What is Budgeting?
Financial Status
• A solid financial foundation is the key to a secure and stress-free future.
• with the right strategies and discipline, it’s possible to turn things around and pave the way for a brighter financial future.
Budgeting
• One of the most powerful tools at your disposal is budgeting.
• Creating and sticking to a budget allows you to gain control over your finances, make informed spending decisions, and ultimately repair your bad personal credit.
Goals
• Budgeting is simply the process of creating a plan for how you will spend and save your money.
• By creating a budget, you gain a clear understanding of where your money is going and can make adjustments to align with your financial goals.
Understanding Budgeting
Budgeting is a powerful tool that can transform your financial status and help you repair bad personal credit. It is a long-term commitment, but with determination and discipline, you can achieve financial stability and enjoy the peace of mind that comes with it.
The 6 Steps of Budgeting
Assess Your Current Financial Situation 1 Create a Realistic Budget 2 Prioritize Debt Repayment 3 Cut Unnecessary Expenses 4 Increase Your Income 5 Monitor and Adjust 6
Budgeting Hack: Cash Envelopes
A time-tested cash budget example that is gaining renewed popularity in today’s digital age!
• Determine your budget categories
• Set your budget amounts
• Gather envelopes or create a system
• Allocate cash to envelopes
• Track your spending
• Replenish envelopes
• Review and analyze
Allowance
Foods Utilities
The Benefits of Having a Financial Freedom
Access to Favorable Interest Rates and Loan Options 1 Employment Opportunities 2 Improved Quality of Life 3
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