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What is Budgeting?

Budgeting is the process of planning how you will spend and save your money over a specific period of time. It helps individuals make sure they are not spending too much money, like spending more than they earn, and allows them to allocate money towards important goals like saving, investing, or paying off debt.

A budget mainly keeps track of two things:

-Income (money coming in, such as wages or allowances)

-Expenses (money going out, such as food, entertainment, shopping, rent)

Budgeting can be seen as an essential skill as it helps people control their spending, save for future goals, avoid debt, and reduce financial stress. It gives you a clear picture of your financial situation. Without a budget, it’s probably easier than you think to overspend and lose track of where your money is going.

To help you budget, you need to outline what your needs are (rent, food, bills) and then what your wants are (shopping, entertainment, travel). Needs are essential expenses that you must pay in order to live and function properly in day to day life, so these should always be prioritised. On the other hand, wants are non-essential purchases that may improve your lifestyle but are not needed for survival.

Linking Budgeting to Fragrances

Fragrances fall into the category of wants rather than needs, as they are luxury items that we don’t need to survive and function. As someone who has spent and wasted a lot of money of fragrances, budgeting would have seriously helped me not waste my money. Fragrances are addictive as you buy one and you really love the smell, and want that sensation again and again and again. This then leads to you buying way too many, and despite the fragrances smelling nice, wasting your money. The reality is, it will take you a seriously long time to finish all these fragrances you buy, even if you don’t go a day without spraying.

My guide on how to budget with fragrances starts with analysing what types of fragrances to get. I would suggest to have one for everyday and all year wear. One for special occasions. One for winter and colder weather. And one for summer and hotter weather. This will have you covered for everything and will mean that you won’t be wasting money on fragrances that you will hardly wear, and you will get through these fragrances with ease.

With how much you want to spend on these fragrances, that’s up to you and how much you can afford, but with how many fragrances there are available, you could easily build a collection while not spending too much at all. Australian brands like Bujairami, or Middle Eastern fragrance brands (Lattafa, Swiss Arabian, Rasasi) are selling high quality fragrances for cheap prices, meaning you don’t have too spend too much to still smell good. These brands sell duplicates of expensive fragrances as well, and as someone with both versions (expensive and duplicates), I can say these brands get very close to the original.