Are you wondering how to make a budget? If you’re like most, you might realize that while you need to do it, but perhaps you don’t know where to start. Indeed, as Hirsch Serman from Lifecycle Financial states, “ it’s unfortunate that in our society we teach our children to iron a shirt, cook, and change a tire, however, we do not seem to teach them how to manage their finances. “
In general, many people whose financial life is out of control to have other aspects of their lives that are out of control. I once published research that showed people who lost a lot of weight saw their wealth climb. When asked about this startling finding, my response is that dieting doesn’t make you richer. Instead, people who can shed a lot of weight typically got their life together in a variety of ways, which, as a by-product, led to better finances.
Jay Zagorsky, Senior Lecturer at Boston University Questrom School of Business
Budgeting is one of the most important aspects of a healthy financial house. In this article, we asked the experts to find out precisely the very best ways to create, be successful at starting a budget. Let’s dig in!
Start Now, or Don’t Start At All
Brittan Leiser from Financially Savvi Her tells me, “If you have time for an hour of Netflix each month, you have time to create and manage your budget. Budgeting can give you so much peace of mind, so it is worth taking the time to stick with it!”
Furthermore, Leah Bourne from The Money Manual agrees, “The first thing would be to sit down and do one, to begin with. This is not something to put off, and actually putting together a budget can make all of the difference when it comes to managing your finances well.”
Having a budgeting plan allows you to be 100 percent in control of your money. A budgeting plan will help you organize your finances and track all of your financial goals. Having a budget ensures that you always have money put aside for the things that you need and are most important to you. A budget allows you to avoid getting into debt so that you don’t have to file for bankruptcy in the future. If you are already in debt a budgeting plan can help you get out of debt so that you can be financially independent.
Karra L. Kingston, Esq.