Have You Set Goals
When wanting to have an effective budget, it is important to set goals. Goals provide something for you to strive for as well as a way to mark success. Goals also provide a focus to your budget. Remember when we talked about planning for wants? Goals can be a vacation, new shoes, some new gadget, or a focus on a particular debt. The direction of your budget depends on you. Personalized to what you want, what your goals are. Goals should be both short-term and long-term. Ensure to write them down somewhere so that they aren’t forgotten. Celebrate when they are accomplished, then set a new goal to replace it. When additional money comes in, from a bonus or a tax refund, set goals for those funds prior to getting it. There should always be a plan for your money, this allows for control. Without goals what is your budget doing. Is your budget controlling you or are you controlling your budget?