Lots of us know people who make more money than we do yet when it comes to taking care of the necessities of life, they seem to run short. We see celebrities and other personalities in the media who have made lots of money, then in a few years file for bankruptcy while crying broke. This baffles us and we wonder how in the hell did they get themselves in that hole. What those two scenarios have in common is this: they did not have a money plan or budget as it is generally called.
I can hear those moans and groans about the 'b' word but it is very important to have one. By having a detailed budget whether done weekly or monthly, you can see where every dime of your money is going. This should be very empowering because you know what is spent on what and the priorities you have when spending.
A budget does not restrict you to not spend but helps keep your bills and other expenses on track. You can not continue to spend and spend with reckless abandon then expect to know how much you make. Before you know it, all of your money is gone and you scratch your head wondering where it went.
I personally did not grow up with this money mindset and had to learn it on my own, the hard way. No bankruptcies just downright broke. Once I changed my mindset I set out to change my life in the money area.
There are lots of books about budgeting; google budgeting to get started. You won't regret your decision and as always...
Be Frugal and Proud,
Dot
No comments:
Post a Comment