Budgeting: Where did my money go?

Hello Hello,

Just wanted to drop in and touch a little bit on budgeting.  Money for most people is a touchy subject. It can be directly tied to their emotional state at any given time.  I have seen first hand from working in the banking industry for 18 years how a lack of financial resources will cause people to do things they never thought…like rob a bank.  Now, I definitely don’t want you to get to the point where you risk losing it all so let’s talk about a couple things we can do to manage our finances.  

First, I want to break down the negative connotation that people get when they hear the word “BUDGET”. To some its like a curse word, lol.  For some, the word means restriction. It means its a way to tell them how to spend their money. Well that certainly is true but restriction doesn’t always have to be a bad thing.  Think about when you see a construction site and at the gate there is a sign saying “Restricted Area”. They have alerted you of the restriction so that you can stay safe by not entering.  Same thing goes for your budget. Instead of at the end of each month asking yourself, “where did my money go” with a clear budget in place you will tell your money where to go. A clear budget makes you the conductor of your finances.  A couple keys to creating a simple budget:

  • Income – Accurately disclosing your income is the first start to your budget. 
  • Expenses – This is the most important part of your budget. If you do not disclose ALL of your expenses then you will not know where your habits are.  And yes if you spend $200 a month on gambling that needs to be added to your expenses.

Don’t be afraid to put down all of your discretions when it comes to spending on paper.  It’s hard to improve if you can’t identify the issue.  That’s what a good budget does for you.  Let’s you know where you’re spending and identifies the places that you should be putting your money.

Book a session and let’s find a plan for you.

Want to hear more? Check out my podcast “Gigi’s Gospel” on your favorite podcast listening platform.

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