Post by IBelieveInYou on May 23, 2021 15:56:16 GMT -5
Budgets are definitely necessary if you ever want to reach financial freedom. It is extremely important to know where your money is going and what exactly you are spending your hard earned cash on.
Throughout the years I have helped many friends, family, couples etc. create and maintain a budget that works AND benefits them and their situations specifically while staying true to their life goals. In my experience, when most people hear the word "budget" they cringe or freeze up and that's because they are not educated and/or informed about what budgeting really is, they may feel very overwhelmed by either the amount of debt they have or math just isn't their thing or maybe they just feel like it'll take too much time and energy. Does this sound familiar? If so no need to worry! Like I've mentioned previously, I've helped many people over the years start and maintain a successful budget that works for them.
The reason a budget is so helpful and useful is because you will be aware of where all of your money goes. Believe it or not, you are in charge (for the most part) of your finances, the amount of money you make and the amount of money you are willing to pay for something. You have choices, YOUR choices. What do you WANT to spend your money on? What brings you joy? What are your priorities? What kind of lifestyle would you like to live? These are all important questions to ask yourself. Only you know what you truly want to do in life, what brings you passion, what really makes you happy. Think about it, like really think about what makes you you and what is your why? Most importantly, what does financial freedom mean to you? Is it a big house with a nice car? Is it $20,000 in the bank? Is it having successful businesses?
Once you've got that think about where your money is currently going and whether or not your purchases reflecting what you want in and out of life, both short term and long term. Does it stay true to your values? If not then you know you need to change your spending habits and the way you spend your money. Great news for you! It is NEVER too late to start being in charge of your finances and making your money work for you instead of you working for money.
One of the first things I do before I go making a rough draft of a budget that suits them is I look back at the last 6 months of their spending. All their accounts, all of their debt, all of their payments, what interest rates they have. I want to know EVERYTHING. Once I know what they've been spending their money on and what their personal habits are I can now make an accurate assessment of where they are today and what we need to do in order to get them back on path to their financial freedom.
So now that I have an idea of what financial freedom means to them, what spending habits they currently have, the amount of their savings and debts with interest rates I can now start to create a budget that is better suited for them to pay off their debt(s) and be able to live a life they've worked hard to achieve.
as
It is very important that your budget is both personalized and frequently reassessed as generic budgets don't consider whether you have a family, whether you have a vehicle, or two, a home, insurance, etc.
Making a personalized budget doesn't have to be complicated to be effective. You need an income section and an expense section. Then break it down into categories. HOME which would have your groceries amount, your rent/mortgage amount, your electricity bill, maintenance etc. Then VEHICLE(S) which would consist of payments you make towards your vehicle, the gas, the maintenance, the parts etc. so on and so forth.
Do that for every section of your life, don't forget birthdays, events and holidays in your categories.
Once you have double and triple checked that you didn't forget to add anything to your budget sheet, add a "planned" column and an "actual" column so that at the start of the month you can input what you are expecting to be paying and then actual is what you've actually spent that month. This will help you know when you reassess your budget in the future, if you forgot about a bill or charge or what bad spending habits you have and what areas you need to work on. As your life and situation changes so will your budget. It's expected to come across a few bumps in the road when you first start but I promise you, once you have a functioning budget you will be wondering why you didn't do this sooner!
**Keep a record of EVERY penny you spend. I do this by writing down each and every item or thing I buy. That way it discourages me from over spending cause I have to write all that nonsense down and I know where ALL of my money is going.
I am going to end my first post here, I will be, however, adding information in the future.
Please let me know what you think of this post, what are your thoughts? Any tips you would like to share?
If you would like some help or direction with your budget please reply or dm me, I'd love to help you gain back control over your financial life.
Don't work harder ladies, work smarter! Make your money work for you instead of always having to work for your money.
Throughout the years I have helped many friends, family, couples etc. create and maintain a budget that works AND benefits them and their situations specifically while staying true to their life goals. In my experience, when most people hear the word "budget" they cringe or freeze up and that's because they are not educated and/or informed about what budgeting really is, they may feel very overwhelmed by either the amount of debt they have or math just isn't their thing or maybe they just feel like it'll take too much time and energy. Does this sound familiar? If so no need to worry! Like I've mentioned previously, I've helped many people over the years start and maintain a successful budget that works for them.
The reason a budget is so helpful and useful is because you will be aware of where all of your money goes. Believe it or not, you are in charge (for the most part) of your finances, the amount of money you make and the amount of money you are willing to pay for something. You have choices, YOUR choices. What do you WANT to spend your money on? What brings you joy? What are your priorities? What kind of lifestyle would you like to live? These are all important questions to ask yourself. Only you know what you truly want to do in life, what brings you passion, what really makes you happy. Think about it, like really think about what makes you you and what is your why? Most importantly, what does financial freedom mean to you? Is it a big house with a nice car? Is it $20,000 in the bank? Is it having successful businesses?
Once you've got that think about where your money is currently going and whether or not your purchases reflecting what you want in and out of life, both short term and long term. Does it stay true to your values? If not then you know you need to change your spending habits and the way you spend your money. Great news for you! It is NEVER too late to start being in charge of your finances and making your money work for you instead of you working for money.
One of the first things I do before I go making a rough draft of a budget that suits them is I look back at the last 6 months of their spending. All their accounts, all of their debt, all of their payments, what interest rates they have. I want to know EVERYTHING. Once I know what they've been spending their money on and what their personal habits are I can now make an accurate assessment of where they are today and what we need to do in order to get them back on path to their financial freedom.
So now that I have an idea of what financial freedom means to them, what spending habits they currently have, the amount of their savings and debts with interest rates I can now start to create a budget that is better suited for them to pay off their debt(s) and be able to live a life they've worked hard to achieve.
as
It is very important that your budget is both personalized and frequently reassessed as generic budgets don't consider whether you have a family, whether you have a vehicle, or two, a home, insurance, etc.
Making a personalized budget doesn't have to be complicated to be effective. You need an income section and an expense section. Then break it down into categories. HOME which would have your groceries amount, your rent/mortgage amount, your electricity bill, maintenance etc. Then VEHICLE(S) which would consist of payments you make towards your vehicle, the gas, the maintenance, the parts etc. so on and so forth.
Do that for every section of your life, don't forget birthdays, events and holidays in your categories.
Once you have double and triple checked that you didn't forget to add anything to your budget sheet, add a "planned" column and an "actual" column so that at the start of the month you can input what you are expecting to be paying and then actual is what you've actually spent that month. This will help you know when you reassess your budget in the future, if you forgot about a bill or charge or what bad spending habits you have and what areas you need to work on. As your life and situation changes so will your budget. It's expected to come across a few bumps in the road when you first start but I promise you, once you have a functioning budget you will be wondering why you didn't do this sooner!
**Keep a record of EVERY penny you spend. I do this by writing down each and every item or thing I buy. That way it discourages me from over spending cause I have to write all that nonsense down and I know where ALL of my money is going.
I am going to end my first post here, I will be, however, adding information in the future.
Please let me know what you think of this post, what are your thoughts? Any tips you would like to share?
If you would like some help or direction with your budget please reply or dm me, I'd love to help you gain back control over your financial life.
Don't work harder ladies, work smarter! Make your money work for you instead of always having to work for your money.
Appreciate it!
