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Written by Chuck Bowen
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Sunday, 30 March 2008 18:00 |
A couple of weeks ago I shared that less than 35% of Americans utilize any form of personal budgeting or spending plan. While most acknowledge having a plan is important to succeeding financially, they just can't seem to muster the self-discipline to make it happen.
Yes, the key is changing your attitude about budgeting from being primarily a sacrifice to being a pathway to achieving what you're really passionate about in life. But you also need some simple steps to make it happen effectively and repeatedly:
1) Complete your spending plan by the first day of each month - 2) On paper, give every dollar you make a name
- 3) Make your plan "zero-based" => Income = Giving + Saving + Spending
- 4) If married, one should draft the budget and the other review for agreement
- 5) If you currently have consumer and automobile debt, aggressively eliminate it prior to investing
- 6) If your plan doesn't work perfectly ... expect it! Persistence is crucial: adjust where you can, stay your course and get back on track next month
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