FINANCIAL CONSCIOUSNESS AND BUDGETING

IYANCEL BUNDALIAN

Financial consciousness relates the understanding on financial capacity where an individual is made aware of the capability his own monetary resource at the same time the sources of his funding overtime.

It is essential that, under no circumstance, people must learn well the utilization of financial resource whether that resource may have been generated through employment and business transaction or granted through subsequent funding by an agency or office.

It is important that an individual may realize that money takes a lot of origins and that these do not just spring up anywhere else. In general money is earned through works of various kinds. Employment is just tendered legally under the law however there are significantly licit and illicit systems of employment where money continually comes and go and production somehow triple the the value of money in.the process.

Hence, one should be conscious on how money is produced out of the terms of labor.

Under the light of financial awareness, money takes a lot of predictable use. However, the understanding of proper utilization of money may influence the priorities of expenditures. In this case, budgetting may be rendered according to the most essentials to the least of the common needs.

For the case of provisions and grants where funds are provided for augmenting expenditures based on general allocation, the process of budgetting may just be substantiated according to existing implementing guidelines. Hence, the individual is not entirely open to what he might be wanting but according to what is directed.

In budgeting, the consciousness works on the optimal knowledge of how much of the financial resource is allocated to the predetermined needs. It is always in this manner, on and on and on. That is why, being aware of your financial resource is often indispensable in the planning for budget where systematic process of allocation is observed to make certain that both of the goods and services required may likely be sustained and that the incurred expenditures is well provided for.

In the end, knowing your financial capability and the sources of your money may place you in an edge where awareness of the utilization of money may prompt you to begin plotting the lines of your never ending expenditures.