Tips & advice on getting your finances back on track.
Maintaining a monthly budget may sound boring and restricting, but once you get the hang of it, you would be surprised by how beneficial it will be to your financial situation. If you are not keeping track of your money, here a few reasons why you may want to consider starting to right away:
Many people are threatened by a budget because they feel a budget will control their spending; however, once you start budgeting you will find quite the opposite is true. You determine your spending priorities and you decide where your money will go. The days of living paycheck to paycheck will be over and you will no longer wonder where all your money went at the end of the month.
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When you are following a budget, you will naturally become more aware of your spending habits. Things that you used to spend money on thoughtlessly, that you did not necessarily need, will no longer be weighing you down, freeing up money to build your savings. A budget will motivate you to save and stick to the motto of “paying yourself first.”
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Get out of debt
If you have found yourself in the never-ending cycle of debt, a budget is an absolute necessity. It will break the habit of using your credit cards and get you focused on paying them off, especially once your recognize how much money is wasted paying on high interest debts.
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Reach your financial goals
A budget enables you develop a spending and saving plan based on your personal needs and wants. By sticking to a budget, incorporating a savings plan for short term and long term goals, and setting realistic timelines, you will surely reach your financial goals.
Gets you on the path to financial freedom
With control over your finances, savings in your bank account, no debt weighing you down, and realistic plans to achieve your financial goals, you will certainly be feeling a sense of financial freedom. Maintaining a budget is a rewarding habit that will reap numerous benefits for your financial situation.
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If you are in need of guidance getting your budget started, reach out to one of our financial counselors who will assist you in developing the groundwork for a successful budgeting plan and help get you on your path to financial freedom!
Lauren Lovett has been with Navicore Solutions for seven years serving as a Certified Credit Counselor and Grant Writer. While in these roles, she has witnessed the positive impact that the organization’s counseling services has on improving the money management skills and economic security of individuals and families in need.