Hello Steemian friends!

Today I want to share with you my budget plan for @smaeunabs' budget challenge contest! A brief history of myself - I am a full-time employee besides being a Steemian. For this budget challenge, I will show you how will I budget my earnings here in Steemit.

Being a full-time employee also gives me the priviledge of allocating a new budget plan for my other earnings like here in Steemit. Please take note that my salary as an employee is for our monthly living expenses such as food, bills (electric and water), remittance to parents, allowance, groceries and etc. I guess it is kind of monotonous for me if I do that budget plan because where's the thrill of monthly expenses right? But anyway, what I like to share with you all is how will I budget the "extra" earnings I will get from Steemit.

Please check out a doodle chart I made below because I don't have computer. I did everything in my smartphone only.

My Budget Challenge Plan

Why did I choose presenting my Steemit earnings budget plan? Because it is fun to see that my extra income will not only go to splurges and food! It will definitely be allocated to more sensible stuff. Read on and see my doodle pie chart!

Here's my brief explanation why I chose this kind of budget plan: (Monthly Plan)

50% for Emergency Fund - Currently, my family is building an emergency fund that needs to be untouchable. We are targeting PHP 100,000.00 Emergency Fund for this year. Because of the huge amount, I will be needing 50% of my earning in Steemit to fill-up this fund faster.

To all Steemians, I recommend for all of you to build your Emergency Fund first so whatever happens you are secured. Ideally this type of fund needs to equal to 4-6 months of your monthly expenses. This will keep your life moving even if an unexpected event happen like job loss, big accident or whatever that will make a huge impact in your life.

Build your Emergency Fund before anything else.

30% for Short-term Savings - What is short-term savings for? I know you're now questioning its difference with Emergency Fund. Well, short-term savings is for family vacations, eat-outs, gifts and, other things like home repair and trip to the hospital. Remember, Emergency Fund is untouchable even if I need to be confined in a hospital and take expensive medicines I cannot use the Emergency Fund. So, where will I get the money to pay hospital bills? Yes, you got that right, in our short-term savings. This is the touchable fund in times of mini emergencies and such. I will give 30% of my Steemit earnings.

10% for Steem Power Investment - Investing in Steem Power should be mandatory to all Steemians because it can help them increase their voting power and at the same time their reputation. My goal is to have more than 3,000 SP this year.

Moreover, investing in your Steem Power can help the Steemit community grow better and stronger. Steemit is like a company where it also needs investors like you so to make it bigger. Plus, you can help your fellow Steemian when you upvote his/her post because you are helping in increasing their earnings (and helping them invest in their own SP as well).

I think if we don't invest in Steemit through buying more SP then it will be a stable platform. In short, it cannot be a source of stable income so better invest on it now.

5% for Education Fund - This is for my children. While they are young I want to save some money for their education because let's face it, school expenses are skyrocketing so better to save for the future.

5% for Investment Fund (ICO, VUL, etc.) - While I still have a stable income and can afford to lose some money, I am alloting a percentage to investment. Because of Steemit, I have seen an opportunity to invest in cryptocurrencies so that's where I will save a portion in my investment fund. Also, I believe that while I'm still young I should invest in life insurance. I am thinking of investing in AXA basix life insurance which also have an investment form too.

So there we go, I hope you have learned something from my budget plan. I am really excited because finally my money have direction hehe.

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Thank you for reading!

January 18, 2018 - 11:18 AM