Now more than ever, it is crucial to understand the importance of Budgeting.
What is budgeting ? It is the process in which you organize your finances by breaking down the total amount of income coming in versus the total amount of expenses going out.
When it comes to gaining clarity in your financial journey, budgeting is a great asset. It allows you to allocate every dollar to a specific category, whether it be your bills, any debt, savings etc..
The Basics
If you are struggling to keep up with your finances and find yourself forgetting to pay a bill or feel like you are living paycheck to paycheck without having the space to live the life you deserve. It may just be because you don’t actually have a plan.
The key to budgeting is to first off have, complete transparency with oneself. Like many things in life, it may seem intimidating at the beginning. That being said once you start creating a budget what you really are doing is creating a system for your financial journey. You will be clear in your goals and objectives, which in turn will give you a sense of control. It is time to normalize financial literacy for people of all ages.
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With time, it may even come as a surprise to you that such a simple habit will yield astonishing rewards. Here are 3 major tips that will help you kickstart your budgeting journey :
- Set up a list of all you recurring and non recurring bills/ expenses.
- Find out where it is you can cut down in expenses. Even if its a couple dollars here and there a month, you will see in time how quick a small amount adds up.
- Be patience and stay consistent. As cheesy and repetitive this may sound, the only way to get results at the end is to keep going. Do not compare your journey with any one else’s. As long as you start and stay on course, not only will you be able to achieve your goals , but you’ll find yourself surpassing them.
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