Long term Benefits of Budgeting
When it comes to budgeting, all the financial planners and advisors will tell you that How important budgeting is and why everyone should do it. Now, all of us know that budgeting is very important financial exercise but how many of us seriously do budgeting?
Not 1% people do budgeting. In fact, let me tell you my own example. I myself running a personal finance blog and advising people to budget their own finances. But Honestly speaking, I personall hate this exercise. Because it’s so boring and nothing is glamorous in it.
So What I do is, I create the environment of economic scarcity for me. I use “Pay Yourself First” Formula. It means that every month I invest 10-15% of my Income for long term investing. And I live with the rest of the money.
Recently one of my friend suggested me to download budgeting sheets on MS-Excel spreadsheet. I have downloaded some by searching Google. These were little bit less boring and it was very easy to keep track of all of my expenses.
So What I advise you is that, find out some less boring ways of budgeting your finance like “Pay Yourself First”. Spread sheets or something else. Because there are long term advantages of budgeting and it’s much easier to budget if you visualize the long-term benefits of this work.
Media people will never publish the life style of people who budget their expenses and keep the track of every single dollar they earn. This is because their life style is not glamorous. Rather than showing a life style of some high income, over consumer and low accumulator of wealth will be more beneficial to the media channels.
There are long term benefits of Budgeting. So You have to find out alternate ways to budget your finance if you don’t like to budget your finance like traditional ways. I have find out the 2 methods. If you have other methods to budget finances than please share it with this blog readers…!!!
When it comes to budgeting, all the financial planners and advisors will tell you that How important budgeting is and why everyone should do it. Now, all of us know that budgeting is very important financial exercise but how many of us seriously do budgeting?
Not 1% people do budgeting. In fact, let me tell you my own example. I myself running a personal finance blog and advising people to budget their own finances. But Honestly speaking, I personall hate this exercise. Because it’s so boring and nothing is glamorous in it.
So What I do is, I create the environment of economic scarcity for me. I use “Pay Yourself First” Formula. It means that every month I invest 10-15% of my Income for long term investing. And I live with the rest of the money.
Recently one of my friend suggested me to download budgeting sheets on MS-Excel spreadsheet. I have downloaded some by searching Google. These were little bit less boring and it was very easy to keep track of all of my expenses.
So What I advise you is that, find out some less boring ways of budgeting your finance like “Pay Yourself First”. Spread sheets or something else. Because there are long term advantages of budgeting and it’s much easier to budget if you visualize the long-term benefits of this work.
Media people will never publish the life style of people who budget their expenses and keep the track of every single dollar they earn. This is because their life style is not glamorous. Rather than showing a life style of some high income, over consumer and low accumulator of wealth will be more beneficial to the media channels.
There are long term benefits of Budgeting. So You have to find out alternate ways to budget your finance if you don’t like to budget your finance like traditional ways. I have find out the 2 methods. If you have other methods to budget finances than please share it with this blog readers…!!!
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