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Budget - Personal Budgeting Of Your Finances

Tina T Willer
Jul 15, 2008
A personal financial budget in many homes is not thought of as important. If you've ever put together anything, such as a Christmas toy for a child you'll notice they alway come with a plan. A financial budget is a plan that has been devised for your finances. Budgeting is as important as any other plan.

Rocket Scientists would never begin construction on a new booster rocket without a detailed set of design specifications. Yet most of us go blindly out into the world without an inkling of an idea about finances and without any plan at all.

Have we made a good decision in not having a budget or plan for our money?

A money plan called a budget is crucial to getting us to our desired financial goals. Without a plan we usually drift without direction and end up marooned on a distant financial reef. If you have a spouse or a significant other, you should make this budget together. Sit down and figure out what your joint financial goals are, long term and short term. Then plan your route to get to those goals. Every journey begins with one step and the first step to attaining your goals is to make a realistic budget that both of you can live with.

A budget should never be a financial starvation diet. That won't work for the long haul. Make reasonable allocations for food, clothing, shelter, utilities and insurance and set aside a reasonable amount for entertainment and the occasional luxury item. Savings should always come first before any spending.

The importance of saving cannot be over emphasized. Savings aid us if we have any emergencies and also help us in reaching our goals. There is software on the market which will guide us in creating a budget for ourselves. Some of it is free and available on the internet.

Budgeting can seem overwhelming, but as you have read above it really doesn't have to be. If you don't have time or the inclination to do it out yourself, hire that financial planner to help you with it. What is important is that you get it done, and stick to it so that you meet both your short and long term goals.
About the Author
Tina T Willer, MBA Is A Speaker, Writer And The Author Of Articles And E-books on Personal Finances. Click The Highlighted Words To Receive Your Free Money Advice Newsletter With Beneficial And Useful Expert Advice On Budgeting , Plus Debt, Credit, Mortgages And Other Financial Advice.
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