Control your Debt With A budget
Control your Debt through Budgeting
A money plan is called a budget and it is crucial to get us to our desired financial goals. Knowing how your money is being spent will show you where you can cut out unnecessary wastage…..
Without a plan we will drift without direction and end up marooned on a distant financial reef. This is why most of us end up in such debt pits. Because we have not controlled our spending through a planned budget most of the time you will not even know how much is coming in and going out. U will not see how much money is being wasted either!
If you have a spouse or a significant other, you should make this budget together. Sit down and figure out what your joint financial goals are…long term and short term. Short term budgeting is for monthly commitments and long term is for savings and investments.
Then you both need to plan your route to get to those goals. Every journey begins with one step and the first step to attaining your goals is to make a realistic budget that both of you can live with.
Your budget must be carefully worked out
A budget should never be a financial starvation diet or something you dread balancing every month. That won’t work for the long haul and you can make your own life a misery. Make reasonable allocations for food, clothing, shelter, utilities and insurance and set aside a reasonable amount for entertainment and of course for the occasional luxury item. Savings should always come first before any spending.
Even a small amount saved will help you reach your long term and short term financial goals. You can find many budget forms on the internet. Just use any search engine you choose and type in “free budget forms”. Your steps to debt freedom begin by controlling your finances to the letter. You will start feeling a lot better when you know how to curb all those necessary expenses and the only way to do this is through sensible budgeting.
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