After your bankruptcy is complete, you want to start building healthy financial habits. One of the best ways to start doing so is with making a budget for your family. Finding a budget that works for you can be difficult. But we’re here to help you. This might be your first time putting together a budget, or maybe you’re updating a prior one. With this article, we’re not only going to create your budget, but we’re also going to discuss how to implement it and ensure it’s put to good use.
There are many purposes of budgeting:
- Planning for your expenses
- Developing healthy spending habits
- Reducing the amount of money that is wasted
- Creating a spending plan for you and your family to live the life you want
- To put yourself back in the driver’s seat of your finances
By taking charge of your finances and creating a budget, you are putting your money to work for you so that you can reach your financial goals. Having a budget can take you from where you are now to where you want to be, financially speaking, in the future.
Once you begin budgeting, and integrate it as one of your financial behaviors, it becomes a habit and will become second nature for you. In making and implementing your budget, you are planning what you want your life to look like in the future. You are taking charge of your finances, and prioritizing your needs and wants.
But don’t just think of budgeting as a monthly task. You can also budget and plan for your whole year, and any long term goals you have for your future. Budgeting is also a chance to do some self reflection. Are you overspending on a day to day basis? Are you eating out for lunch daily? That can really add up. Implementing some changes after creating your budget can really go a long way for your financial health.
Now the budget that you’re creating isn’t stagnant. It can fluctuate as things in life change, such as moving, buying a home, having a child, income changes, etc. Just keep in mind that you are in control. You decide your budget and you decide your goals. I’m here to assist you in implementing your plan and staying accountable not to your budget, but to yourself.
Until next time! Darcel