Making A Budget Plan To Finally Realize Your Dreams!
Is one of your dreams to have financial security
? You may work 9-5 job or several part time jobs, but the money you earn supports you and your family.Even if you are making a great salary,without making a budget plan, you won't ever get what youdream of.
How important are your dreams to you?I don't know about you, but mine are pretty darn important to me. You have torealize that making a budget plan is the best and only way to actually get the things you want in life. Living your dreams should be a huge priority to you.
But the reality is thatmaking a budget plan is the only way to grab your money by the horns and force it to make your dreams cometrue.Whether you are making a lot of money or you canbarely pay your bills, the only way to get where you want to go is to create a spending road map. It is also important to note that themore trouble you are in financially, the more imperative it isto get control of your money now, not later.
You have to know what exactly you want before you start making a budget plan. It's impossible to get where you want to go if you don't know what your destination is. What are your dreams and goals? Is your dream to be out of debt? Is your dream to own a larger home? Is your dream to travel to far away places?
It doesn't really matter what your dreams are. They are important to you and that's all that matters. Identifying them and writing them down brings you one step closer to achieving them. Making a budget plan is the next step towards getting what you want by controlling your money. It doesn't matter how much money you earn, it will all just slip away from you if you don't plan on where to use it.
Before you can set up a budget, you have to know how much money you make every month and how much your expenses are. Typically, it is much easier to figure the income part. It can be a lot harder to figure out where you are spending your money.
Break your expenses down into fixed and variable to get started. Fixed expenses include: your mortgage / rent, car payment, insurance and anything else that is the same every month. Next figure your variable expenses. Variable expenses include: groceries, gas, etc. When planning your variable expenses, go high instead of low.
When you know your total income and your total expenses, subtract your expenses from your income. The amount of money you come up with will either leave you money at the end of the month, show that you are breaking even or that you are spending more than you make.
If you are spending more than you earn or you break even every month, you have to make changes unless your dreams include bankruptcy and financial ruin. Depending on how bad your situation is, you will have to make more money and / or spend less. Some solutions are to cut your expenses, find cheaper housing or maybe even get another job in order to not spend more than you make. You will have to decide what works for you.
You cannot spend more than you earn every month and realize your dream. You have to have money left over at the end of the month and be able to save it. If you have to, put your savings toward getting out of debt at first. Then as your debt is paid off, you will have even more money to put towards saving for your dreams and goals.
If you are overwhelmed by this whole process, you can get help from local volunteers in your area. There are people out there who can help you with making a budget that will work for you and your family.
Making A Budget Plan To Finally Realize Your Dreams!
By: Debbie Lynn
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