Budgeting for Beginners

Budgeting for beginners

This video discusses how to prepare a budget and the benefits of having it. A budget template will be made available to better organize budgeting experience.

A budget is a written record of the money that flows in and out of your pocket every month. Take note that you need to write or type your budget so that you won't forget the cash inflows and outflows of your money. A daily, weekly, monthly or yearly budget can be made depending on the range of your planning.
Budgeting is the first step towards financial freedom. It allows you to take control of your finances. With budgeting, you will be securing your ticket towards controlling your money.

Why budget?

1. 100% CONTROL OVER YOUR MONEY. There are only two things that will happen with or without budgeting . Its either you are controlling your money or money will control you.

2. OPENS YOUR EYES ABOUT FINANCES. You will be aware and conscious as to the flow of your income and expenses.

3. HELPS YOU ORGANIZE YOUR SPENDING. Budgeting allows you to track your expenses and check your outflows.

4. ALLOWS YOU TO INVEST YOUR SAVINGS. With budgeting, you can review your excess funds and invest it in productive investment instruments.

50:30:20 BUDGETING RULE By Elizabeth Warren

Traditional formula in Budgeting: INCOME-EXPENSES=SAVINGS

Success formula in Budgeting: INCOME-SAVINGS=EXPENSES

STEPS IN BUDGETING

Step 1. Calculate your income
Step 2. Determine how much you will save?
Step 3. Prioritize your expenses
Step 4. Monitor & adjust your budget.

Why do budgets fail?

1. LACK OF DISCIPLINE. Yourself should be disciplined enough to respect your budget.
2. NEGATIVE ATTITUDE. Procrastination destroys our productivity. So as in our budgeting.
3. UNREALISTIC EXPECTATIONS

BUDGETING TIPS
TIP NO. 1 FOCUS ON REDUCING EXPENSES AND FUNNEL MORE MONEY TO SAVINGS
TIP NO. 2 REMOVE IMPULSIVE BUYING AND FOCUS ON NEEDS INSTEAD
TIP NO. 3 CONSIDER ADDING ADDITIONAL STREAM OF INCOME
TIP NO. 4 REVIEW REGULARLY YOUR BUDGET.
TIP NO. 5 WRITE…WRITE….WRITE YOUR BUDGET.

Like our Facebook Page:   / start-up-entrepreneur-114074196957562  
Follow me on my other Social:

Linkedin:   / adrian-olasiman-cpa-cma-66ba0984  
Twitter:   / startupentrepr3  

TAGS:

the beginner's guide to building a budget,budgeting for beginners,how to start budgeting for the first time,how to create a budget,budget,basic budgeting tips everyone should know,practical budgeting tips,best budget spreadsheet,free budget spreadsheet,Start-up Entrepreneur Ph