If Your're Thinking This Is What a Budge Is, You Are Wrong

Monday, September 19, 2016

If You’re Thinking This is What a Budget Is, You Are Wrong

A lot of women I meet think they know what a budget is… until a few minutes into our conversation about this topic. Many myths abound about how to budget successfully and today I’m debunking them. It’s time for the truth to come out!

Falsehood #1: A Budget is about Deprivation

Contrary to popular belief, a budget is not something to deprive and torture you. Instead, when the financial tool is used correctly, it enables you to spend only within your limits, meaning you spend less than you earn. The goal is to keep you out of debt and hopefully even provide you with extra savings to put away for a later time, perhaps even for retirement.

A budget is not about saying no to buying things you like, like shoes and jewelry, or going out to eat. You can still have fun on a budget, only now you are confidently living within your means rather than racking up credit card debt without realizing it.

Falsehood #2: A Budget Is Not for Me

False. The majority of people need a budget to manage their money. A budget is a great tool to help you see exactly where your money is going, and the amount of money left over for you to contribute to your interest-accumulating bank account.

If you don’t keep track of the amount of money coming in and going out, you likely won’t have any funds left over for savings or to put aside for something you enjoy in the future, like a tropical vacation.

Falsehood #3: Budgets are Complicated

Unfortunately, a lot of women overcomplicate budgeting. You need not micromanage every single detail but instead focus on the balance. Look at the big categories like the house, car, food, and how you choose to spend and save. Then fill in the details over time for the smaller things.

I can help you create a budget, even if you have never done so before. From setting realistic goals to tracking your spending, we can form a plan for you that is easy to put into action. Call me today to learn more!


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