Your Ultimate Financial Management Tool – Your Budget
A carpenter uses a set of house plans to construct a house. If he doesn’t, the bathroom might get overlooked altogether.
Rocket Scientists wont ever start building on a new booster rocket without a detailed set of design specifications. Yet most of us go blindly out into the world without an inkling of an idea about finances and without any strategy at all.
Not so smart of us, is it?
A money strategy is called a budget and it is crucial to get us to our desired financial objectives.
Without a plan we will drift without route and end up marooned on a far fiscal reef.
If you have a spouse or a significant other, you should make this budget together. Sit down and check what your joint financial goals are, long term and short term.
After, plan your course to hit those objectives. Every journey starts with one step and the first step to achieving your objectives is to make a realistic budget that both of you can live with.
A budget should never be a financial starvation diet. That would not work for the long haul. Make reasonable allocations for food, clothing, shelter, utilities and insurance and set aside a reasonable amount for entertainment and the sporadic luxury item. Savings should always come first before any spending.
Even a small amount saved will help you get to your long term and short term financial goals. You can find many budget types on the internet. Just type in “free budget forms” in any search engine.
You will get lots of hits. Print one out and work on it with your spouse or significant other. Both of you will need to be content with the final result and feel like it’s something you can stick to.
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