Managing Finances: A Journey Through Budgeting and Expenses

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The budgeting is an activity in which we allocate the in-hand funds or expected funds for different purposes. The purpose can be the purchase of household items, food, or maybe some other purchase. We all do some work for a living, and using the earnings wisely is very important, and budgeting is the best way to plan and use the funds.

In my case, I receive my salary every month on the 1st. One-third of my salary goes towards the repayment of the home loan, and the rest is for other purposes.

In today's world, whatever we earn always seems to be short for us. For example, when I started my job, I was earning one-seventh of what I am earning today. Life was good at that time and is going nicely now as well. It's true that when I started my career, I was unmarried, so my expenses were also less. I was living in a shared apartment, and we also shared the kitchen expenses equally. In this way, we were able to manage our expenses with less salary.

After marriage, I moved to an independent apartment, and along with this, my other expenses also increased. But somehow, I managed my house budget as I was earning more, thanks to the new job I joined just before my marriage.

After the birth of my kid, one portion of my salary, or I can say, I allocated one portion of the budget for her. When she was a newborn, the list of our expenses from her budget went to baby powder, milk, and diapers. And now that she is school-going, a big part of the budget is for her school fees and other expenses. I must say the cost of education has increased significantly compared to the fee structure during our school times. I remember my college fee was equal to the fee we are paying for my kid's junior class. In today's time, education is also very expensive if you want to get admission to a decent school for your kid. The other activities from school also add to the cost. The school fees are payable quarterly, so I do not have to worry about the same every month, but it's good to allocate the amount every month so that there should not be a burden on the budget in fee-paying month.

If I talk about the spending of the budget allocated for different purposes, then I must say most of the payments are payable in the first week of the month itself. For example, the payment to the milkman, groceries, etc., are required to pay in the first week itself. I prefer to use my credit card as the payment mode. It gives dual benefits: first is the time for repayment, and second is the reward system. We earn reward points when using the credit card, and those reward points can be used to adjust the payments or to purchase some items from the list.

I guess women are better than men when it comes to home budgeting. I have seen in my household also that home finance is handled by my mother, and now also it is handled by my wife. No one is better than our wife or mother when we talk about the family and the budget to run the family.

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