To Budget Or Not To Budget

Do you ever find yourself lost, conflicted and confused about whether or not to budget? Or maybe you find it hard to stick to a budgeting system?

If this is you. Maybe I can help. But first, I need you to think. Write down the answers to the following.

What are some of the challenges that you face when preparing a budget?

Look at your spending patterns. Do you find yourself buying your wants and begging your needs?

What are your non-negotiables? These would be rent, bills, and obligations.

What are your goals? Personal goals. Career goals. Finance goals.

What is the timeline for these goals?

What would it take for you to achieve these goals?

What are some services that you pay for that you can probably do or learn to do yourself? At least until your net worth has increased?

What obstacles or negative mindsets do you have about money? How does it affect your budget and/or spending patterns?

How can you change this mindset or overcome these obstacles?

Are you a prudent spender? Why?

How much debt do you have? How do you plan to get out of debt?

What’s your credit score? If low, how do you increase it?

How much do you know about taxes?

How much do you know about choosing the right insurance plans for you and your family?

Do you have insurance? Life? Health?

Do you have a will of trust and/or power of attorney?

Are you maximizing savings and compound interests?

Do you have any smart investments?

What is your net worth?

Do you need coaching or help from a professional?

If you were to die today, could your family afford to bury you? Or are you leaving them with the burden and debt of your funeral costs? Would they be taken care of in your absence?

So many questions left that I could prompt you to ask yourself. But at this point, if you have actively participated in this exercise. You should have understood the power of budgeting and mastering your finances.

For more tips, visit https://finucoaching.com. To connect with Chai, visit https://chaishaddai.com.