"Budgeting" A Means to Fantastic Financial Management

"Budgeting" A Means to Fantastic Financial Management

When building a house from ground up, a carpenter will always use the design plans to ensure everything is done right. Otherwise, there may be dire consequences and a small but vital detail may be overlooked.

Rocket Scientists would never begin construction on a new booster rocket without a detailed set of design specifications. Isn’t it amazing then, to think about how most of us don’t even begin to make a workable plan for our finances or even have an idea on where to start.

Not very smart of us, is it?

That is why we need to have a money management plan or ’budget’, to help us better reach our financial goals and to get out of any debt we may have.

Without a plan we will drift without direction and end up marooned on a distant financial reef.

It is advisable then, to create a budget and if you are married you need to work together with your spouse on all your personal finance goals. First you will need to take some time to figure out what your short and long term goals are to get out of debt and ways to save money for future purchases you may want to make.

Then plan your route to get to those goals. Every journey begins with one step and the first step to attaining your goals is to make a realistic budget, that both of you and your spouse can live with.

A budget should never be a financial starvation diet. That won’t work for the long haul. Make reasonable allocations for food, clothing, shelter, utilities and insurance and set aside a reasonable amount for entertainment and the occasional luxury item. Savings should always come first before any spending.

Even a small amount saved will help you reach your long term and short term financial goals. You can find many budget forms on the internet. To find one on the internet you only need to type in "free budget forms" in your favorite search engine.

You will be able to see there are several choices to select from and should easily be able to find one that will work well for you. Print one out and work on it with your spouse or significant other. It is important to agree on a financial plan that will work best for both of you and one you can maintain over a long period of time if needed.

Bill Gates was once quoted as saying, "Patience is a key element of success", this is something to think about when it comes to financial success, so by having a good budget you are taking a step in the right direction.