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Planning is everything and achieving success without up-front planning is rare. Achieving success with your personal finances is no different. While some manage to sneak by for months without sound planning and budgeting, their failure to plan inevitably comes back to bite them where it hurts—the pocketbook. So why budget? Plain and simple, your financial wellness depends on it.
What are the barriers to budgeting?
There are many things that keep us from budgeting—time, confusion, and commitment, just to name a few. At one time or another, most of us have started a budget, but somewhere along the way we failed to maintain it. It’s not hard to understand why the number one reason adults fail to budget is because of past budgeting failures. In other words, we fail once or twice and then give up altogether. Remember if you fail to budget one day, live to budget another.
How long will I have to keep budgeting?
The benefits of budgeting last only as long as your budget is maintained. In order to keep on top of your financial life, you’ll have to get in the habit of sitting down to do the budget. It’s important to remember that budgeting doesn’t have to be a job if you budget on a frequent basis, it can take as little as 10 minutes a week.
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What Is A Spending Plan?
A Spending Plan is simply a plan for how you will spend your money. Through budgeting, you will clearly see what money you bring in (income) and where it is spent (expenses). If you ever wonder where your money seems to disappear to, this plan will help you find out and will help you reach your goals.
Why Make A Spending Plan?
A Spending Plan will help you:
The budgeting process is broken down for you into five steps:
Stuff happens. When you encounter an obstacle or a set-back, remember it is only temporary. You should not be concerned about making adjustments to your worksheets or Spending Plan. It is a natural part of the process. If something doesn’t go exactly as planned this month – relax, you are normal. Make the appropriate adjustments and refocus on your goals. You will succeed!
Keep in mind the primary purpose of the Spending Plan is to help you spend less than you earn. Be open to new ways to make that happen, especially when you encounter an obstacle. Living within your means is the keystone to financial wellness and future prosperity.
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