Yes, the dreaded "B" word. Often times when people hear the word "Budget" they think of being cheap, pinching pennies, or being the other "B" word -- Broke. Many people do not like to budget their money, because they feel restricted, they feel deprived or even feel poor.
If you think about it, the most successful businesses wouldn't be successful if they didn't follow a budget. So why not apply the practice of creating and following a budget to your personal life? A Budget is simply a plan for how to handle your money, a road map to give you the money you need to live the lifestyle you want. (Real Money Experience, NFEC).
There are also many benefits to budgeting, which includes being in Control of your money and being in the financial driver's seat. Budgeting also keeps you Organized, having a financial plan helps you to stay in control and also helps to not miss out on important payment deadlines or over drafting your checking account. Believe it or not, working within a budget can leave you with More Money every month. Lastly, sticking with your budget will open up many financial windows of Opportunity. I don't know about you, being in control and organized helps me to be less stressed, and more money and opportunity, sure I'll take some! So how do you make a budget? Because creating a budget can seem intimidating I will spend the next few days giving simple steps on how to get started with a budget. Keep in mind creating a budget is a process. Take it step by step. A small investment of your time will return you great rewards.
Note* If you are married or share expenses with a significant other, it is VERY important that both of you are on board to create a budget.
Tomorrow's Blog Topic: Step1: Track Your Spending
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