BUDGETING 101
What a Budget Does
As a personal financial planning tool, a written, monthly budget allows you to plan for how you’ll spend and/or save your money each month and also keep track of your spending patterns. Though making a budget may not sound like the most exciting activity (and for some, it’s downright scary), it’s vital to keeping your financial house in order as budgets rely on balance. If you spend less in one area, you can spend more in another or choose to save that money for a larger future purchase, building a “rainy day” fund, or even for retirement.
Before you begin to make your budget, it’s important to realize that in order to be successful you have to provide as much detailed and accurate information as possible. Ultimately, the end result of your new budget will show you where your money is coming from, how much is there, and where it’s all going each month.
Restricted Vs. Efficient Spending
If you’re hoping to gain more control over spending and begin working towards your financial goals, you need a budget.
While the word budget is often associated with restricted spending, a budget should really mean more efficient spending.
Instead of viewing a budget as a negative, you can view it as a tool for achieving your financial goals.
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