Bitcoin Forum

Hey guys, since i am a guy with all the plannings and stuff and cant deny my love for financial studies, i come up a financial plan for 2019 that can also help you to maximize your profit.

So i am earning $500 per month. Yeah, its kinda small for some people. But its enough to do all the stuffs and everything. What's the first thing to do?

Before you start on financial planning , you must first be a debt free citizen as possible. So if you have debt know, deal with that first.

So here's the plan

1.) I mentioned on some of my posts that i have earned motorcycle on a gambling game so i put a $12 budget on that per month. Its a fuel injected transmission so it is not really consuming gas. Thank God. It will depend on the person's transportation expenses but i guess $60 is enough per month.

2.) I also have this $60 budget on meals everyday and sometimes, i get less than that. Its really nice if you will minimize your cost in order to have a good financial life.

3.) $30 is also enough for my leisures such as buying comfort foods ,gambling, games, etc. Its also right to treat yourself sometimes because your life doesnt have to be a boring house-work-house system.

4.) I am living in a family oriented country so it has to be something to give on my family. $50 is what i give them every month. Too little for others but i guess its enough since my father is still working and my brother is working too.

5.) $100 is the amount i put on insurance which is paid monthly. Its a must that you have one for security that is not for you but your loved ones.

6.) I put $100 on my personal bank account for liquid emergency purposes.

7.) The $50 was intended to be my budget for travelling since i really love that hobby.

8.) Lastly, the remianing $50 is put on cryptocurrency for trading or holding, whatever profit it will serve. The portion for cryptocurrency is slightly less why? Because i already some crypto profit for the past years and i just maintaining it slightly per month.

I lived on this kind of method for the past 4 months now and its successful so far. You can adjust the portions depending on your salary and expenses. I hope i inspire someone to do it also because it really helps monitoring your account and the magic begins ones you are aware on your daily expenses.

Well, it is nice that you are able to see good results on it. If you can cut some amount from your leisure and travel hobby and extend that capital for establishing another business. That will create you another source of income, you can start another business with that amount.

It isn't that big but as long as the money is cycling on your financial status, it will generate you a source that you can actually grow and will eventually drive you additional income. Well that's just my 2 sats, overall keep up the good work!

It's not crypto budget plan but your expenses plan for the month. I guess having a plan for your expenses is what everyone is doing so far. But sharing your idea is sure a help for those with less knowledge on planning.

First, 500 $ per month is a fairly large income in my opinion and maybe I can do better planning than you ha ha. The important point here is about 10% of the income you use to invest in crypto I strongly agree with that because for now so promising. Someone can be said to be successful because they are able to manage their money well because the financial budget that is managed well will have an impact on one's life in the future

Stay away from alts they occasionally might have better gains but take higher amount of management. Bitcoin you can just buy and leave and spend your spare time making money to buy more.

It's good that you are sharing your plan, as for me, I have a full-time job that is sufficient for my expenses: bills, leisure, daily expenditures, etc. On my free time, I search for opportunites in crypto to earn and at the same time to learn, this is where I get my money for crypto. (I am not an active trader, I just accumulate and consume bitcoin and HODL some for future purposes.)

I always try to maximize my time and opportunity to earn, of course I do give my self a reward and go on vacation from time to time. :) Just handle your finances carefully, and don't be stressed too much. :)

I think $50 a month allocated to crypto is solid, because in the next bull market that will likely multiply easily. Having money previously in cryptocurrencies will similarly multiply. As we are about to enter a new bull market, in my view, I am coasting it for now: I will simply build up my holdings with what I earn from the signature campaign. I probably won't be making any big purchases into the bull market. And I agree, paying off debt is paramount!

That's really good of you to have each and everything planned prior. Also making all needs fulfilled within the earning made makes life go without any debts. If I've planned in such a way, by now I could've managed to earn good. Hope to see more users go with this kind of planned spending to make life more enjoyable and stress free, because having debts cause stress.

Is the $ 500 is what you earn from your Full-time job? Or is it your total income?
It is good to plan for the future (divide your revenue), do not make the distribution in specific numbers but in percentages, for example, 30%, 20% or 10%.
I advise you not to invest more than 20% of your total income. This ratio is different from your reading of the market and your expectation of a rise or fall.
Same for the rest of your monthly expenses, do not make the expense limits fixed.

Despite your love to financial studies it seems like you've been missing your classes a lot because putting all your investments into crypto is a very bad move. All your funds that you saved for traveling or emergency cases are not considered as investments.
Skilled investors consider all cryptocurrencies as risky assets and even if they invest there then it would only take like 1-2% of their portfolio. In your case it would be up to $1 each month.

He's young (you can tell because he is living with his parents). Young people can afford to take risks because they have their whole lives ahead of themselves. So putting his money into crypto is fine at this stage.

The time to switch to more risk-free investments (cash, bonds etc) is when you get married, start a family and buy a house. At that stage you can't afford any risk at all, and all savings needs to go risk-free till your children have grown up.

There is always room for being exposed to risky assets. If you look at how the more traditional investors do it, they just allocate 1-2% of their portfolio to whatever they believe has massive upwards potential.

If you end up losing that 1-2% it's all within an acceptable margin. If your entire 'safe' portfolio loses 1-2% you are basically swallowing a similar loss. As long as you don't go over that 1-2% allocation I don't see any problem here.

Also, how risky is Bitcoin actually if you do a proper fundamental analysis? If something has done extremely well in its first 10 years, it's very likely going to do the same in the next 10 years.

$1 per month? Seriously? That would most likely amount to a very minute profit which is why I don't see anything wrong with him investing $50 per month(He is not pouring all of his funds into cryptocurrencies clearly).

This is basically his budget plan which is pretty good in my opinion, but I feel like he should have put aside more funds in his savings account.

He might be doing like that just be safe in any unexpected falls happen. There is no wrong with that, but if we consider crypto us our major source of income definitely could be hard to sustain our needs with that amount invested, it needs more capital to help it out.

Maybe this person is not full-time trader but he consider crypto as a storage of his saving and he might think also that he can be able to double his saving in the future.

He doesn't have to be young if he live with parents. At least  his salary supposed to be enough to rent a room or a flat in his country. Also in many places people are not leaving their parent's house asap.
Also being young doesn't mean that you should do retarded things. It is much better to use other people experience rather than repeat the same mistakes.

Considering that  most of his money are invested in safe assets then yes.
If he is investing all his "investing" money to cryptocurrencies then it is not a smart move anyway.

Very good budgeting, I know it's tough to do that because I didn't learn how to do it myself in my "early years". And I have to buy books about saving and stuff before I learn how to do and budget specially that I have family.

I think putting some money is not a bad thing, I mean for sure you all know that this kind of saving will benefit you in the long run so just continue to save for you and your families future and I'm sure you will reap that rewards.

How come it's a crypto budgeting plan mate? It's mainly your expenditure and savings plan which you intend to achieve every month! While it's good to plan your month well in advance,I don't see any particular plan for cryptos.

An ideal crypto budget plan will have the following components,

1. Crypto Portfolio details
2. New coin acquisition and why
3. Earning history
4. Reinvesting plan of your profits

Try to reframe the plan accordingly so that the community members are benefitted!

That is a good example from you, and we should give a salute to you because of your already success to make it happen to your life.
I am sure if you can continue your plan, you don't have to wait for a long time to be a rich person (or you are now is one of the rich people in your neighborhood).
You can apply your plan, and you make a good strategy for your life, and you can survive in the hardest situation, and the best is you still earn money in monthly no matter the market is going down or not.
We need to use yourself as the sample of the successful person in the cryptocurrency, and you are still trying to make your life better.
You have done to do good things for your life, and I hope we can try like what you did and all of us can get a better life in the future.

Mine is a bit different since I already make my living depending on bitcoin earnings anyway. I work for bitcoin and that is why I do not "put money" into bitcoin but I take out every month to live on that which means the less I withdraw the more I make. That is why it gets a bit easier for people like me, I can drop my expenses as much as I can and make money at the same time, my money is always on the rise (these months, it used to be going down) which makes it easier to save money as well.

I think spending money that you have from how much you can save versus how much money you can save is a better approach, instead of putting money into bitcoin which could be done anyway you want taking money out is a bigger challenge, you do not see your money going up but you see it going down which makes you spend a bit more wisely.

Your plan is very well set.
The most important fact is that you don't invest in cryptocurrency industry more than you can afford to pay.
You schedule your expenses first and then with the amount that it is left you buy crypto while some others people do the opposite.

I think this is more of your lifestyle budget plan, it's just that you allotted a $50 for cryptocurrency.

I respect your techniquie in doing your expenditure this past 4 months and not everybody can do that though because many of us and even me are spending alot of money on leisure most of the time and forget to budget my income on a monthly basis.

Indeed a plan is need, i also put something like 20% on crypto of i get every month and i mostly invest on bitcoin only, and i will hold for long, but sometimes i do small trades and sometimes i get extra coins.

First things first, no amount is small until it makes you feel happy at the end of the day. Besides that I earn less than what you earn and to be honest I am still happy with whatever I have got.
It's because I get to do what I like while still making money for it. Even if you invest $50 a month consecutively, it will yield you a fairly decent amount of profit at the end.
In my opinion, you should consider adjusting your investments in a way that it earns you more profit.

I guess we can all follow that the OP has posted here. I mean it's a sound and fundamental way of creating a budget stick to it and then see how it goes. But it could be adjusted depending on how much we earn per month. And I'm assuming this is your take-home for a regular 9-5 job right? Some individuals cannot even stick to their budget for a week, how much more for months in which the OP is practicing. We will not tell you the risk because obviously you already know it that's why you still chooses to invest so goodluck to you and hope that others could learn as well.

To my mind econony is something that you can't plan. Well, maybe you plan but pretty soon you'll have to change your plan because of some unwanted things. If you plan your budget, then need help from family members too (they have to earn their own salaries). When whole family is on your budget, you are in rent and etc, it becomes very hard. Btw your situation is different OP but that's pretty bad feeling when you have to move out of your comfort zone (have to turn from your budget plan).
I agree with you on saving some money in crypto, that's really great. At least you lose very small amount of money or otherwise you gain a solid profit.

If all of it according to the tittle of this thread i think it's very simple that basically your budget for crypto investment is 10% from your monthly salary and i think it was good if you consistently did it for each month possibly your crypto asset were increasing the value and for a year you will have approximately worth to $600 from your crypto asset

Living a life without any plan is useless, in cryptocurrency we should know how to budget and know how to manage our money. Its good to set aside fix amount whether its monthly or weekly and invest it on cryptomarket, I honestly have more time making plans for the whole month and execute it well. Its hard to focus on your plans, just try to do everything and don't broke that plan for your short term happiness.

A very well planned budget for your lifestyle but you should expect some emergency budget too because most of the time when the least you expect the expenses the more it will show and surprise you. But at least you still invested in crypto even though it is not that big yet it is still enough to regrow it back since you are trading too.

As others might mislead, people don't have to follow literally what OP does. What you need to do is also to create your own diversification of your earnings. OP does have it's own therefore it will be different if applied to others.

Since obviously, there are many factors that affect our diversification strategy e.g lifestyle, status, source of income, bills, etc. people can't just follow what others did. That's why takes time making a budget plan.

Honestly, it's a must to have a budgeted plan. It's should be the common approach to our own funds.

If you're investing in shitcoins, then sure, it's not a smart move, but if you just buy Bitcoin every now and then, you can't go wrong if you have patience.

I dollar cost averaged from the $6000 level down to almost the bottom, and sure, I bought in too soon last year when the price started tanking, but with how the price has gone up in the last weeks, every dollar paper loss turned into a paper profit. I even did some dollar cost averaging between $6000-$7000 and it's only a matter of time before these paper losses turn into paper profits. Patience is key here.

You need to understand and accept that the price can go down a lot after your purchase(s). Most people assumed that the price could only go up, but the bear market was a much needed eye opening experience for them.

A plan like that is very important to keep our financial life organized and to let us elaborate better our short, medium and long term goals.
Most people don't have a plan and this lack of organization makes them find themselves always confused on why they never have money, or worse, on why they always have debts. Important to highlight that as more you save (investing), more you will have in the future to spend (from a fixed passive income).

I was firstly very much interested in the title of your thread since I was very weak at budgeting. You're so lucky you bought a motorcycle with your gambling profits. Looks like you are so systematize and organize with the money management. I was just surprised that there some kind of things like this. I've learned something from this. Thanks for sharing, man. Crypto Budgeting is something we have to integrate.

The budget of a single man.
That could have been the title. ;D

Me? I also have my own budget and my income monthly is larger then yours. The difference is I have two kids who needs milking and diapers. ;D

Sometimes that gets to the way into all your savings. Better look unto that too.
I didnt read any savings from your division of money.
We cannot get away from all this crypto currency market and I do think it is still a good idea to make it stable. Consider it as your investment and also your savings.

LOL. budgets on those kids alone is something else, i really give myself kudos when i am able to survive this and still be able to make investment in crypto from time to time. I guess its because i am not just an extravagant person.

500$ per month is a nice number, you can really manage to had a plan on it, specially when you were living without a family ( a spouse and child) and had nothing to spend for others. Also if you were living on the country that has a low cost of living like asian country I guess since you said you were living in family oriented county.

even when we are single we should put more investment, I am single and $ 5,000 is a big number for me every month. I also saw the absence of savings, and I regretted it, because while we were young we had to prepare for a better life later

Do you spend money for electricity,internet,phone bills?
Those type of bills take a lot of my monthly income,but it's going to get better next year.
It's always good to have control over your costs,but nowadays people use credit cards,overdrafts,loans,etc.
which shows how incompetent they are when it comes to personal finance.

There is something I really want to understand on what you have written here. - are you still single or you're married? Cause I don't really know how $60 can be enough for you to feed yourself and also pay for transportation in a month? Unless maybe things are very cheap in your country. Where I live it us not like that,cause I spend more than that in a month and it gets more than that when you're a man with family.

Well, the main truth is that everyone can't live the same kind of lifestyle ,yours might cost you less,but there are people that will have to spend more than that. Do you pay rent and bills? That adds to everything on the list.

while we in young we have more time to prepare our future.and also we still feel strong to work hard in any place.if we able to save our money in investing ,when we be old man we will have much money from this investment.

a very good plan and thanks for starting this topic, some of the comments here were good. the only thing left is to stick to it and increase your revenue and networth.

i have a similar one too but i am taking bigger risks. i am not a big risk taker but when it comes to bitcoin (which is the bulk of my investment) i want to gain more profit and for that i have to take bigger risks.
but what i do in addition is that i usually cash out a part of the profit that i earn from trading altcoins back to fiat to both be able to enjoy the profit as i work hard for it and also reduce the risks i am taking so that things don't get out of hand.

There is a fine line between living a good life and just living and if you overdo one thing than the other will happen. Now can you live a very simple life with very minimum expenses and basically not spend a single dime at all and just basically pay for "must" things in your life? You can but that is not living, that is just existing, that is why you have to spend some money on things that will make you happy.

For example, I have to go to a vacation every single year, it changes year to year where I go and sometimes I go to same place I went before but in the end I always go to a vacation every summer, if I don't I feel bad. I also go watch a play at some theatre every year, at least 3 to 5 times, those are things to live for, of course there are tv shows and movies that I want to watch too. Now if you do not do things that make you happy and save money constantly and put all of it to bitcoin, could you be rich one day? sure but what does it matter if you are rich and not happy.

I like this Money Management, the OP user Money Management not only for Cryptocurrency but he using too for his Financial Needed. The problem with a newbie it's they never use a Money Management went investing at Cryptocurrency always put all of his money into one currency.

I really thought that I am good in budget planning until I saw your list, and I think I am so interested in following your list cost it’s a good one, although there are some that is not that applicable to me, like that of motorcycle, I don’t have any motorcycle to maintain, and I wish that I can be lucky as you too to win one or a car for myself, lol.

The only aspect that I don’t get is that of number 2, where you said you spend $60 on feeding on a daily basis, how is that possible for earning of $500 per month, or could it be that you meant per month, please clarify that for us. For the crypto investment, its good too but you can still cut some of your expenses for more investment.

there are some things that I do not understand:


how is this possible? Is it possible with only  $30 you have it all? in my country for example with  $ 30 you do absolutely nothing


 :o

What do they buy with $ 50? in my country would be an amount of money that would not give the person to have dignified food for 5 days, the prices of food in my country are very high


How do you travel with $50? in my country for someone to travel from one province to another province the person must have at least  $100 if he is traveling by car and  $200 if he is traveling by air plane


How do you trade with $ 50? how is this possible? What daily or weekly or monthly profit do you have?

Bitcoin is safer but I do not think that the guy must stay away from alts. Many tokens as going to gain more than Bitcoin. I believe, for instance, that NEO and DASH can make a high jump soon.

In this time I put me every income in Bitcoin world discuss I know that development is definitely happened so increased my investment in the previous months when the Bitcoin is not good and I see the changes now especially in the recent few days the improvement is huge and I expected this.

Yes it is definitely a good chances for getting the income for everyone but how can we improve our investment by using this opportunity in matters especially in this situation Bitcoin is developing a huge investment is more important right now for getting a good profit.

right, good opportunity, but we also have to be consistent with the analysis, do not easily panic against a volatile market. so that at the end of the year we can take advantage of cryptocurrency

I think expenses varies in every country. 




I am from developing country  and the amount stated by OP especially on food is way too big for a day meal.  We can have a good meal here at around $3 to $5.  For a whole day budget, $20-30 can feed a family with a member of 5.

---

A good list of budgeting there OP, that would be a good plan to follow if someone is aiming for a better future for himself.  Personal investment, insurance, family support, savings... a very good way to spend the monthly salary!

Thats a good financial plan, I think everyone must have a financial plan like you. and of course the strategy will be different, such as allocations for food, recreation, gasoline, and etc. yeah we know that the cost of living in each country is different. if you living in developed countries, especially large cities of course $500 per month will be a very small income, you need to be smarter in managing and dividing your money for certain things.

The key I want to say, if you have a limited income then you should make a plan by allocating funds more to priority first such as food and bills, and sorted it.

Actually having a budget is good thing but based on cryptos budget plan may get ruined due to the price change so just make your budget plan in satoshi or in bitcoins.

Honestly if I am to advise you, the best way to increase your investment virtually every day is just to learn how to trade, I know trading is not for everyone, but one can really learn it, that is how I have been increasing my investment gradually, it might be slow, but I am still able to add something on my holdings for a long term investment.

There are other ways to increase one’s investment in this time that the market is improving, but there is still no better way than trading to acquire more coins, and aside improvement on investment, he profit you can get during this period of trading can even keep you in shape till we reach our target for the ATH.

budgeting can be done in two ways . its either you are going to budget your cryptos ( e.g you will only sell some for fiat or for other use ) or you are budgeting your cash for crypto  investments  ( e.g allocate 60 percent for bitcoins and the rest 40 percent for altcoins  )   but your right  ,cryptos are volatile and thier values can change from time to time so we better consider this thing out before we proceed for our budgetting plans .

we need to make it clear first.what this used to with out budget plan, is it used to planned our investment allocation or diversify our cryptocurrency asset.in my opinion we have to planed our budget for crypto investment.

Having a budget is good, you know your needs so you know how much you really need to spend for your basic needs.
We have different income and we do have different needs as well.

To make it simple, if you can save out from your income, just allocate 50% for investing purposes in crypto, the rest is savings for your future.
Savings is compulsory, while investing is an option, I hope I was able to help.

Such division is of course only possible for those who are aware of their future. especially for this year 2019, where bitcoin has improved again. and currently breaking the price of $ 7000, of course this is a good start for other altcoins too. therefore setting aside funds to invest very well is done immediately