3 Key Components to Get Started with a Budget

3 Key Components to Get Started with a Budget

by Lora Fickett

Yes, I said it BUDGET…do you have one?  Many people I talk to say no, and some say they try to budget but it just doesn’t work for them.  Most if not all individuals in accounting and finance will tell you that budgeting is the key to getting what you want.  Unfortunately the word budget has gotten a bad reputation.  Budgeting is a way to tell your money where to go, not wonder where it went!  It’s not meant to restrict you from having that coffee every day or deprive you of fun, at least not the way I coach my clients to do it!

Here are some key things to pull together to get started on a budget:

  1. Pull together your income amounts from all sources.  Weekly, monthly, or yearly.
  2. Find out what you spent last year.  We are creatures of habit and your spending in the previous year is a good starting point to determine your spending for the current year.
  3. What’s different from last year to this year for either income or expenses?

You now have the 3 key components to get started with the fun exercise of budgeting.  If your expenses are higher than your income, you may need to either cut expenses or increase your income.  If your income is higher than your expenses, congratulations!, you are “living within your means” and so what are you doing with that extra money?  It’s as simple as that!

If you want to get started budgeting, pull together these 3 components and contact me for a free consultation, I’ll help you put it all together and get started for FREE!  https://lorafickett.com/contact-us/

lora fickett

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