Reasons For Budgeting - Have You Figured Out Why You Want to Budget?
Before you start making a home budget, you might want to think about your reasons for budgeting.
Why?
Because if you don't know your reasons for doing something, chances are high that you won't continue it for too long.
Think about losing weight as an example. it's not enough to just want to lose weight for the sake of losing weight or because somebody else told you that you should lose weight. Unless the reason comes from inside yourself, like wanting to be healthy, wanting to be there for your family, wanting the energy to play with your kids, sooner or later you'll stop trying or gain back most of what you lost.
It's the same with budgeting. You could start budgeting because some financial adviser on TV said you should. Or because your friends do it. But unless you find your bigger reasons for budgeting, you may find yourself lacking the motivation to start and stick to a budget.
So before you commit your household money plan to paper (or an excel sheet), dig inside and ask yourself: 'What are my reasons for budgeting?'. And you might find answers to many of life's decisions like 'should we buy the big screen TV or fund our savings account' or 'should we take this exotic vacation or pay down our debt?'.
Here are some ideas to help you figure it out:
1. I want the peace of mind of having an emergency fund for my family.
2. I don't want us to live paycheck to paycheck anymore.
3. I want to know we are saving for my/our future.
4. I want to know where our money is going so I can make sure we live within our means.
5. I want us to get out of debt.
6. I want us to be in control of our money and our lives.
Why?
Because if you don't know your reasons for doing something, chances are high that you won't continue it for too long.
Think about losing weight as an example. it's not enough to just want to lose weight for the sake of losing weight or because somebody else told you that you should lose weight. Unless the reason comes from inside yourself, like wanting to be healthy, wanting to be there for your family, wanting the energy to play with your kids, sooner or later you'll stop trying or gain back most of what you lost.
It's the same with budgeting. You could start budgeting because some financial adviser on TV said you should. Or because your friends do it. But unless you find your bigger reasons for budgeting, you may find yourself lacking the motivation to start and stick to a budget.
So before you commit your household money plan to paper (or an excel sheet), dig inside and ask yourself: 'What are my reasons for budgeting?'. And you might find answers to many of life's decisions like 'should we buy the big screen TV or fund our savings account' or 'should we take this exotic vacation or pay down our debt?'.
Here are some ideas to help you figure it out:
1. I want the peace of mind of having an emergency fund for my family.
2. I don't want us to live paycheck to paycheck anymore.
3. I want to know we are saving for my/our future.
4. I want to know where our money is going so I can make sure we live within our means.
5. I want us to get out of debt.
6. I want us to be in control of our money and our lives.
