Master Your Personal Finances. Build True Wealth. Live A Better Life.

Top 5 Reasons Budgets Fail And How To Avoid Them

Why Budgets Fail

When you try to create a budget you learn very quickly how hard it can be to stick to it.  When I first started creating budgets for myself I was always failing and it seemed like such an uphill battle and a struggle to try and make ends meet.  I always blamed myself for not […]

Share

October Can Make or Break Your Financial Outlook for the Whole Year – Don’t Make These Common Mistakes

October Can Destroy Your Budget

It’s barely the beginning of October and already the stores are filled with Halloween decorations, Thanksgiving knickknacks and in the back of the store just waiting at a moment’s notice to explode out and take over every single aisle are the Christmas decorations.  It’s in this holiday time of year that our emotions begin to […]

Share

Run Your Personal Finances Like a Business – Make Cash-Flow Forecasts

Budget like a business

Personal budgeting is often done in a very haphazard way. If there is a plan, it’s usually a reconciliation-based one. This means that all expenses are accounted for “after-the-fact.” This makes planning for the future impossible. Business could never operate this way because they must be forward-looking. This is especially true of publicly-traded companies. If […]

Share

How To Budget When You’re Broke

How to budget when you have no money

In today’s tough economy having a strict budget and managing your money is essential. Way too many people are living with budgets that do not reflect their financial situation they are overspending on categories they shouldn’t and then are left with not enough to spend on areas they should. Take a recent study by Nielsen […]

Share

How To Properly Categorize Your Expenses When You Budget

How To Categorize Your Budget

Here’s a quick tip when creating a budget or as I like to call it a financial forecast.  The first step to creating a budget is to bring all your expenses together and categorize them.  One of the easiest and most intuitive ways to categorize for your budget is by organizing your expenses by time […]

Share

Don’t be a Victim of this Simple Budgeting Mistake Most People Make

Budgeting Mistake

I was out at the local bagel shop the other day when I ran into an old friend.  As I waited for my food I asked him how he was, and at first he said ok.  He asked me how I am, and what I am doing.  I told him how I help people that […]

Share

The 50-30-20 Budget Rule: How You Can Save Money Faster

50 30 20 Budget Rule

What is the 50-30-20 Budget Rule Budgeting is perhaps the most critical aspect of saving. The key to the 50-30-20 budget rule is to distinguish between wants and desires. The 50-30-20 budget rule derives its name from the concept 50% of income (after tax deductions) should be spent on needs 30% should be spent on […]

Share

The Secret Online Tool I Use To Put My Budgeting On Autopilot

My Personal Budgeting Tool

I am often asked what type of budgeting system I use.  Some people use a paper budget and try to follow their budget that way, but I’ve learned that system doesn’t work well for me and many of the people I know.  I went to automating my budget online a few years ago and I’ve […]

Share

The 2 Most Common Reasons Budgets Fail

Why Budgets Fail

I often hear people say that budgets don’t work and that they are unrealistic.  I completely disagree.  If you want financial freedom it is imperative to have a budget in place and follow it.  Think about it, businesses big and small all have a budget.  Even our government has a budget though they don’t seem to stick to it. […]

Share

The 6 Steps to Creating a Financial Forecasting Plan

Budgeting

Do you frequently experience more month at the end of your paycheck? If so, you are not alone. The average person today spends anywhere from 10-30% more than they earn. Creating a financial forecasting plan will prepare you for present and future expenses and ensure that you don’t overspend. By preparing and planning your finances in advance, you prevent yourself from plunging further into debt. Here is a step by step guide on how to create a Financial Forecasting Plan. You will need a calculator, notepad, and pen.

Share