers have fallen victim to scams. Therefore, I refrain from spending the money until they have been deposited into my account. I avoid spending a lot of money since I am uncertain whether the funds I use will be replenished.

That's the way to go. It is better to save than to spend. Spending money is not having Money as you can't recover money spent.