Savings - Budgeting Formula

In 'How to Save Money: Making Smart Financial Decisions', Terrance Odean share some simple insight on how to save money.

We will notice 1st that when it comes to saving, Budgeting cannot be ruled out. It is the deliberate way to achieving your savings goal. I shared a little bit on some simple steps to creating your personal budget in a previous post, so you can check it out to know just a little more.

So now I am sharing a formulae for budgeting.

We should know that the higher your sources of income are the easier it is to achieve your budget.

That said, this is a simple formula.

Terrance Odean shared the formula Senator Elizabeth Warren and her daughter wrote in their book “Worth” stating that there are basically three personal categories in budgeting — The Must Have, Savings and Wants.

1. Must Haves; These are recurrent expenses that show up like food, bills, transportation.
2. Savings; are the money you plan to save.
3. Wants; These are any other expenses that pops up or stuff you desire to buy.

He advice you then split your income into percentages.

Must Have - 50%

Savings - 20%

Wants - 30%

This is quite simple and easy to apply.

We know that so many unexpected circumstances can arise everyday like health challenges, broken car or some domestic hazards which we don’t pray for any but this can be used as a simple template to achieve your budget.

I would advice that when it come to saving, ensure you do it 1st. It should not be done after you have met all your expenses.

Pay yourself First.

There are many saving platforms and opportunities that I will introduce you to soon that could serve as an investment to you why you save.

Create your Personal Budget

    Personal Budgeting is one of the ways to improve on proper spending. We are most times focused on how we make money but never how we spend it, but budgeting is a good habit that will help us check our spending and ensure our income goes to proper use.

This are some basic-easy to apply ways to create a budget.

Step 1: Know your Monthly Spending


You can do this by either

• 
Checking through your email and calculate the monthly account statement the your bank sends.

• If you have your bank mobile App, Just request for your Statement from January 1st till now (This is the easiest).

• You can go to your bank also and fill a form requesting for it.



Now this does not include physical cash you receive that never made it to your bank account, you can pen down as much as you can remember on a separate sheet. 

Step 2: Write down your Spendings into Categories.

    Categorising your budget will help you to know how your money is spent and what it is spent on, this can help you know what is a necessity and what isn’t.

    You can categorise them into your Regular or Fixed expenses like Food, Rent, Transport or Casual expenses like clothes, outings and then also emergency spending like health, repairs and the likes.

Step 3: Set Financial Goals for Yourself

This is totally personal to you. 

    What are the things you are planning to achieve but needs some heavy financial commitment. Lately for me, it was my school fees. So it could be that of your children, to building a house or buying a car, it could also be saving towards your wedding. Both short and long term goals should be set.

Step 4: Create a plan for the next month to achieve your financial goals.

    Now with all this definitions on paper, you can predict how your next month will look like financially. So you can create a plan you could work with on the things you would spend money on to achieve your set goals. Break some of the large financial goals into bits, in percentages and over a period of time.

Step 5: Lower Unnecessary spending as much as you can

    After all you have done, sticking to your plan is totally up to you. You might have to cut down on some luxury and if you must, create it inside your budget.

Step 6: Check your Budget weekly.

    Looking at what you wrote will help remind you of what you want to achieve and keep you committed to it.

'JESUS IS COMING SOON' IS NOT THE GOSPEL

Jesus is coming soon is more of an information to the believer than the unbeliever. 

To the Unbeliever, it is Jesus has come and your sins are forgiven, that’s the good news. 

Jesus Christ came to redeem the sinful nature of man that broke the relationship we had with the father. Now we can be reconciled with the almighty God by believing on what Christ has done. [2 Cor. 5:18-19]

We know that the payment (punishment) for sin is death which many practiced for years in killing of bulls and goat and some still do till now. [Rom 6:23, Heb. 9:13-14]

God expressed the height of love for us by coming to die for us in the person of his son Jesus Christ. [John 1:1; 3:16]

Jesus died on the cross, cursed to be sin, was buried for three days, covering our past, present and future and was glorified (rose) on the third day.

In this he paid for the sins of the whole world in full once and for all. [Heb. 10:10]

And YES! He paid for your sin and mine too.

The only way we partake of it is when we believe it and confess Jesus as Lord. [Rom. 10:9-10]

This is the Gospel.

Jesus is coming soon should be an information that gladens the heart of anyone who has believed in THE GOSPEL because we have an assurance that we will be taken with him when he comes.

It should be an information that reminds a believer that there is urgency now in the preaching of THE GOSPEL as we want more to be save and come to the knowledge of Christ and into the family of God which we are in.

It should be a reminder that it is time to pray more. Pray that the knowledge of Christ reaches the ends of the earth.

Jesus came and he is coming again.

Blessed.

~Osahen Oghogho

What's I have been up to for a while now

Its being a while here.

Have always wanted to do something spectacular and its becoming an excuse for procrastination.

So am not going to put much thinking to my write up(its becoming the only way I do things now, proactively?).

What I have being up to...

Ok, since my thoughts to words post which was the beginning of the year I so much has happened.

* I Graduated.
* I Handed Over Leadership
* JAMSummit 2016
* I Moved
* Am Working

Its being a change of everything.

Its a totally different scene after school. You are face with real issues, people facing real issues, future defining questions to be answered, real decisions to be made.

The whole experience has being transforming.

You think am same Osahen you use to know, I could tell you, A LOT has change.

A quick preview:
I literally leave what man calls civilization (Telecommunication) every morning and have fellowship with colleagues, nature and machines.

I come back in the evenings or night, one way or the other exhausted.

* Hours spent online has dropped geometrically
* I enjoy more time alone and quiet.
*  Am more business and work progressive than relating now.

In all this, the only thing that makes sense is the Gospel. It has being the core through every step since the beginning of the year.

So many people believe I have forgotten them because I moved or graduated or any of the transitions I stated...

Well, the truth is, I have...
But what I have learnt from you lives in me,
The experiences we shared I can never forget,
Your good deeds I will always appreciate and speak about,
You are part of my growing story, part of my history told.

We might not be in contact as we use to right now doesn't mean you ain't still as valuable as you where. You are most cherished. I believe if we are to meet now, you will understand what I mean.

Some people feels a BAE in my life is the reason our relationship went cold(Smiling). Well, It takes a lot of maturity to handle what my emotions has to offer now. Don't wish to be in the shoe.
Jesus is BAE.

So am thankful to everyone who has and is a part of life process.

Family, colleagues, CFi & CGMi Global, Friends, local assembly and much more.

This blog is dedicated to you all.
Stay blessed

#JesusIsSweet

GPK Ft. Ogaga on a New Single #Grace

"Our lives would have been wasted if our God didn't preserve
All because of His GRACE I know we never deserve"
Get the latest single of fast rising South-South gospel rapper, Godspower Kabowei  (GPK) featuring Ogaga .This one will surely get you high-spirited in times like this where works fail. #DownloadnShare

https://goo.gl/pZjYL1

GPK Releases Two Hit Singles

Fast Rising Warri based gospel rap sensation and Crown FM OAP Godspower Kabowei (GPK) releases 2 hit singles #WWW (Worshipping With Words) and #Iyagolongtong (God's love) from his soon to be released "Gospel for the street"album.

You won't regret hitting the download botton or sharing...
Click to Download #WWW
                               Iyabolongtong

New Year doesn't mean New Life

Happy New Year Friends

As we know it, the calendar is meant for references and marking time.
The quality of your life is dependent on what you daily invest into it.

It's a new year, a marked time for the beginning of a new season.
A beginning of a defined period of 365 days.
The timer has just being reset.

That's all there is. Nothing really has changed.
Same you of new year eve, will still be you when it's new year.
If you were broke, you still will be broke
If you were wealthy, you still will be
If you were sick, or foolish, or in school, or jobless, or successful.
There will be no change because you are in a new year.

Every positive change you want to see must be deliberately made by you. Yes, its not magic.

Its a new year friends, grow everyday, no matter how small. (My people perish because of lack of knowledge).

You want your business to grow, get to know your business trends beta.
Be a beta staff
Be a beta boss
Be a beta student.
Grow spiritually... Get to know God and all the truths he said concerning you.

You growth is up to you, not the new year

-Osahen Oghogho