Friday, June 22, 2007

Your Own Personal Budget

It really surprises me when I find out that many today don’t have a budget? Or won’t admit to it? I guess the ones who don’t have one figure that they have all the money in the world, “now wouldn’t that be nice”? But, some of us with common since know better... Let’s get started on the path of financial well being!

If you want to know how to put together a personal budget the right way, first you need to understand what the wrong way is. Creating a personal budget is probably the single most important thing you can do to move yourself towards financial security. A good way to prevent yourself from digging yourself further and further into debt is to form a personal budget that can work for you.

The big thing that stops most people from creating and maintaining a personal budget is fear - fear of facing the ugly beast of too much debt, too many bills, and not enough money. Many people believe that there are a lot of rules to follow when making a personal budget. Budgets can be a lot of work, but they don’t need to be, if you follow the First Rule of Making a Personal Budget: Keep it Simple.

Most businessmen entertain the notion that a huge chunk of cash can spell the difference between success and failure in business undertakings, which can be true to a large extent, however it was proven that proper financial management is the key. Doing your personal budget the right way is really about avoiding the confusing pitfalls that can goof you up. Make sure that the budget software vendor have an efficient customer support and after sales services.

Here are several features your budget software should have, to effectively help you keep track of expenditures and record your savings. What is it you would like to achieve over time? What are your targets for your budget? Make a list of all of these things, then you should begin to layout your financial means.

By knowing what money is coming in each month, and the dollar amount of the bills being paid each month, will give you a very good understanding if you can, or can’t afford to buy that next item on your list.

It sounds like a lot of work setting up, and it could be? But keep it simple and just follow it each month, and you’ll be amazed how rewarding it can be....


Tricia said...

Have you ever visited the site- YOu Need a Budget? Check it out. It's really great. Jesse has already set up an Excel page that you can purchase for little or nothing (it does a lot) Just thought I'd give him a plug.

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