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Written by Chuck Bowen
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Sunday, 20 April 2008 19:00 |
 It's been estimated that less than 35% of Americans utilize any form of personal budgeting ... the dreaded 'B' word. Many folks have tried and failed time after time in the past, but it's a self-discipline they just don't seem to want to make a permanent behavior. Since the vast majority acknowledge a Spending Plan (my preferred term for budget) is necessary to good financial planning, why don't more people do one consistently?
We need to get specific about the reasons we feel a spending plan is necessary. We need to make the numbers personal. The technique I use with our clients is to focus on what they really want; what money can do for them. I and my coaching staff help our beloved clients break-down their financial goals into to two categories: Material and Emotional. Both material (paying off a home, buying a vehicle, vacationing in Hawaii, meeting daily expenses, remodeling their home, etc) and emotional (security, peace, control, freedom, abundance, etc) goals have to be clarified before you can commit to the dollars and cents.
Live out of your possibilities, not out of your history ~ Stephen Covey.
You must change your attitude about budgeting from being primarily a sacrifice (giving up everything that's fun!), to becoming a pathway to achieving what you're really passionate about in life. Next week I'll give you some key concepts and steps to take to create your personal, successful spending plan.
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