What is a budget?
First of all don't cringe at the word, embrace it as it could change your life. A budget is an excellent money management tool that helps you achieve your financial goals. It doesn't have to be complicated either...this simple guide will help you make a budget and stick to it.
- If you find money is tight
- If you don't know where your money is going
- If you have problems paying off your debt
- If you don't save regularly
- If you want to find ways to make your dollar stretch further
Think about your goals!
Before you start making a budget, take some time to think about your financial goals. Do you need to pay off debt? Do you want to save to buy a home? Do you want to pay down your mortgage? Do you want to build your nest egg for retirement?
Creating a budget means looking at your past expenses and creating an improved version that reflects your financial goals. In a balanced budget, your income exceeds your expenses- therefore you are able to save some money each month towards your financial goals. Your budget is what will guide your spending in future months and help you save money.
Here is a link to a simple but very effective budgeting worksheet. START TODAY....IT'S YOUR FUTURE.
Making a Budget and Sticking To It - Worksheet