Budget Planning is Essential, Yet Few Do It

Ever ask yourself, “where did my money go?”

Do you wonder why you have barely enough left between pay checks? Have you been asked to go on a cruise or short trip with friends, but had to decline because you didn’t have any money? You are not alone. According to an article in The Motley Fool (www.fool.com), “Most Americans don’t follow a budget. Only 41% of U.S. adults stick to a budget of some kind. Some think it takes too much time. In my opinion, that is not a good reason for not establishing a budget. Most things that are worthwhile take a little time and attention. Setting up a budget is investing a little time to take care of your financial health. Just like our bodies and our spirit needs to be nurtured, so does our finances. 

I love budgeting. I’ve been doing it for myself for well over twenty years. I’ve been responsible for large budgets for corporations as well. Over the years I’ve narrowed the process down to very simple steps. You must change your mindset, first! Mindset is everything. If you find that you are constantly chasing money, your mindset has to shift. To do so, take authority over money, so it will not have power over you. Money becomes elusive when you don’t have the right mindset about how it is to used, earned, or increased.

If you were to meet with me to plan your budget, I’d want you to assess how you feel about money. How you relate to it, and how well you command it. Sounds strange? Money is an inanimate object, but some people have a love relationship with it. Some think it’s the root of all evil. Getting it now? You see when you look at money as something that is hard to get, then you build up a fear of losing it. That drives skepticism about investing. Your mind can easily fall into a lack mentality.

You might ask, doesn’t establishing a budget imply lack? No. Setting up a budget is the act of you taking authority over money and telling it exactly where to go. You run it! It does not run you.

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