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Transcript of Budgeting
-Create a budget
-Track your results
Four keys to Budgeting Success
Where do you spend your money?
Do you spend your money before or after you have earned it?
Do you track your spending?
How much are your monthly bills?
What are your needs?
What are your wants?
Questions to Ask
Separate Needs and Wants
Create a Budget
Track your spending
Account for every dollar spent
Be honest with where you are
1. Review your expenses
2. Analyze category totals
3. Set budgeted amount for each category
Extra spending = Extra cutting
Track your Results
Stick to the plan
Set realistic financial goals
Identify spending patterns
Adapt budget over time
Pay an Honest Tithing
First obligation after each paycheck
Financial peace of mind is not determined by how much we make, but is dependent upon how much we spend.
Learn to distinguish between
needs and wants
Married couples show genuine maturity when they think of their partner's and their family's needs ahead of their own spending impulses.
Predetermined understanding of how much money will be available each month and spent in each category.
Family unity comes from saving together for a common, jointly approved purpose
Teach family members
Live on less than you earn
Develop and live within a budget
Build a Reserve
"Set your houses in order. If you have paid your debts, if you have a reserve, even though it be small, then should storms howl about your head, you will have shelter for your wives and children and peace in your heart".
Be Honest in all your Financial Affairs
To A Better Business Budget
Determine a reasonable time frame
what time frame you want to use to budget your finances
Organize your expenses
Start by making a list of everything you spend money
Stay on track
once a week to review your spending and compare it to your outlined budget
Enlist financial help, if needed
get help from a financial adviser or business accountant to create a budget that you understand and works for your business
Be aware of discrepancies
•Watch for areas of your budget where you consistently spend more or less than what you've budgeted
Separate different types of expenses
Categorize these expenses separately in your budget
Predict your income realistically
Be realistic and rational when you determine this number
Making a Budget
Do some research to determine what the basic start-up costs would be for a small business, and map out a budget accordingly
Two Way to Finance
1. Cut Spending
2. Increase Revenue (Spending)
Current US Debt