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Personal budgeting is one of those things in life that most people associate with hard times. They think of gloomy days at home eating baked beans on toast with a tall glass of water, furiously working out how to save every penny to pay a stack of bills. Budgeting often leads to feelings of guilt and it is often negatively perceived as an unpleasant necessity. We hope this post will change people’s perceptions as thoughtful personal budgeting is not a tyranny, it is a liberator.
Generally speaking, most people budget when they are forced to by their financial situation. When money is tight, the necessities in life such as food, shelter, utilities, medical costs and so on still need to be paid. Every penny is watched and discretional spending is severely curtailed. Eventually the bills get paid, financial stress is alleviated and then the budget goes out the window; personal spending returns to previous levels until the next round of hard times. It is the personal equivalent of boom and bust that affects so many governments around the world.
But there is a better way.
Personal budgeting is not something that should be practiced only during hard times. It should become a way of life; not because it is a way to get you out of a financial hole, but because it is a sensible and practical way to build wealth and increase your life choices. The practice of good personal budgeting is a liberator that will free up more of your money, allow you to spend it on what you want and to have a more comfortable and secure life.
Good budgeting also helps to eliminate wasteful spending. Let’s be honest, we all spend money on things we don’t really need. But sticking to a regular budget will help change this and allow that spending to be targeted on something far more worthwhile. Better holidays, more home improvements, a new car and a better pension are all rewards that stem from having more control of your finances. If more financially difficult times do come around, you will have the resources to see yourself through without having to resort to a diet of baked beans and water a week before pay day.
Long term budgeting is a life choice and is not about struggling day-to-day or week-to-week. It is a savings plan that will enable you to enjoy your life without financial stress burdening your every decision. Here at Infinity, we can help you to choose the right savings plan for your needs so that you are never left short.
Contact us today for a free consultation on any financial planning issue and come back tomorrow to check out our post on how to budget effectively.
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