Personal Budget Planning isn't as hard as you might think. There are some simple concepts that you need to know and then you're off and running. First and foremost, you need to determine what your goals are. When you've decided what exactly you're saving for, it's a lot easier to set short and long term goals and stay on track.
It's not how to make a budget that's important, it's why. Depending on what stage of your life you are at will probably determine what your goals are but it shouldn't necessarily be that way. A young person in your twenties may be focusing mainly on putting money away for a house or a wedding instead of retirement. Ironically, saving money for retirement should start in your twenties! If you wait until you're nearing retirement, you have waited too long. Ok, back to personal budget planning.
It's important to have a conversation with your significant other and children about why you need to create a budget. It can be eye opening for those members of the family who don't know anything about finances, what your money situation is. When you explain the difference between what comes in as income and what goes out as expenses, a whole new level of understanding is reached.
You'll be surprised the next time your daughter or son actually understand why you can't afford that new pair of $100 sneakers. When they understand and are supportive of personal budget planning, it makes life a whole lot easier. The same goes for the adults. It's easy to order out every day for lunch without even thinking twice but if you added that money up, you would be speechless.
My husband used to spend money twice a day for a large coffee. That adds up to a lot over a month! Just cutting back to one a day can make a difference. Give yourself an allowance each week and stick to it. Decide if you really want that coffee or if you would like some delayed gratification and have a weekend away. Or spoil yourself some other way.
This is also a great budgeting strategy to use with kids. If you're not already giving your kids an allowance I can give you two good reasons to start. First, they will be thrilled that they are getting an allowance and second, they will need to learn to manage their own money. Without even knowing it, they will start their own personal budget planning. Then they have no one to blame but themselves if they run out of money before the end of the week or never have enough money to but that new game or movie or CD. They will definitely learn to respect the value of money and they won't be able to blame you!
There are a few different ways to budget that you can try. Some may be more popular than others but the one that works the best is the one that you can stick to. Some of the personal budget planning strategies you can use, are-
There are so many simple ways to cut your budget that you'll wonder why you didn't start sooner. Believe me, I get as much of a charge out of saving money as I do from getting a good deal. After a small taste of saving money, you try to find other ways to make personal budget planning fit into your life.
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