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I don’t remember learning much about budgets in school. So it wasn’t until my mid-20’s that I started to try and make sense of it on my own. By that time I was already in lots of debt. Lots of the financial advice I was reading talked about how I needed to budget my money. It didn’t make a lot of sense to me; after all, I didn’t see how I would be able to make my expenses less than my income, let alone pay off tens of thousands in debt. The more I learned, the more I understood how budgeting can keep you debt-free.
Once I decided to get a handle on my finances, the last thing I wanted to see was lots of debt. It felt like a constant reminder of where I was and what I used to value. Instead, I longed to have a positive focus of being in control of my money – not the other way around.
How Budgeting Can Keep You Debt-Free:
A budget is a written plan of what you expect your income and expenses to be for the year. Budgeting typically gets a groan out of people because it requires that they think about their financial situation and plan it out. For some people, this can be depressing. Trust me, ignoring your money doesn’t fix the problem. Setting a budget for yourself will help you identify the problems in your financial life and set a plan to fix them.
Are you making less than you spend? Find ways to earn more money.
Are you spending too much? Find ways to spend less.
Do you need to save more for future expenses? Find ways to save a little each month to reach your longer-term goals.
Budgets are an essential tool for your financial success. There is no one right way to do a budget, but there are some easy ways for beginners to budget.
What Is a Debt-Free Budget?
Your goal is to b… Read More
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