Sunday, May 19, 2019

Personal Budget = Freedom


Budget - its not a four letter word and yet to some, it strikes a cord of control and misery.  The budget of Income and Expenses is a key to having your money work for you opposed to the thought that you work for money.  A first step in breaking out of this cycle is to budget and determine where the money is going.  Money kept to roam freely, will freely leave and you won't know where it went or if it ever is coming back.

To begin a budget, have a budget meeting every month and determine where your money is going the next month.  Every month is key, as cash flows will change on a monthly basis.  Once a budget has been completed the next key will be to tack the expenses - are things working out as planned?  Do they need to be adjusted?

Sunday, March 31, 2019

Clear Your Thoughts - Reduce Debt

Debt - an amount of money borrowed by one party from another.  Debt is used as a method of making purchases that are not affordable under normal circumstances.  A debt arrangement gives the borrowing party permission to borrow money under the condition that is to be paid back at a later date, usually with interest.

While debt enables purchases, it also can create another level of stress and anxiety that can go beyond a healthy level.

The rich rule over the poor, and the borrower is slave to the lender.  Proverbs 22:7

Saturday, March 30, 2019

Tips to Start Personal Budgets

Setting up a personal budget can be a daunting event that typically gets looked at when cash-out seems to be outpacing cash-in.  

A few key thoughts to keep in mind while getting started is to give yourself grace, changing to a budget is difficult and uncomfortable. 

The best way to make a dynamic change is to take small steps, keep it simple, and methodical.  As your knowledge grows, you can add complexity.  Like a muscle, your fiscal fitness requires a workout.  The following are items to consider: