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Budgeting: Your First Step to Achieve Financial Security

Feb 2, 2021 | Money Tips

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A well-constructed budget is the key to a successful financial plan. Financial security is what we all want. And the opposite can leave us unprepared and vulnerable to unexpected expenses that set us back on reaching our money goals. Setting a budget can feel constricting to the things we want, but will guarantee the things we need. A budget gives the freedom and discipline to buy what we want in a responsible and fiscal way. You are the C.E.O. of your life, so here are a few steps you can follow to lower your expenses and debt, increase your income and savings, and achieve financial security.

1. What’s Your End Game?

Goals are important. It sets our mind on the prize and is the ultimate influencer in attaining desired results. So, what’s yours? List what you envision for your life and the financial goals you would like to meet.

2. Where’s Your Starting Line?

To begin reaching your goals, you must know where you’re starting from. Total debt will be car loans, money owed, credit cards, and monthly bills and expenses. Knowing the outgoing will be the key to managing the incoming.

3. Categories & Placements

Categorizing your expenses will keep management organized. Financial awareness must go beyond what we think we’re spending; because it’s usually much more than we realize. Placing expenses into categorical groups is necessary to keep goals on track. Some budgeting plans suggest using labeled envelopes, some suggest using a spreadsheet. How you get to your end game is up to you, as long as it’s working!

4. The 50/30/204

This is a simple percentage breakdown of how a budget should look: 50% needs, 30% wants, 20% savings. While savings is a straightforward percentage, wants versus needs can sometimes be distorted in our current world of consumerism. This distinction takes practice and discipline but is essential to meeting your financial goals.

5. Failing ≠ Stopping

Mistakes or harmful financial decisions happen to even the most well-versed financier. This shouldn’t stop you from your progress to achieve financial security. Learning and growing is the only way to know how to make proper financial decisions.

Whether your goal is to save for a home or begin your first financial journey, a practical budget is the way to get there. It’s worth the small sacrifices to attain the big picture outcomes. Browse through our Gondola websites to find offers and informations to help you reach your end game.

1 Comment

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