3 Benefits of Budgeting

  1. Gives You Control Over Your Money
    1. Having control over your money is literally the BEST decision you can make and this goes for anyone. Whether you are making 20K to 100K per year. Trust me, it is possible!
    2. Don’t let your money be the boss of you, be the boss of your money. Tell your money where to go and most importantly give yourself a spending limit.
    3. If you like to travel and all your money goes to traveling, limit yourself. Or if you like to splurge on fine dining, limit yourself, you will definitely see a difference and also see more money in the bank, which is always the goal.
  2. Keeps You Focused
    1. Keep your eyes on the prize. My prize (goal) for 2018 is to save $5,000.00 to help fund my emergency fund and in return build wealth. The small steps count.  This also helps with not spending money on unnecessary things and then later thinking “where did my money go.” Living paycheck to paycheck is not healthy and it’s possible to live comfortably on any income.
    2. Budgeting is simply a list of all your bills, sinking funds, expenses and other financial obligations listed by amount with their totals based upon how you pay them.
    3. So for example, if you only pay rent $800 and cable $120, you know your monthly expenses are $920. You must also account for gas, spending money, lunch and other expenditures as part of your expenses.
  3. Less Likely To Fall Behind
    1. The less likely you are to fall behind means the more likely you will move ahead financially!

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