My Method of Budgeting

It's another great week with several editions of the @hivelearners weekly prompt.
Starting this week is edition 1 of week 28.

I can recall well in my senior school when I was studying economics. It was social science, therefore, every student learned it whether Art or Science.
The course taught me to control my funds when growing up.

Source

How I build my budget

Knowing my income, it is preferable to live below my income than living over it and incurring additional debt and financial troubles for myself. First of all, I check my income, whether it might be business, job, or investment, and verify them before establishing my budget.

Scale of preference
This is where the economics I studied plays more.
After reviewing my income, I look out for what is most essential to me at that particular period. It is simply choosing things with more importance or priority than the other.
As a student do I need a car? Why? How will it assist me?

In preparing my budget I prioritize needs(higher priority) before my wants(lower priority).

Add the estimated cost to items
In preparing my budget I prepare a list of goods I will need and enter their amount.
Imagine I want a phone and it will cost $50 putting a cost to it would assist me in not going above my budget knowing fully well I budgeted simply $50 for it.

Implementing my budget
There's one thing to make financial objectives, there's another thing to work with them. I make sure I work according to the budgets established by myself.

Factors I consider while budgeting

Here the scale of preference is still a component I consider 1st. I do not buy stuffs because I see others obtaining an identical thing.

Emergency funds
They are money held aside for miscellaneous. There are not truly budgeted for but are placed aside in case something arises.
They are different from savings.

Check the magnitude of my goals
After checking
the amount of my income. I make sure my objectives are achieved with the money I obtained either weekly or monthly and I work according to them.

Thank you for reading