Have you ever noticed that no matter how much money you make in a month, there is never enough?
You most likely know how much you earned last month, but do you know how much you spent? If you don’t, you are not the only one who doesn't. According to a survey taken by Intuit, 3 in 5 Americans do not know what they spent last month. 44% of the people, stated they were stressed because of their finances.
From experience, I believe most people do not keep up with their finances
because it is too painful to see that you may have a problem with your spending
habits, some may feel they don’t need to budget because either they make too
little or too much to make a difference.
In America, most people spend 10% more than they make! According to another study, the average household spends $7500 more each year. No matter, how much money you have, closing your eyes to your finances is the worst thing you can do.
When I was on the struggle bus, I was the queen of not checking what I was spending. I didn’t want to know. It made me feel bad when I was reminded of how much money I wasted on fast food. Once I started keeping track of my finances, I learned I was spending way too much money on takeout. Now, the account was a joint account, and our household had a lot of people in it, but overall we spent $800 in one month on food. That is ridiculous! I was sick to know that I had a problem. I could have used that money to invest in my business or give back to someone in need. Not only was this terrible to spend that much but it also caused me to live check to check.
Because I was spending so much in other areas, my savings was little to none and when we needed something, or an emergency took place I didn’t have what I needed. I either had to look for resources, or I had to take from what little I had saved putting me back to square one. Let me be the first to say, I had a problem. We have a problem, and it was time for a change.
For the past 2 years, I have been working on my own finances. I put together a system that helped me budget and save money. I know this works because it afforded me the ability to purchase a home on my own, without any assistance or special programs, pack up and move from one state to another with short notice and help others do the same. And now I want to help you. I have put together a list of things to help you get on track with your
personal finances.
Before you can track your finances, you must make sure you know the difference between a “need” and a “want”. A need may be things that you cannot go without like food, water, shelter, etc. If you understand that, it is easier to not be deceived by the commercials on TV.
You will be better at making wiser decisions in purchasing what you need versus what you want and alleviate all money-related stress.
Taking small steps to stay on top of your finances can help you feel more in control of your spending and reaching your large financial goals.
Here is a simple system that can greatly help with budgeting your personal finances :
Create a personal finance budget that works for you
Define your goals
Save 10% of your income
Always know exactly how much you have left to spend
Create a side-hustle
Instantly know the impact of every spending decision
Track all your purchases
Pay your bills on time
Effectively manage credit card spending
Pay down debt using a proven method
Creating a budget may feel a little uncomfortable and knowing where to start can be overwhelming, but it doesn't have to be. There are lots of tools online that will help you, from apps to prepared worksheets, like our Budget Bundle Workbook. This workbook is fully loaded with everything you need to get started and start saving today. We have created a step by step instructions on how to save money and budget, a net worth calculator, a monthly expense tracker, and much more.
Ready to start saving and creating a plan that works on becoming debt-free? Are you tired of living paycheck to paycheck and want to get out of debt in 2021, join over 7,000 consumers in getting a head start with our Budget to Basics E-course. Click on the link to join the FREE class now!
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