Struggling with your finances? How to budget? Or how to save your money? If so, you are not alone! As a financial coach who is passionate about helping others achieve financial freedom and learn the art of managing wealth effectively, I enjoy devoting time to help families get out of debt, come up with realistic plans to achieve their financial goals, and overcome debt-inducing behaviors. Growing up, I knew next-to-nothing about creating wealth. I learned the importance of this much later in life, so I aim to educate others on how to do the same.
Driven by the desire to educate and inspire, I highly appreciate the notion of educating the masses with the financial knowledge needed to achieve prosperity and success. Additionally, I help families make the right financial decisions to safeguard the financial future of their loved ones. My hope is to help others achieve financial stability by teaching them how to manage their assets; to not only create wealth, but also generational wealth. As their financial coach, I give them the push they need to make tough financial decisions that would put them and their family on the right path to living the life they’ve always wanted.
Why Every Family Needs A Budget
Budgeting allows us to prepare for emergencies. No one wants to imagine a world in which we must dip into our savings to hold us over in the event of job loss, or to cover the costs of hospital bills or something similar. However, things do go wrong regularly in life that requires money. Life can be very unpredictable, and these unexpected events can feel a lot more overwhelming if we do not have an emergency fund to soften the blow.
Budgeting reduces the risk of us getting into debt (and also helps us get out of it). Unfortunately, getting into debt is more common than not, from mortgage and student loans to credit cards. To tackle debt and ensure you don’t sink deeper, your spending must be allocated wisely, and you have to make sure you don’t spend more than you make in any given month.
Budgeting brings our attention to bad spending habits. Frivolous spending often goes under the radar if there’s no budget. Not everyone is naturally frugal or sensible with money, and when there’s no money to pay for extracurricular activities or socializing, there’s likely to be tension, so it’s important to budget everything out – including fun money.
Budgeting helps us stick to our savings goals. I’ll admit, creating a budget isn’t the most fun activity, but it does force us to look at our earnings and figure out what we can afford each week or month. Saving random amounts of money sporadically is fine – after all, you’re still saving, but sticking to a certain goal can really help make the process feel easier.
Budgeting is conducive to a healthy relationship. Regular communication on any topic always brings a family closer. By keeping the communication lines open, families build mutual trust while ensuring that everyone is on the same page when it comes to their financial goals. Money is one of the most common causes of arguments among couples and families- for various reasons. Having a savings and learning how to budget can reduce this significantly.
Look at your budget as a friendly, helpful guide rather than a scary and unattainable goal. Trust me, if you do this, you’ll have a much easier time sticking to it. Having a budget doesn’t mean scrimping and saving at all times – in fact, it often allows you to spend a little more on the things you enjoy because you know exactly where you stand.