So we need to create a budget for ourselves. I know this does not sound like fun but I will make it quick and painless. No one wants to create a budget and sometimes it can be even harder to stick to it. One of the tricks to carrying out a successful budget plan is to think about the end result. What are your goals? Do you want to earn 1 million dollars, $100,000, etc. Whatever the goals are having a budget, being disciplined and sticking to it will only help ensure you succeed in reaching what you desire. Even wealthy people have budgets although their budgets are much much bigger they still have a limit to what they are willing to spend.
The other thing about having a budget is that the better you get at meeting your budgeting goals each month you will find that it is not so hard. Before you know it you can increase your monthly budget to allow you to spend a little more on some things that you want just to give yourself a treat-but only do this after you have consecutively mastered your budget and have the discipline to stay on it for the long haul. Every now and then it’s very good to reward yourself and I would encourage it.
Okay so let’s get right into it, I did a search online and found a pretty friendly budget on Kiplinger’s website. (Please note I am merely putting a link to their website I take no credit for their work). You will find this budget tool very handy and easy to use.
http://www.kiplinger.com/tools/budget/
Go to this link, print out the budget and begin by estimating what your expenses would be for the month on the PROJECTED column. At the end of the month record what the ACTUAL expenses were and then record what the difference was between what you estimated and what the actual amount was. Then take into consideration how much you bring home each month and how much realistically you think you can save/invest each month. Remember if you are really serious about generating wealth you should do three things: SAVE and INVEST and GIVE TO CHARITY.
I will pick up on these three principals on my next entry and complete our discussion of carrying out our budget with some additional tips.
