Updated: Jan 16
When we hear the word budget, how do we feel? Some of us cringe and others are optimistic.
We cringe because, “we think” that budgets mean we must do without or live a minimalist lifestyle. Those of us that are optimistic understand that budgeting is one method to a process that helps achieve our goals, dreams, and vision for our lives.
Budgets come in various formats, but the structure of budgets are the same (income minus expenses). As a Financial Professional it has been revealed that the simple act of writing down our expenditures has great value. Many of us do not realize how much we spend weekly, monthly, and/or annually in areas such as eating out or subscriptions.
We all have our personal reasons why we feel the need to have a budget. Whether our decision to budget is due to lack of lifestyle, maintaining our current lifestyle, or building more lifestyle, a positive mental attitude is key during the process. Why is, “Budgeting Success is a Question of Multiple Choice?”
What Characteristics should we incorporate to achieve budgeting success?
e. All the Above
Accountability – We do not have to do this alone! We can find someone that we trust that will hold us accountable. Our future and our family are depending on our success. A friend, a spouse, a family member, or a financial professional would make a great accountability partnership.
Behavior – Budgets identify behavior. Some behaviors are good, and others do not serve us well.
Expect to make some adjustments.
Consistency – Habits build consistency. Our decisions about the habits to keep or change will determine our level of consistency.
Discipline – Let’s get personal. What is your, “Why?” Your, “Why” is the reason that you decided that something needs to change. When you stay laser focused on your “Why” and disciplined in the process your success will be great.
All the Above – If your choice is all the above, you are correct! A final question is, “What can be done with the income that is now available? May I suggest seeking a Financial Professional, Financial Educator, Financial Advisor, or Financial Coach for wealth management strategies?
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