Many people cringe at the thought of making a Budget. They ask Why Should I Budget My Money? But when it is being explained to them, then they aren’t willing to listen. The reason is fear, no interest in money management, and feeling overwhelmed. It’s just easier to avoid it, like its a plague. They think everything will work out, somehow. Then, guess what? Later on, the very same people complain they have no money and can’t understand why. The sad thing is, they aren’t willing to do anything about it. Are you?
We all work hard for our money, by investing those precious hours we have of our life towards a business that literally sucks the energy and time away.
You are already investing your time & energy towards an income. Why would you let that money drain too? In the long term, it is not worth it.
Manage your money wisely so that you can use it to by things for yourself, other people, to travel, to save, and to invest.
Money can go faster than it can come in, so you need to have your head-on-your shoulders and think about your money transactions before you spend.
What you do today will affect you tomorrow.
It’s nice to have a job so you have spending money. But you likely have responsibilities that come along with it, such as rent, car payments, bills, insurance, babysitting, and so on.
Budgets provide a finance plan for you. It tells you what money is coming in, when it is going out, how much is coming in and out, when you are short with money, when you have to juggle things around and if you are in the red or not. It will keep you out of debt because it helps you manage your finances.
Budgeting helps you:
- Rethink your spending
- Determines how much you can put aside for the trip next July
- Whether you can afford that trip next July
- Keeps you focused on your goals
- Highlights where your money is going
- Enables you to put aside money for unexpected costs
- Shows the true financial picture – you can’t lie with facts
- Share with a spouse so you can work together on your financial goals
- Can show any financial issues that you may have, well in advance in order to help you make corrective actions
Your Budget is a Living Document
It is best to keep monitoring your budget and your spending habits
Don’t document it and forget it, it won’t work that way
Create your budget then update it as you spend, so you know if you re o track or off track, then make adjustments as necessary
Think of it like this: Your Budget is your Blueprint for Your Financial Future, and YOU are always in Control!
Budgets help you realize your Financial Goals and it keeps you out of Financial trouble if you are willing to monitor, plan, and spend wisely.
Do you struggle to budget your money? What challenges or success have you had with your budgets?
Best Wishes from The Cloud.
Entrepreneur & Owner of Cloud9 Marketing Online
Want more valuable information like this? Click here to subscribe to my blog: Subscribe
Photo Credit: Photo by Artem Bali from Pexels