The usefulness of budget as a bitcoiner

[JoyMarsha]

Someone who doesn't budget tend to have financial difficulties. Everyone of us is supposed to have a budget, whether it is weekly or monthly to know how their income is going. Whether they are spending above their weekly or monthly income.

I believe someone who have a budget knows how their spending is like, and their availability of cash flow is. They themselves will know how they will organize their investment in Bitcoin, if it is to invest by weekly or monthly.

[Accardo]

Someone who doesn't budget tend to have financial difficulties. Everyone of us is supposed to have a budget, whether it is weekly or monthly to know how their income is going. Whether they are spending above their weekly or monthly income.

I believe someone who have a budget knows how their spending is like, and their availability of cash flow is. They themselves will know how they will organize their investment in Bitcoin, if it is to invest by weekly or monthly.

I was reading a finance book that said spend lavishly on whatever thing that interests you. The author mentioned it's a means of becoming rich - planning and setting budgets aside for vacation, going to the movies, shopping etc. Budgeting is key to success in finance but the question remains where does the money go to after all the years of plans. Sometimes people plan and on the long-run don't achieve the purpose that lead to all the calculations and frugal steps they took, maybe an event or occurrence which wasn't a part of it came up and swept off their money.

I know of a guy who save up funds for his film project, he never spent extravagantly, and whatever money that enters the account for this project never gets spent notwithstanding the pressure even hunger didn't move him to spend, but at the time of shooting the production team he hired charged him a lot more than the budget. Almost disappointed, he had to squander the money on things he didn't plan for, hence as we plan or budget prices go up.

[Agbamoni]

I place budget as a means to isolate every other thing that makes me spend money unnecessarily so that i can have enough reserve funds. In Bitcoin investment it is very cool to know you have a strong portfolio or a suitable strategy that you use in accumulating. But it will be cooler when your device a means of buying more than you had planned initially by cutting down other expenses. This will help fasten accumulation for investors who are still in their accumulation phase.

Applying a budget needs discipline so when talking about budget we should always find ways to stay dicsipline because that is the main problem why many individuals find it difficult to stay on budget.

[Fortify]

Budgeting can help a bitcoin investor in several way but firstly what is budget ,
A budget is a financial plan that help a person outlines projected income and expenses over a specific period. It helps individuals or organizations manage their finances, prioritize spending, and achieve financial goals. But when it comes down to the usefulness of budgeting as a bitcoiner
It can help to manage risk when investing ,so that a bitcoiner doesn't overextend himself. Budgeting also keeps  a bitcoiner disciplined about his or her finances, making sure a bitcoiner prioritize his  needs over his wants.
Plus, having a budget in place can help a bitcoiner  figure out how much he can afford to invest in Bitcoin, and when it's time  for him to diversify his  portfolio.
 By tracking  his expenses, a bitcoiner will definitely get a  better sense of his financial situation which makes it easier for an investor to make smart  investment decisions.

Anyone who has incoming and outgoing money will benefit greatly from creating a budget. It's one of the first things you need to learn about in order to be successful in managing your finances, because building a picture for yourself will allow you to see what you are spending (and possibly wasting) money on each month. You might decide that dropping $300 on takeaway coffee and snacks before work could be spent or invested a lot more effectively. It is also critical to understanding your fixed monthly costs which you have to cover before any additional money can be freed up to spend elsewhere, like being able to invest in bitcoin after the rent or mortgage is paid off each month.

[doomloop]

Budget is easy, but preventive budgeting is even better and should be what others should do as well. This is what I suggested long time ago, and it has not changed a bit and will continue to be the case for a long time.

If you end up putting some of your salary every month aside then you will not need anything else, so if you really do anything better for the long term then the best way to put some aside the moment you get your salary. If you do that, then whatever is left is your new salary and assume you earn that much and nothing more. Plenty of people do this and they get richer and many should try to see how much helpful this could be. I get that not many people can do this because of how little they earn, but if you can, try to push yourself to do this.

Yeah, it does work because I have tried it, but I did it a bit differently. Instead of keeping the funds aside as savings, what I did was to take a small percentage from my income and form a trading budget with it, and once it reached a reasonable amount, I started trading with it, mainly futures but spot as well, and since I did have some experience about the market and trading itself, I managed to gain profits, and I'm still doing the same thing; I add the small percentage into my trading capital and keep trading with it while managing the expenses with the rest of the funds.

This method has been working amazingly for me so far. It would be wrong to say that I didn't face any losses in my trading journey because I did, but I didn't give up, I re-evaluated my mistakes and never repeated them, and now I stay more cautious when making trades because I know I can't afford to lose a lot of my trades.

[bubilas]

Budgeting can help a bitcoin investor in several way but firstly what is budget ,
A budget is a financial plan that help a person outlines projected income and expenses over a specific period. It helps individuals or organizations manage their finances, prioritize spending, and achieve financial goals. But when it comes down to the usefulness of budgeting as a bitcoiner
It can help to manage risk when investing ,so that a bitcoiner doesn't overextend himself. Budgeting also keeps  a bitcoiner disciplined about his or her finances, making sure a bitcoiner prioritize his  needs over his wants.
Plus, having a budget in place can help a bitcoiner  figure out how much he can afford to invest in Bitcoin, and when it's time  for him to diversify his  portfolio.
 By tracking  his expenses, a bitcoiner will definitely get a  better sense of his financial situation which makes it easier for an investor to make smart  investment decisions.

There are many apps for tracking your expenses, from unserious ones with just a few categories to complex cloud services that can predict all expenses for the next month based on AI, and also have the ability to show what type of products the user is spending on. And this is very cool. After using such apps for many years, I know perfectly well how much money I need per month to live for a month. I know all my expense categories perfectly well and therefore I know how much free money I have left per month. And I don’t understand how people can live without using something like this.

Isn’t it great to always know where you have exceeded your budget and where you have saved?
Of course, thanks to this, it is easy to understand how much free money will appear for investment.

[davis196]

Budgeting can help a bitcoin investor in several way but firstly what is budget ,
A budget is a financial plan that help a person outlines projected income and expenses over a specific period. It helps individuals or organizations manage their finances, prioritize spending, and achieve financial goals. But when it comes down to the usefulness of budgeting as a bitcoiner
It can help to manage risk when investing ,so that a bitcoiner doesn't overextend himself. Budgeting also keeps  a bitcoiner disciplined about his or her finances, making sure a bitcoiner prioritize his  needs over his wants.
Plus, having a budget in place can help a bitcoiner  figure out how much he can afford to invest in Bitcoin, and when it's time  for him to diversify his  portfolio.
 By tracking  his expenses, a bitcoiner will definitely get a  better sense of his financial situation which makes it easier for an investor to make smart  investment decisions.

Saying that budgeting is good for personal finance is the same as saying that drinking water is essential for us to stay alive.
OP, you don't bring any value to the conversation. This is just a generic forum post to help you boost your post count.
I have never seen a Bitcoiner, who doesn't pay attention to his income and expenses. Risk management and budgeting are two different things, but I don't want to waste my time explaining the difference, when you could simply do a Google search and find all the info you need.

[kotajikikox]

Budgeting can help a bitcoin investor in several way but firstly what is budget ,
A budget is a financial plan that help a person outlines projected income and expenses over a specific period. It helps individuals or organizations manage their finances, prioritize spending, and achieve financial goals. But when it comes down to the usefulness of budgeting as a bitcoiner
It can help to manage risk when investing ,so that a bitcoiner doesn't overextend himself. Budgeting also keeps  a bitcoiner disciplined about his or her finances, making sure a bitcoiner prioritize his  needs over his wants.
Plus, having a budget in place can help a bitcoiner  figure out how much he can afford to invest in Bitcoin, and when it's time  for him to diversify his  portfolio.
 By tracking  his expenses, a bitcoiner will definitely get a  better sense of his financial situation which makes it easier for an investor to make smart  investment decisions.

Saying that budgeting is good for personal finance is the same as saying that drinking water is essential for us to stay alive.
OP, you don't bring any value to the conversation. This is just a generic forum post to help you boost your post count.
I have never seen a Bitcoiner, who doesn't pay attention to his income and expenses. Risk management and budgeting are two different things, but I don't want to waste my time explaining the difference, when you could simply do a Google search and find all the info you need.

I honestly think you overestimate a lot of bitcoiners. Many of them have indeed bought bitcoin without planning too much. They just experienced massive FOMO and trying to be in on what seems to be the most profitable thing right now. For some people, this might be common sense for some people it does not come as natural as it does for others. A lot of people do not budget because they just buy anything they want and they are the ones who tend to lose out the most since they do not know where their money is going exactly.

[Stablexcoin]

Budgeting can help a bitcoin investor in several way but firstly what is budget ,
A budget is a financial plan that help a person outlines projected income and expenses over a specific period. It helps individuals or organizations manage their finances, prioritize spending, and achieve financial goals. But when it comes down to the usefulness of budgeting as a bitcoiner
It can help to manage risk when investing ,so that a bitcoiner doesn't overextend himself. Budgeting also keeps  a bitcoiner disciplined about his or her finances, making sure a bitcoiner prioritize his  needs over his wants.
Plus, having a budget in place can help a bitcoiner  figure out how much he can afford to invest in Bitcoin, and when it's time  for him to diversify his  portfolio.
 By tracking  his expenses, a bitcoiner will definitely get a  better sense of his financial situation which makes it easier for an investor to make smart  investment decisions.

Saying that budgeting is good for personal finance is the same as saying that drinking water is essential for us to stay alive.
OP, you don't bring any value to the conversation. This is just a generic forum post to help you boost your post count.
I have never seen a Bitcoiner, who doesn't pay attention to his income and expenses. Risk management and budgeting are two different things, but I don't want to waste my time explaining the difference, when you could simply do a Google search and find all the info you need.

I honestly think you overestimate a lot of bitcoiners. Many of them have indeed bought bitcoin without planning too much. They just experienced massive FOMO and trying to be in on what seems to be the most profitable thing right now. For some people, this might be common sense for some people it does not come as natural as it does for others. A lot of people do not budget because they just buy anything they want and they are the ones who tend to lose out the most since they do not know where their money is going exactly.

I understand from your perspective, those are one time investors, they get into the market like it is no big deal for them especially because they have the money available, one must have enough before investing at any time regardless of FOMO, without making any proper planning, for any long term investors that practically decides on DCA strategy will require creating a budget that matches his expenses on his monthly needs, emergency funds and what is made available for investment. Let's not downgrade budgeting, even those with good finances all require budgeting to make their investment more lively and productive.

[Hanadawa]

Someone who doesn't budget tend to have financial difficulties. Everyone of us is supposed to have a budget, whether it is weekly or monthly to know how their income is going. Whether they are spending above their weekly or monthly income.
I believe someone who have a budget knows how their spending is like, and their availability of cash flow is. They themselves will know how they will organize their investment in Bitcoin, if it is to invest by weekly or monthly.

Budgeting is not only important for Bitcoiners but it is important in your life. With budgeting you can see and organize your money and how you are going to use it. I personally have a weekly and monthly budget. It helps me a lot in tracking where I spend my money. And I am also investing with DCA method on Bitcoin. I have been doing it for a few months. When I did it without budgeting I had a hard time in meeting my daily needs because I spent a lot of money on investments or unnecessary things. But after budgeting I can really see my overall expenses and yes it really helps me.

[jcojci]

No doubt that budgeting help investors to stick to their plan in the investment. Having a budget set will give the investors a space to allocate his income to fill their needs and investment so both will work without a trouble.

That is why Bitcoin investors need to set their budget so they don't just focus with their investment but they can also fill their daily needs. It will be good if everything in their plan can run properly so they can just think about how to grow their income and add more money for their investment.

They can manage risk that will come so that will not become bigger. They will also know when he can diversify his investment if that is necessary so they will make more profit. So having a budget setting really help someone to stick and run their plan.

[knowngunman]

Are we referring to planning as a budget here or we are talking about the two? Well, I know sometimes, some people use these words interchangeably but they are not completely the same. Budget deals with resource allocation to your projects but planning is what you need to achieve the goals of what you allocate the resources for. As a bitcoiner, you need both planning and budget to succeed in your investment. Budgeting will guide you on the financial aspects of your investment with how much you can afford to invest and planning on the other hand gives you forum to manage risk, how long or short you intend to invest and your goal of the investment.

[reagansimms]

What you explained above refers to cold money or money that is not used for daily needs. Yes, this is what investors should do to reduce risk and prevent panic selling when Bitcoin prices drop because there is no pressure to meet other needs.
Cold money also allows you to invest long term so you can focus and hold Bitcoin until the price goes up before selling. The budget allocated for investing can also prevent depression because you don't have to worry about losing funds even when the market is bearish. That way, you can optimize profits.

[franky1]

I was reading a finance book that said spend lavishly on whatever thing that interests you. The author mentioned it's a means of becoming rich - planning and setting budgets aside for vacation, going to the movies, shopping etc. Budgeting is key to success in finance but the question remains where does the money go to after all the years of plans. Sometimes people plan and on the long-run don't achieve the purpose that lead to all the calculations and frugal steps they took, maybe an event or occurrence which wasn't a part of it came up and swept off their money.

there are two reasons to budget. to be rich or to be wealthy

to be rich is to display a lavish glossy lifestyle of success and happiness to other people
to be wealthy is to invest excess funds to accumulate more

when you want to appear rich even on a budget,
then yes plan your funds. dont waste funds on buying a starbucks coffee each day, instead just rinse the cup and refill with coffee from home. your co-workers wont know, and still think you buy starbucks each day.. save them few $$ a day to buy something more noticeable than starbucks. like a nice suit jacket or a decent wristwatch

other idea's:
instead of spending $thousands on a new kitchen(no guest ever goes into), spend the money on the outside of your house to 'posh-it-up' even just a pressure wash and a new modern posh door can do the job for a few $hundred

work out whats important to you, be frugal on less important things and utilise the excess on the more important things
some peoples version of rich is not to impress others but to create noticeable experiences for themselves. such as making vacations and hobbies more important than suits, watches and starbucks


when you want to become wealthy even on a budget
be as frugal as you can be. then invest, let the money accumulate and then when satisfied the amount can look after you beyond your desired level of lifestyle, then start living that lifestyle

[Richbased]

Budgeting is good but not necessary because it's mostly those with less income generating sources that takes budgeting so seriously. I see budgeting as a way of limiting yourself from going extra length to achieve some certain things in life just because you want to maintain a principle of not going outside the box. If you have enough money, investments and income generating networks, budgeting won't be much important to you because you can actually spend on both things you needed and your wants as well at any period of time. There is nothing bad in prioritizing things that are of more importance to you but no need to limit yourself if you have in abundance just because you want to place a budget.

As a Bitcoin investor, you can plan your investment on how you want it to be but it is not compulsory to set a budget for your investment, you can invest at your will, that is if you already have enough money and do not need to wait for an income before investing. After all, you already have money and just want some part of it to be in bitcoins.

[milewilda]

Budgeting can help a bitcoin investor in several way but firstly what is budget ,
A budget is a financial plan that help a person outlines projected income and expenses over a specific period. It helps individuals or organizations manage their finances, prioritize spending, and achieve financial goals. But when it comes down to the usefulness of budgeting as a bitcoiner
It can help to manage risk when investing ,so that a bitcoiner doesn't overextend himself. Budgeting also keeps  a bitcoiner disciplined about his or her finances, making sure a bitcoiner prioritize his  needs over his wants.
Plus, having a budget in place can help a bitcoiner  figure out how much he can afford to invest in Bitcoin, and when it's time  for him to diversify his  portfolio.
 By tracking  his expenses, a bitcoiner will definitely get a  better sense of his financial situation which makes it easier for an investor to make smart  investment decisions.

Saying that budgeting is good for personal finance is the same as saying that drinking water is essential for us to stay alive.
OP, you don't bring any value to the conversation. This is just a generic forum post to help you boost your post count.
I have never seen a Bitcoiner, who doesn't pay attention to his income and expenses. Risk management and budgeting are two different things, but I don't want to waste my time explaining the difference, when you could simply do a Google search and find all the info you need.

I honestly think you overestimate a lot of bitcoiners. Many of them have indeed bought bitcoin without planning too much. They just experienced massive FOMO and trying to be in on what seems to be the most profitable thing right now. For some people, this might be common sense for some people it does not come as natural as it does for others. A lot of people do not budget because they just buy anything they want and they are the ones who tend to lose out the most since they do not know where their money is going exactly.

I understand from your perspective, those are one time investors, they get into the market like it is no big deal for them especially because they have the money available, one must have enough before investing at any time regardless of FOMO, without making any proper planning, for any long term investors that practically decides on DCA strategy will require creating a budget that matches his expenses on his monthly needs, emergency funds and what is made available for investment. Let's not downgrade budgeting, even those with good finances all require budgeting to make their investment more lively and productive.

Lets put up into our minds that even those rich or wealthy people do have still that budgeting when it comes into their funds on which simply means that there's that always the relevance on doing so because without having that proper planning in towards into your finances then it will be leading up into demise or could totally affect out negative at the moment that you wont be putting up any consideration on having those budgeting. You will be finding out to be useful at the moment that you've seen that you do have allocated precisely into those needs and other purposes on which you are planning with your funds. There are just that those individual who do make out some focus when it comes to wants rather than needs or other priorities like on having some investments just because they've been that trying out to divert their attention into those things on which arent that important at all. They do made out some realization at the time that they had missed out some opportunities to make profits and thats what mostly that do happen on most individual. We do made out realizations but only into the time that we have missed out or doing those mistakes already.

[X-ray]

That's good as a general rule but I don't budget any more after more than a decade doing it. I already have a lot of experience in this, I have the big expenses under control and in general at the end of the month I am cash flow positive, I have money left over even though I invest at the beginning of the month. So there has come a time when I have decided to relax a little in that sense. I don't rule out doing it again in the future if necessary, but I don't think so.

For anyone who is just starting to invest, or who is in debt, or who has little net worth, I think it is essential.

Because most of the financial advice are created for middle class to poor.

Like 50/30/20 rule, if someone earn $60K per year in US, it's make sense to use that rule, but if they earn $1.2 M per year, it's not make sense for someone to force themselves use $60K for their monthly needs.

When someone is too rich, there are no rules, even they can buy the rules.

Basically don't be too strict on following these rule, just put whatever we want into investment and call it a day.

We can always estimate our monthly need from previous month spending maybe give a little room for inflation and thats it.

This kind of rule was never meant to be followed too strictly anyway, just a guide.

[Furious 7]

Actually, in any case not only about bitcoin, financial management is always very crucial and indeed must be emphasized to remain considering that in the end something like this clearly becomes a fulcrum for us in living life for the better.
Financial management is always a thing that must be considered from the start because we cannot do anything including investment if in the end our financial management is bad because we must have a plan first before we finally try to do the things we want to do to support the future.

If without good financial management in the sense of being able to make a balance between the income we have and the expenses we do then in the end we will not be able to do anything else including being in bitcoin to invest. Maybe it can be forced but the conditions will not be optimal because we will not last long with this.

Investment is something secondary when compared to daily needs but the existence of investment is clearly an important role if indeed we want to get a better future. And that can happen if we can manage our finances from the start because we will not be able to invest especially in bitcoin which is full of risks if we cannot manage our finances from the start.

[bubilas]

Budgeting can help a bitcoin investor in several way but firstly what is budget ,
A budget is a financial plan that help a person outlines projected income and expenses over a specific period. It helps individuals or organizations manage their finances, prioritize spending, and achieve financial goals. But when it comes down to the usefulness of budgeting as a bitcoiner
It can help to manage risk when investing ,so that a bitcoiner doesn't overextend himself. Budgeting also keeps  a bitcoiner disciplined about his or her finances, making sure a bitcoiner prioritize his  needs over his wants.
Plus, having a budget in place can help a bitcoiner  figure out how much he can afford to invest in Bitcoin, and when it's time  for him to diversify his  portfolio.
 By tracking  his expenses, a bitcoiner will definitely get a  better sense of his financial situation which makes it easier for an investor to make smart  investment decisions.

Yes, if someone writes down all expenses in the budget appendix and knows all their expenses, then that's great. Because two or three months of such records are enough and all expenses will become obvious. And after that, it will be possible to forecast expenses for the month, know how much money will be needed. And if such a guy knows how much money he earns and how much he spends, then he can understand how much free money he has left per month. And then you can invest this money without fear of spending extra money that could be needed for everyday needs.

[eightdots]

Budgeting can help a bitcoin investor in several way but firstly what is budget ,
A budget is a financial plan that help a person outlines projected income and expenses over a specific period. It helps individuals or organizations manage their finances, prioritize spending, and achieve financial goals. But when it comes down to the usefulness of budgeting as a bitcoiner
It can help to manage risk when investing ,so that a bitcoiner doesn't overextend himself. Budgeting also keeps  a bitcoiner disciplined about his or her finances, making sure a bitcoiner prioritize his  needs over his wants.
Plus, having a budget in place can help a bitcoiner  figure out how much he can afford to invest in Bitcoin, and when it's time  for him to diversify his  portfolio.
 By tracking  his expenses, a bitcoiner will definitely get a  better sense of his financial situation which makes it easier for an investor to make smart  investment decisions.

Yes, if someone writes down all expenses in the budget appendix and knows all their expenses, then that's great. Because two or three months of such records are enough and all expenses will become obvious. And after that, it will be possible to forecast expenses for the month, know how much money will be needed. And if such a guy knows how much money he earns and how much he spends, then he can understand how much free money he has left per month. And then you can invest this money without fear of spending extra money that could be needed for everyday needs.

Knowing how much to spend, how much to invest, and knowing how to distribute these incomes to investments if there are monthly incomes that change, creates a great advantage. In fact, individuals with good economic management can do this. What is important here is to proceed with a plan and ensure continuity of resources, that is, regular provision of income.

It is also necessary to use the advantage of portfolio diversification because, instead of catching a single increase, catching multiple increases and making a profit thanks to a diversified portfolio always provides an advantage to the person.