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Last Updated: Feb 6, 2017 - 2:32:04 PM |
"Failure to recognize possibilities is the most dangerous and common mistake one can make." - Astronaut, Mae Jamison
You must admit that the title of this article is a little strange,
because when you think of a budget you usually feel everything else but
thriving. You see a budget as a tool that is restricting allowing very
little room for growth or progress - When it is actually a tool that
allows you to thrive!
Your budget provides you with an updated snap shot of your current
financial position and by reviewing it on a regular basis you are able
to make the necessary adjustment to your financial planning on your
road to creating wealth. Allowing you to thrive! And it does this in
three ways.
Firstly, it allows you to understand your spending. Each month as
you review your spending you will get a clear picture of how your money
is being used. And by asking the question “is this really the best use
of my hard earned money?” You are able to take the necessary steps to
adjust your spending habit so that you focus your resources as you
choose. And by controlling your spending you will begin saving and
making steady progress toward your goal of financial security.
“Taking Control of Your Money” workbook is a useful resource to help
you with your review.
Secondly, by reviewing your budget on a regular basis you will be
able to determine whether your income is at the level it should be to
support your current lifestyle. This is usually missed by most person
and may be the missing element in your financial planning.
While you may see your budget as a belt tightening exercise, it
could really be a clear indication that you may need to increase your
income. And if you need to increase your income no amount of belt
tightening will help. You just got to find ways to increase your
income. And developing multiple income streams is always best because
it moves you away from depending on only one source of income.
And your quest for another income stream will lead you to another
benefit of budgeting that you may have overlooked, your personal
development. You would be surprise at how much money you are leaving
unrealized every day because you don't have a certain skill - A skill
that you can easily learn. And you will not realize your full income
potential until you focus on developing your moneymaking machine -You!
And with a little more income your budgeting will be a lot easier
because you can now increase not only your savings but your spending as
well!
Here is something you can do right away to improve your income and the quality of your life. Click Here to learn more.
Finally, your budgeting allows you to optimize your savings and
spending by simply getting the best value for every dollar spent. So
are you getting the greatest bang for your hard earned buck?
Always remember that, “every dollar you spend has the potential of jeopardizing rather than enhancing your future.”
Begin looking at every purchase through the lens of “Am I getting
the most value for this dollar?” And if you are not then adjust your
spending habit.
So if you really want to get ahead and create
wealth for you and your family, you need to ensure that you are using
the most important tool of your financial planning – your budgeting, to
thrive!
“Time is our most precious asset, we should invest it wisely.” - Michael Levy
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