Budgeting Reflects Your Values

  I can’t think of a more boring subject to cover.  However, it is the very basic foundation of where we anyone must start.  People are hesitant to talk about money, maybe on another post I will actually detail out my personal budget.  But I will let you in on some of my personal tips and tricks of how to make budgeting part of your daily and weekly routine.

Your budget is a very very personal thing.  You see, it reflects a great deal about your priorities, your morals, and ethics.  As they say, “Time is Money” and time is where your priorities begin and end.  It is easy to fall into the trap of not knowing where your money is going but if you take the time to track it, it becomes very apparent what you value.

One of the most common issues in marriages is around money.  According to multiple studies, money issues tend to be the number 1 causes of divorce.  Budgeting done properly can essentially eliminate most relationship fights.

The hardest part of budgeting is getting started.  Perfection is the enemy.  Getting started is the goal.  If you’ve never done it, just write down for 3 months every dime you spend.  That’ll show you what your budget is now, whether you know it or not.  Then you can decide if you need to make some changes.  You can actually utilize budgeting apps like Quicken.com that link to your credit cards and bank accounts or mint.com that will do the same.

Minimizing fixed expenses is the main priority.  A high percentage of budgets are determined without thinking about it.  If you buy an expensive home or expensive car it impacts your budget significantly.  The idea is to have a relatively small percentage of your budget committed to expenses.  This give you flexibility in your career transitions and being able to take risks if you wish to start your own business. 

Keep in mind the budget you create is yours to own.  Whether you track it or not.  There are lots of reasonable budgets.  But you want to make sure your budget values your priorities, your values and your morals.  Money is a tool to help you live your life by design.  Are you living life with intention or letting it run you?