The Power Of Budgeting

What do you think of when you hear the word “budgeting”? If it’s something negative, limiting, or painful, continue reading because I’m going to show you the power of budgeting and why budgeting can be positive, empowering, and actually enjoyable!

This will be the first of a series of posts about budgeting and how to use it to get the most from your money and your life.

Bust These Budgeting Myths

To many people the word “budget” has a negative meaning. Budgeting has received a bad name over the years, mostly from people who haven’t truly utilized budgeting at all. These people view budgeting as something you only do when you are low on funds, in financial trouble or have no other alternative. You’ll hear terms like “limiting”, “restrictive” or “freedom sucking” applied to budgets and budgeting.

As a financial planner I completely disagree with these myths and negative views about budgeting. I have seen the power of budgeting and how it is a vital element in the execution and realization of nearly every successful financial plan.

So, despite what you may have heard, budgeting isn’t about cutting back, restricting, or spending less for its own sake. Let’s learn more about what budgeting IS about…

The Beauty Of Budgeting

At its core, budgeting is about responsibility. The act of building and following a budget is nothing more than taking ownership in, and responsibility for, the money in your life. When you take responsibility you are showing that you care about you and your family’s well being. This responsibility helps you make the best decisions you can about how you want to live your life. Because of this you are able to explore new options and discover what truly makes you happy.

The result?…instead of “limiting” and “restrictive”, budgeting is actually empowering and limitless. Sounds pretty good, doesn’t it?

Why You Need Budgeting

Would you start on a cross country road trip without knowing how much fuel was in your car, where you were going or if you could find food and fuel along the way? Well, maybe you would if you were irresponsible or hoping to benefit from the kindness of strangers along the way. For the rest of us, my guess is probably not.

Going through life without a budget is very much like taking that road trip. Not knowing how much money you have, where it is coming from, or how it is being spent is just like heading out on the highway with no food, fuel or map. You might get somewhere…..eventually, but will it be somewhere you want to be? You can dramatically increase the odds of success and happiness and control in your life by using the knowledge you gain through following a budget.

Building a budget that is unique as you are is not that hard. In the next post in this series I’ll discuss how to approach the budgeting process in a way that gives you the freedom you deserve when making decisions about the money in your life.

Help Is Available

Setting goals and building and acting on a financial plan takes work. While many people have the time, motivation and energy to do it all on their own, many do not.

If you would like some help building your own financial plan or would like a second opinion on anything related to your financial life, I’d be honored to speak with you. You can contact me by sending an email to mark@financialclaritypartners.com or visiting our website at www.financialclaritypartners.com and clicking the link for the “Contact Us” page. Or, if you want to speak with me directly, go ahead and give me a call at 678-626-7526 and we can discuss your needs and determine if my services might be a match.

Subscribe And Stay In Touch

Want to to stay in touch and get the latest information?…Subscribe to the Smart Money Great Life newsletter!

Once a week or so you’ll receive an email that will summarize any new financial planning tips, tools or articles I have published or come across that you might find helpful. My goal is to provide actionable information that you can use to improve your life and get more from your money.

Leave a Comment: