Monitoring spending habits is one of those necessary evils that we all have to do. I’m not even going to try and pretend it’s fun, but creating a sound budget is a cornerstone to great cashflow management and essential for enhancing your life. I recently touched on how to go about setting up a budget alongside cash tracking software (with basic versions available for free if you’re on a shoestring budget). The combination of the two can create a really powerful cashflow analytics tool that’s accessible on any smart phone removing the need for cumbersome excel spreadsheets and hours of manual labour. The ease of logging into an app and getting instant, highly accurate feedback on your spending enables you to maintain focus on your budget and make smarter decisions on the fly, enhancing your capacity to truly understand your spending habits. Despite the improvements, as I said earlier, it still doesn’t make budgeting fun so if you’re not having any issues paying your bills or enjoying a social life then you might be wondering why you’d bother.
Why Should I Budget?
Money is your bargaining tool for almost everything in life. It’s your food, water and shelter, but also the mechanism that allows you to achieve success through completing your ambitions. Budgeting allows you to spend with intention and make sure that your capital is being used as efficiently as possible. I touch on some of the statistics around work in another post around a personal budget here, which indicates that 4 in 5 of the people who read this post will hate their job. What better reason is there to make the most of the money traded for your slave labour to a job that you dislike! Budgeting means that over your lifetime you have to spend less time doing the things you hate whilst having more capacity to enjoy the things you love.
It All Sounds Great In Theory
Budgeting is really a very simple concept, but it’s not actually easy to do. Unfortunately humans are emotional creatures that find it difficult to make decisions when we’ve got a lot of choices, and that doesn’t bode well for our budgets in the modern world. There are so many options available to us that we often find it hard to focus on the things that we really value which makes us even more susceptible to the constant commercial marketing we are subjected to almost every minute of the day.
If you find yourself struggling to put together a plan or stick to a budget then it might be worthwhile utilising a Financial Adviser that specialises in cashflow management. It’s a little known fact that Advisers typically have strengths in their own niche area therefore you should find a practice that focuses on your current needs.
If you do want to see someone and aren’t sure where to start try this website or please contact me and I can help you through some of the general concepts of budgeting and cashflow management and assist you to find an Adviser that has the skill set that you require.
Please note that Get Finucated is not a Financial Adviser and the information contained on this website may be considered as general advice only. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances.
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