Top 5 Unexpected Benefits Of A Budget

Ever see your bank account dwindle away and wonder where it all went? 

You have to understand this principle about money:

If you don’t tell your money where to go it will get lost.

Welcome back to our Managing Your Money series. This post is on Rule #2: Create A Spending Plan.

Rule #2: Create A Spending Plan

What is a spending plan? Very simply, it’s a budget. It’s telling your money where to go before it wanders off and you can’t find it anymore. And according to Dave Ramsey a budget is the number one tool for getting out of debt.

We’ve done numerous posts on How to Create a Budget. So instead of the “how-to” I want to give you five reasons WHY YOU MUST have a budget every month.

Top 5 Unexpected Blessings Of Having A Budget

1. A Budget Gives You Control.

Drowning in debt feels like you’re out of control doesn’t it? A budget puts you back in the driver’s seat. You start to feel like you can wrap your hand around your finances. It gives you confidence. Even if your budget is a mess, simply having one tells you and your money whos boss.

2. A Budget Brings Unity.

Ever have that “WHAT WERE YOU THINKING?!” experience when you find out your spouse spends money on something completely ridiculous? Creating a budget with your spouse eliminates that once and for all. It forces you to agree on what you will spend your money on every month.

3. A Budget Eliminates Conflict

Statistically, couples who argue more about money are more likely to separate. Why argue constantly when you can schedule one hour each month to get all of your financial arguments out of the way? (Shhh…Beth & I actually enjoy doing our budget together!)

4. A Budget Reduces Emergencies

For an event to be considered an emergency it has to be unexpected. But what most people call “financial emergencies” are actually normal events for which they failed to plan. The car needs new tires, the A/C went out, we have to buy Christmas presents, etc. A budget forces you to “expect the unexpected” and helps you be prepared for them when they inevitably happen.

5. A Budget Saves You Money.

Last but not least, a budget can save you ridiculous amounts of money. But there’s a reason almost 200 million Americans DON’T have a budget. It’s hard…it takes time…blah, blah, blah.

If I offered you $200 to sit down and create a budget in an hour or less you would take it. But what you must realize is a budget will SAVE you at least $200 a month, and every month you follow your budget that number goes up.

What You Manage Grows

Let me be candid for a moment. You know you need a spending plan. The people who don’t aren’t reading this right now. So why don’t you have one? What are your excuses? Time? Fear? Not enough money to manage?

T. Harv Eker says “You must acquire the habits and skills of managing a small amount of money before you can have a large amount. Managing your money is more important than the amount.”

Your excuses will kill your potential. Don’t let them. Take action now.

Committed to your success,

-Wesley

P.S. Do you have a budget? How has it helped you? If you don’t have a budget, what’s stopping you?

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