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Never Fear Your Finances: The 'B-Word' is for Budget
By Barry Finance
DON'T say the B-word. What caused this stigma I have no idea,
but one thing is for certain, people who don't know how to handle
their money in the most basic ways know one thing for sure, don't
tell me to 'budget'.
The fact of the matter is this, the basics of budgeting, simply taking
all of your income in and calculating expenses going out to arrive
at your (hopefully) positive balance, remain an integral component
of basic money management. Whether you're a youth, or just
ready to take control of your own money, understanding where
you money goes is crucial.
But get this, not only is tracking your spending and earnings
crucial, there's an even more important step in the mix.
Responsibility combined with maturity must go hand in hand with
proper money management or all planning and intentions go out
the window. This is why budgeting has received bad attention-it
forces people to make decisions they don't want to.
Face the facts, in order to take control of your finances you need to
make some important decisions, the biggest ones are likely the
reduction of your spending. North Americans are the worst in the
world when it comes to spending more than they earn. The first
step in proper budgeting is creating a plan you can stick with.
Some of the biggest stumbling blocks are reigning in the spending.
It may appear like you can control or maintain your current level of
spending, however, remember, having ZERO in your balance
between income and spending doesn't mean you're a smart
financial planner, it simply means you can't control your money.
Something always has to give when you're changing from financial
consumption to financial frugality. It hurts to think about it, it's
usually undesirable to handle it, but without tough first steps don't
expect any advancement in your own money situations. You are in
control of your own money and only you can make it happen.
About the Author
Personal Finances discussed within our Finance forums. DiscussEconomics provides consumer forums for money questions and answers; also provide a number of very useful personal financial articles.
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