I used to think of the word budget as a four-letter word. I did not want to have anything to do with it. I had not yet heard anyone talk about budgeting in a positive way or saw the benefits of doing it. Sitting down with a piece of paper and a pen to write down all our income, expenses, and debts did not seem necessary or much fun. I know I am not alone. Yet when my husband and I decided to take Dave Ramsey’s Financial Peace University course years ago, budget soon became my middle name.
I like to think of myself as the CFO, the Chief Financial Officer, of my household. So managing the budget in my household is my responsibility. My husband, Eric, and I steward all the money that comes into our house together because managing finances within a marriage together is very important. However, the day to day managing, paying of bills, and regular budgeting belongs to me. This is a necessary and very important responsibility in all of our households for two main reasons.
Budgeting Shows You What You Have
I do not know about you, but knowing that when it is time for me to go grocery shopping there is money there for me to do it with. Or when the electricity bill comes, we have money to pay it. These and so many other things are things that we take into account when budgeting.
Knowing what you have and what you do not allows you to make informed decisions with your finances. These decisions do not just have to do with how you spend your money today, but also how you save it and invest it for the future. We are not just supposed to work for our money, we have to use and make it work for us accordingly.
Budgeting Is Not Just About Today
Stewarding well is all about planning for tomorrow and to do that we have to also budget well.
No one wants to be foolish, especially with their finances. To achieve the financial freedom, most of us seek, we have to work towards that using a budget and being wise with our spending. Focusing more on what we want for our future and less on acquiring things for today. Now don’t get me wrong, I love shopping and a new pair of shoes never hurt anyone. However, those things need to be budgeted for accordingly. 😉
In order to be able to budget successfully, regardless of your income, you need the right mindset and tools. So this month we are going to focus on those two things. This month’s flavor of the month, budgeting, will help us all gain new tips and tools to help us all steward our finances well while focusing on budgeting.
I’d love to hear your biggest challenge or concern when it comes to budgeting in the comments!