Do You Need a Budget?
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Budgets—some people create them and abide by them each and every month. However, the majority of people sees the word “budget” and breaks out in a cold sweat. A budget isn’t a bad thing; in fact, it’s essential if you want to have more control over your finances.
So, do you need a budget?
Do you know where your money went last month?
- Yes, to the penny. Want to see my spreadsheet?
- Kind of; here’s some crumpled up receipts.
- No, but I wish some of it would come back so I could pay my electric bill.
- No, but I’m rich so I don’t need to.
Do you have financial goals?
- Of course; in fact, I just hit a milestone this morning!
- You know, I keep meaning to get around to that…
- Does a goal to pay all my bills on time count?
- Who needs goals when you’re as rich as me?
What’s your attitude toward spending?
- I plan my spending ahead of time and stick to it.
- I have a general idea of what I want to spend, but sometimes I splurge a little.
- Spending is so much fun…until I’m out of money to spend.
- I spend money because I have money to spend.
Your results: Regardless of your answer, you need a budget! That’s right, whether you’re scavenging for coins from the couch by the end of the month or you have a six-figure bank balance, a budget ensures you retain control over your money. In the latest episode of “It’s a Good Life,” Brian says, “There is no amount of money that you will create that will be enough to not have a budget.” Listen to the episode and become a Buffini Show Insider to access the exclusive resources for the episode.
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