Perhaps you already have a budget set up to list your income and bills so you can track where your money goes each month. Unfortunately, traditional budgets can keep you from reaching your ultimate goals because the focus is on paying the bills and not reaching your life’s desires — enter reverse budgeting. Instead of simply having a goal to pay the bills and maybe have a bit left over, plan out your financial goals first and work on your budget to help you get there.
Tag: budget
Money Management Can Be Simple. Here’s Proof
Living paycheck to paycheck is a reality for most Americans, and it seems no matter how many times wages increase, the funds just disappear. The only way to avoid that scenario and properly manage your money is to track it. Having a budget might not sound attractive, but if you don’t track the money coming in and leaving, the little expenses here and there will whittle away at any extra cash you might have had. Ideally, you want to spend less than you make and use the surplus to build wealth – but how?
Investing on a Shoestring Budget
Since many Americans live paycheck to paycheck, it’s easy for them to believe there’s no way for them to start investing. The good news is that line of thinking isn’t true. There are ways to invest even if you’re on a tight budget. In fact, one of the best ways to grow your wealth and stop living in want is to invest your money and have it grow faster than it would in a standard savings account.
Why You NEED a Written Budget
Without a system to track every place your money goes, it becomes difficult ever to get ahead or grow your wealth. People need written budgets to help them gain and keep control of their finances. Having everything planned out can give you unexpected freedom because you know where every penny is going and can adjust accordingly. Writing a budget and visiting it every few months allows you to make changes to match your evolving life.
These Bad Money Habits May Make You Broke
Thinking of bad habits might conjure images of eating fattening cakes, smoking harmful cigarettes, or biting fingernails. Yet, bad money habits are every bit as detrimental and could devastate anyone’s finances unless they turn those behaviors around.