Set your financial goals.Īlong with your budgeting, you need to decide what your financial goals are – your savings and investments. Here are a few tips on how to budget your 20k salary in the Philippines. But despite these things, there is still hope in fixing your cash flow and making sure that your cash flow covers all expenses.
With the rising inflation and cost of goods skyrocketing, we couldn’t agree more. Some people think of a 20k salary in the Philippines as a small amount that leads to a tight budget. Be more specific with the figures every month you create a budget so that you’ll come up with a realistic balance after deducting all your expenses from your income or salary. Track your expenses by making a list of each and you’ll be surprised to find out how much money you’re wasting on things you don’t really need.īelow is your guide to budgeting your 15k salary by listing all your expenses (mandatory and voluntary expenses) such as rentals, utilities, groceries, transportation, load allowance, and more.
You need to have a solid understanding of your expenses so you can figure out where your money is going. Make a list of your expenses versus your income.įirst, let’s start with the basics. It’s a matter of influencing your thoughts with your actions to make proper budgeting of 15k salary possible. Thus, your mindset towards money will tell you how to budget your 15k salary and make it enough to suffice all your needs. The way people view money depends on their upbringing and daily habits. So how does one squeeze in all the expenditures without living paycheck to paycheck? One way is by adjusting your money mindset. For some people, it’s a challenge to budget such income because it’s just enough for a living.
Modify your financial mindset.Ī salary of 15k isn’t a lot of money. Here’s how to make your 15k income enough to suffice your expenses. Therefore, avoid impulse purchases and resist the urge to overspend.Īre you earning a 15,000 salary in the Philippines? How’s your budget going? Is it enough or are you having difficulty stretching it to cover all of your expenses? Indeed, overspending can mess out your budgeting. Truthfully, the most common reason why you’re out of the budget is overspending on what you don’t really need. It’s advisable to track your spending to avoid unnecessary expenses like excessive dining out or too much leisure. One way of doing this is to keep a record of all your bills such as your rent, utilities, internet, insurance premiums, and all other monthly payables you need to pay. Managing your budget is being cautious that every peso counts. Read more about these budgeting methods here. The Goals-Driven Budget – budgeting for a specific goal that could be a travel, new home, or new car.The Half Payment Method – works out monthly bills where you can set aside half of the payment ahead so that it won’t be hard to pay the total amount.Zero-Based Budget – a method where all your expenses are covered from your income and lets you account every peso.Cash Envelope Budgeting – distributing your income to different funds (emergency fund, give fund, etc.) base on the labels in each envelope.The allocation is 50% for essential bills and expenses, 30% for flexible spending, and 20% for financial goals like savings or investments. 50/30/20 rule – the most basic budgeting method.It lets you organize your money effectively and serves as your guide to record your cash flow transactions. Find the right budgeting method for you.īudgeting is a spending schedule that helps you decide how much to spend on a specific period. In addition to the above budget planner, these 2 simple ways can help you budget your money.