“Put all good eggs in one basket, and then watch that basket.” ~ Andrew Carnegie
Let’s face it - establishing a budget and actually sticking to it can be tough. Especially when life throws us financial curve balls and we incur unexpected bills (like having to take your pet to the vet or experiencing car troubles!).
As I’ve spoken about often, I had many different businesses before Glen and I founded Mind Movies - we even ran a nightclub in Sydney, Australia at one point! ;-)
And while we were experimenting with creating our own businesses, we kind of just lived day-to-day, making and spending money, working hard and having fun!
But having a wealthy and abundant life takes planning!
Once I started studying and practicing the Law of Attraction, I really understood the power of changing my mindset around money and budgets - that becoming wealthier isn’t just about making money and spending lavishly, it involves planning and careful budgeting. I had always equated this with a boring life - or left it to other people to handle for me - but now I realize it’s not only helpful, but it’s also empowering to know what you’re spending and how you’re spending! And, the more you plan and make, the more you attract and manifest!
Because of how much it’s changed my life, I wanted to share with you my 6 reasons why you should set a budget this year:
1) It’s Easier To Reach Your Goals
Whatever your financial goals, or even your life goals, it’s easier to get there with a plan and a budget! No matter how much (or little) you make, setting aside income to reach your goals is a key piece to success. And when you have a visible budget in place - something you look at each month (or week or day) - then your goals are just that much more attainable!
2) You Have More Flexibility
Another great reason to have a budget is that it can be flexible and fluid. Sometimes your monthly income and allotment for certain things in your budget changes, so if you keep an active and visible spreadsheet on hand, then you can keep even better track and have more flexibility. For example, there may be unexpected expenses that come up - but maybe you spent less that month on entertainment or food? That budget helps you keep track and be more flexible with what you’ve got.
3) It Gives You More Control
It bears repeating that having a budget right in front of you to look at every month (or week or day!) is a smart and efficient way to live your life - and one of those reasons is that it gives you more control because you’re not constantly “wondering.” Wondering where your money is going, or what you spent it on, or why you don’t have enough to travel or do the things you want. Having that budget, knowing what’s coming in and going out, is a great way to take the reins in your life!
4) You Won’t Spend Money You Don’t Have
This may be the simplest yet most profound of all of the reasons to budget! With a visual - a spreadsheet or even a budget book, for the traditional - it’s a reminder of exactly what you have coming in and going out, and you are much less likely to get into trouble with spending. It’s just that simple. The more aware you become, the more you will stay within your budget and reach your goals.
5) It Shines A Light On Your Habits
Good or bad, your budget will highlight your habits faster than anything else. It’s a great opportunity to change the bad habits and elevate the good habits. It’s almost shocking how, once you have it all in front of you, you find places where you spend that you weren’t even really aware of!
6) You’re Prepared For The Unexpected
If you budget right, and you stick to your budget, then you don’t have to react to unexpected expenses that might pop up. Sure, they might not be something you want, but you’ll be better prepared and it won’t have to feel like the bottom dropped out - which is the case when you’re not paying attention to what you’re spending (I know from experience!).
What are some of your reasons for budgeting? And, do you keep track of your budget? I would love to hear your thoughts in the comments!
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Natalie Ledwell is a best selling author, speaker and successful entrepreneur. She's passionate about helping others to achieve their greatest dreams and ambitions through her personal development programs and her online TV show, The Inspiration Show.