Take care of financial priorities such as housing, food, and transportation, rather than disproportionate spending on entertainment and dining out.Įstablish regular investing habits in preparation for retirement. “If You Don’t Control Your Money, It Will Control You” If You Live Within Your Budget, You Will be Much More Likely to:īuild emergency and long-term savings accounts.
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If you still have difficulties budgeting, remember this: If you identify with one or more of the above myths, then make a personal decision to implement the “realities” into your thoughts. Reality: Following a budget increases the likelihood that I’ll take care of my financial priorities first, such as housing, food, savings, and transportation. Myth # 4: Following a budget inhibits my freedom of choice. Reality: The checkbook can’t help me prepare for unexpected expenses like car repairs or doctor visits. Myth # 3: If I balance my checkbook, that’s as good as budgeting. Reality: Budgets are for anyone seeking to stabilize their finances and avoid debt. Myth # 2: Budgeting is for people who are in debt. Reality: Actually, spending less than I earn may solve many of my money problems. Myth # 1: If I had more money, all of my problems would be solved. The following are a few such myths and their corresponding realities that may help us overcome our own resistance to budgeting. Many of these reasons are based on false assumptions or myths. There are a number of reasons why many of us do not create or live by a budget.
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The Myths & Realities of Household Budgeting Let’s begin by looking at what a budget is and what it isn’t. If you want to build wealth and get money fit with your personal finances you must live by a budget. First, let’s take an in-depth look into why maintaining a household budget is so important to the financial success of you and your family.