by A BUDGET is sort of like your Mother and Father telling you that: YES… you can afford to buy that shiny new car, or NO… you cannot go on that sunny Florida Vacation.
That’s really what a BUDGET is.
The reason that it’s so hard for some people to set a BUDGET, is that a BUDGET is something that is self-imposed (sometimes by force) to help make sure that spending does not get out of control.
In Technical terms, A BUDGET is an estimation on revenue (money coming in) and expenses (money going out) over a specified period of time.
A BUDGET must be re-evaluated from time-to-time as revenue goes up and revenue comes down, and most often that not, adjust for unexpected expenses.
The BUDGET always seems to get a bad rap, because if done correctly, it will force people to take a good hard look at where they are financially and the BUDGET will inevitably reveal whether a person is able to do the things that they want to do or whether it will be necessary to increase revenue (get a part-time job) or cut back on expenses (less entertainment).
The reality is that without creating a BUDGET for your money you will always end up falling short at the end of the month.
A BUDGET can be written on paper, entered into a computer, or in your head, but a BUDGET is absolutely required to avoid the pitfalls of bad credit and to give yourself a good solid chance to achieve financial security.
Depending on the total amount of your revenue versus the total amount of your expenses will determine what strategies you implement to better manage and control your BUDGET.
Whether you are single, married, have children, or run a business, you absolutely need a BUDGET if you want to achieve true financial security for your life.
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