The word “Budget”
is not a bad word; instead it should be used in everyone’s vocabulary. Creating
a budget is crucial to improving your finances. A budget will allow you to stop
missing payments, damaging credit, and paying late or overdraft fees. Simply by
creating a budget you have now started to delegate where your money goes. Every
dollar has a place, including savings, bills, and spending money. Having a
budget can also help that person that claims to not have any money find some
extra cash each month.
Create
a list of every bill, expense, and spent amount for a month. The money that is
spent on snacks, coffee, etc. must have its own category also. The budget will
also show any extra left over after all bills are paid. It is important that
this extra money is also delegated into a category, such as a savings account.
This is the most difficult and important part of this process because it
involves sacrifice and seeing your finances on paper. Once you start telling
your money what to do, you can regain financial control and begin to enjoy
using the “B” word!
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