I know many of us have received our 13th month pay and Christmas bonuses. Well just a piece of advice: Don't spend every thing! (Stop being a one-day millionaire this holiday season) Yes, I know that we want to give gifts to our love ones and friends (ourselves also), but we should always keep in mind that we should save for the rainy days. On my younger days, I often splurge during this season. And ends up a "purita" before the new year. When I bought my own car in 2004, I have learned that I should save or at least open up a business to make that money on hand grow. Being in the accounting field also taught me how to budget my finances. Though there are times I go over board and I end up: guilty of spending too much on something not so important. I know sometimes we should also reward ourselves, but we should always keep in mind that "unexpected" expenses may come any time. (When we least expected it: Like what happened to me last weekend, good thing I have a little savings to cover up for the car repair)
I came up with this budget wallet (few years ago, but I reinvented it: with dividers instead of envelopes): So I can easily segregate the salary or any monetary benefit I receive. For savings, meals, gas, transportation/fares, communication or mobile loads, utilities, entertainment and etc. (Aside from that I also make my own cash flow. *wink!) But for those not on the accounting / finances field this budget wallet would somehow help you in budgeting.
- Card board
- Scotch tape
- Pair of scissors
- Pen or Marker / Computer print out of budget names/titles
- Measure the length and width of the wallet;
- Draw the measurement of the wallet on the card board. Remember to adjust the size by 1/2" or 1/4" down so it will fit the wallet perfectly;
- Cut the cardboard. This serves as your dividers, make sure you do several pieces;
- You can write the name of expense or budget title/name on top of the cardboard divider or you can print and tape it;
- When you are finished naming the dividers, you can now insert it inside you wallet.
Last tip! Open a passbook savings account and try to deposit every month. Why with passbook? Because if it's an ATM account card you can easily access your money anytime and any where.