For many people, budget is a very bad word! Let me tell you why you shouldn’t be one of them.
Budgeting Isn’t a Bad Word
Budgeting isn’t a bad word because it can help you to get the things you want. Because you only have a finite amount of money, you need to prioritize where it will go. If you don’t, you will likely end up spending your money on things that don’t matter a great deal to you.
Budgeting is one of the biggest and most important keys to getting the most out of your money. You don’t have to associate the term “budget” with hassle, headaches, or restrictions on your ability to
spend money as you please.
It’s your budget. You decide where your money will be spent!
Your budget will help you to prevent overspending on things that don’t matter to you. If you spend $100 on lottery tickets, that’s $100 less towards that vehicle you need.
The First Reason Why Budgeting Isn’t a Bad Word
Budgeting restricts your spending. Once you have decided what is important, you can prevent overspending on items that are not important to you.
You plan where you would like to spend your money.
The Second Reason Why Budgeting Isn’t a Bad Word
Budgeting shows you where and how to save money. Once you see where you want your money spent, it is much simpler to see where you can save some. If you know what you want, a budget will help you to save for it.
The Third Reason Why Budgeting Isn’t a Bad Word
Done properly, budgeting does not require you to suffer through crazy restrictions. You decide what is important to you, and then plan your financial life to achieve your goals. A budget will help you to arrange your finances to help you get what you need. In the end, it will let you have the fun you want, without getting deeper into debt.
The Fourth Reason Why Budgeting Isn’t a Bad Word
Your budget can meet your needs, as long as you are willing to be flexible. Once you decide what you want, you can use your budget to get there. A flexible budget will allow you to meet your financial needs, as well as plan for your future. If your needs change, a budget is flexible enough to change with your needs. And, a well planned budget will help prevent you from being financially overdrawn.
Budgeting isn’t a bad word because it will allow you to enjoy the things that you want most. A budget will help you to always have money to spend on the things that are important to you. I have included a link to my free Budget Tracker template at the end of the post.
You may want to also read my article Managing Your Money. This article includes a section on how my wife and I lived on one small income.
Please comment below if you found this article helpful.
As always, I am not a qualified financial advisor. I just relate financial management to my own experience which may not resemble yours at all. Advice is frequently worth exactly what you paid for it. Most of mine came from expensive experiences.