So often we think of a budget and cringe. It’s something that we rarely want to talk about, but we should. A budget is not the elephant in the room that so many times, we don’t want to talk about. No where close. A budget is a plan for every dollar and it will help us reach our finance goals faster if we have a roadmap on how to get there. It’s not magic, and there is no wand that will expedite the process, but it represents an avenue to financial freedom and a life with much less stress.
When implementing a budget, put it on paper and make sure it covers all of your needs, some of your wants and — this is the key — savings for emergencies and the future. Incidentals will happen – make sure you plan for them.
WHAT NEXT?
TRACK YOUR PROGRESS
Record your spending. Write it down or use an online budgeting and savings tools.
AUTOMATE YOUR SAVINGS
Automate as much as possible. Make it routine so it’s mandatory and the money you’ve allocated for a certain purpose gets there with little effort on your part.
REVISIT YOUR BUDGET AS NEEDED
Your income, expenses and priorities will change over time. Adjust your budget whenever necessary and make sure you stay on top of it.
That’s it. With these simple steps, you will be on your way to enjoying the benefits of a stress-free, secure financial future.