How to Budget Money and Save - 7 Steps to Wealth Building
- Author Stephen Blauert
- Published January 25, 2010
- Word count 512
First of all, let’s stop using the word "budget". "Money Plan" tells us that we’re going somewhere, that we have a goal of total excellence! Now, why should you have a "money plan"?
- Knowledge is Power
Your money plan will show you exactly where your money is going to end up when it’s spent. You’ll be able to see your plan for every dollar you earn, and how close you are to reaching your goals. How many of your friends and co-workers can say that about their finances?
- Decision-making influence
Remember the last time you tried to make a "financial decision"? It was probably deciding which bill collector wasn’t getting paid that month. With your money plan, you will be making decisions that are in YOUR best interest, not the interest of XYZ Collection Agency. Real decision making power will be in your hands. You’ll be the CEO of You, Inc!
- Simplicity
Think about all of the loose papers you’ve got filled with random money calculations and notes. With the time you spend trying to sort it all out, you could be planning your next financial move or be out earning even more money! Even the most basic money plan will automatically sort your records into categories before you make a move. You’ll find time you never thought you had! On top of that, you won’t have to scramble to produce financial records – you’ll already have them.
- Relationships
Are you married? Have children? The #1 cause of marriage and relationship disaster is lack of communication and planning with money.
Your money plan will provide a visible agreement between you and your partner. You could sit down, if only for 10 minutes, at the beginning of each month to agree on your plan. The key here is to work together during this session. It will do wonders for the remainder of the month. Everyone involved gets a say, because everyone involved will benefit from the system.
- "We can afford that"
After you have your money plan working for you, you will FINALLY be able to say with confidence, "We can/can’t afford that" and you’ll have the documentation to back it up.
No more, "we can probably afford that" (if we eat ramen noodles for the next 3 months!).
- "We have HOW much?!"
Again, after you have your budget working for you, you WILL find money you didn’t know you had. It is uncanny how this works. When I started my first budget 2 years ago, I was extremely skeptical. After 2 months (making the same amount I made when I started), I literally said to myself, "I have a lot more money than I thought!" ATM fees are no longer an issue. That automatic internet subscription renewal is no longer a surprise. You’ll learn exactly where you’ve been wasting money, and you’ll know where the best deal for your buck is.
- Wealth Building
Money in your bank account will start to increase as your money becomes your employee, not your master.
Visit howtobudgetmoneyandsave.com/money-tree-review
and check out my #1 favorite tool for building wealth during a recession economy.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Understanding Cocaine: Effects, Risks, and Treatment Options Introduction
- 3 Great Passive Income Ideas for New Moms and Dads in 2024
- Avrex IO Redefines Real Estate Investment with Innovative Tokenized Ownership Approach
- Panama City's Real Estate Market: Top Neighborhoods for Investment
- Investing in a Condo or Villa in Pattaya, Thailand
- Tabania Group Rings in the New Year with a Powerhouse of Financial Services, Unveiling a Comprehensive Suite for the Digital Age
- To What Extent Has Economic Growth Improved Quality of Life?
- How to Manifest Wealth in Your Life
- Unlocking the Potential: Making Money Online with Your Phone”
- Blue economy of the world
- This Financial “FORMula” Will Help You Plan Around What Matters Most
- Losing a Parent: A Checklist and Timeline of the Financial Aspects to Address
- How to Avoid Lifestyle Creep: Try this 50/50 Rule for Saving & Spending
- (Money) Date Night: Why You Need One and 5 Topics to Discuss
- Private Placement Life Insurance (PPLI) in Offshore Trust More Useful Than Ever
- Indexed Insurance Policies Hedge against Inflation
- Should You Invest Abroad? A Complete Guide to Buying Investment Properties in Thailand
- What Are Your Retirement Planning Options?
- Daily Income Opportunity With U-Farm
- Building a Comfortable Retirement: Tips and Strategies for Investing in Your Future.
- Revocable Living Dynasty Trust (RLDT)
- Key Retirement & Estate Planning Tools
- Captive Insurance -- Details
- INDEXED UNIVERSAL LIFE INSURANCE (IUL) ADAPTS TO INFLATION AND HIGH INTEREST RATES
- GRANTOR ACCESS TO IRREVOCABLE TRUSTS -- EASE THE STRESS OF COMPLETED GIFTS
- CASH BALANCE PLUS PLAN
- Tax-Free Income Making More Sense in Global Financial Crisis
- Dynasty Trusts Guard Personal Autonomy in Hierarchic Society
- Captive Insurance Company, CIC -- Reduce Taxes and Build Wealth
- What is an RESP?