The 3 Benefits of a Good Budget

Not all budgets are created the same. The longer you work at your budget, the more it will help you solve your financial issues and meet your goals. It may take a while to perfect your budget, but it will pay off big time in the long run. To learn how a good budget will benefit your life, read on!

Good Budgets take the guess work out of finances

Budgets make spending and saving easy. Once your budget is set, you simply follow the plan you created for yourself. Since you’re deciding in advance what you want to spend, all you have to do is stick to your budget and you’ll be all set. You won’t have to worry if you are spending the right amount or doing the right things for your long-term growth.

Good Budgets are objective – the numbers won’t lie (even when you want them to)

Your budget will keep you honest. As long as you input the correct information, your budget will show your true spending habits in relation to your income. This will allow you to assess how well you are doing and make changes in order to improve your finances. You can fool yourself and others, but your budget will always tell you the truth. In this way, your budget will help you make important decisions if you have trouble making it on your own. It’ll show you the cold, hard facts; it will never, ever lie.

Good Budgets make you better with money

If you properly update and monitor your budget, it will show you an accurate record of your behaviors and spending patterns. You can use this valuable information to modify your behavior in ways that help you improve your spending habits. Further, budgets become a partner in monitoring your finances, helping you see those problem areas and creating opportunities for growth and change. This, with a good coach or accountability partner, will practically guarantee that you’re able to reach your goals.

A well-crafted budget is a worthwhile investment. It will help you take the guess work out of your finances and will make you better with money through their objectivity. These are just a few of the benefits. What other benefits did I miss?

If you need help making your best budget, check out my budgeting guide, or schedule a coaching session with me. There are also a ton of other helpful articles here at Let’s Make a Budget.

Good luck and happy budgeting!

6 Incredible Reasons to Make a Budget

Budgets are incredible financial tools that help you manage your money and meet your goals. If you’re looking to bring more order to your financial life, you could benefit from making a budget. Here are six reasons why making a budget is the right choice.

Your finances will improve right away

The moment you complete your budget you’ll immediately get a better sense of how you are using your money. There’s no way around the truth of how you spend and save when it’s all laid out in front of you. From there, you’ll be able to choose to spend more wisely, and you’ll see your finances change in front of your eyes.

Budgeting will save you time and energy with your finances

With your financial plan laid out before you in a budget, you’ll be able to think less about money as you go about your day. As long as you follow your budget, you’ll know you’re making the right choices with your money; you’ll have thought through how much you want to spend and on what ahead of time, so there will be no reason to worry. That means more time for the things that really matter to you.

You will make better choices with your money

Your budget will help you assess your spending habits and help you put your money toward your goals, allowing your money to do what you most want it to. Want to save more? You can add more money toward your savings goal. Want to pay off a student loan? You can take extra money from one category and put it towards that bill. By being more intentional with your money, you cut out waste and use it more effectively.

Budgeting is the best investment you will make

Because you make wiser choices with you money, you accomplish more of your financial goals faster. Because of this, your savings will grow larger faster; you’ll be able to invest more; and you’ll be able to live comfortably without debt.

Additionally, your journey to money mastery and financial independence goes through budgeting; it’s the foundational step in controlling your money and your spending habits. This knowledge and experience will pay dividends in the long run as you apply those lessons and values to investing, running a business, and any other activities that require more complex skills and understanding.

You have time to make a budget

Budgets don’t take a lot of time to make. Even if you aren’t planning on making it during this quarantine, you will be able to make it at any point, in a matter of minutes. Creating a budget is super simple if you have all your materials and set aside the time to do it. Sure, honing and revising it will take additional time, but you can set up your initial budget in under an hour.

It’s never too late to learn to manage your money

Time is always a factor when it comes to saving and investing; the earlier you begin, the better. However, that’s not to say that you shouldn’t start today, wherever you may be in life. You can always benefit from learning to manage your money, for the skills and habits you gain will always have a positive impact on your life. There’s no way around that truth. In order to start benefiting from budgeting, you simply have to decide to get your finances in order, and then take action.

Make a budget today

Making a budget is one of the best choices you can make to improve your finances. If you want to get started with your budget, check out my budgeting guide. If you want personalized, in-depth support, consider money coaching with me.

Good luck and happy budgeting!