Money Stress Why You Need a Budget

Money Stress is the number one stress in my life.

We work hard to earn a living, still, money stress is in the top five stress producing categories.  We should make sure we spend the money wisely. That’s where a BUDGET comes in. It’s an excellent tool to see at a glance what we have coming in, what’s going out (and what that money is paying for) and if there’s anything left at the end of the month to put into savings.

Before we dive into exactly what a budget can do for us, let’s consider for a minute what will happen if we’re not tracking income and expenses. We may end up spending more than we’re making in a given month (or two, or three) over time that can put us into some pretty hot water financially. We may also spend a lot more than we’d like to believe in things like eating out, going to the movies, training for new skills.

Having a budget gives us more control over where we want to spend our hard earned cash. Maybe that’s dinner and a movie, but perhaps it isn’t. Wouldn’t it be nice to have an actual choice?

It Tracks Where Your Money Is Going

A budget tracks your money. You record where the money comes from each month (your income) and then write out everything you spend it on, starting with your regular monthly bills like mortgage or rent, car payments, utility bills, etc. Your discretionary income is what is left after you have paid the bills.

Helps You Identify Things You Waste Money On

Having it all in front of you in black and white enables you to identify areas where you are wasting your money.

It makes you reconsider if you want to spend well over $200 a month on Cable TV or $150 on your large cell phone plan. Or how about that yearly magazine subscription to something you no longer read or membership to a Networking organization? Go through your expenses and reevaluate if this is REALLY how you want to spend your money.

Are You Ready to Start Your Budget? Then Sign-up for our Free Household Budget Booklet.



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