Have you ever wondered where to start in your financing journey? When to begin a budget? How to stay organized with money? Here are some useful tips to note and help you throughout your life!
Today, in Money Not Magic, we learned about the importance of budgeting.* It is important for people from young teenagers, to fancy adults, to rich billionaires! For starters, budgeting is basically “the tool that gets you to stay on track financially every month.” It “shows you exactly where your money is going so you can know whether you’re on track with your income and expenses.” It’s “your blueprint for achieving your financial goals,” as described by Natalie Bacon. It’s a giant organizational structure to help you spend your money wisely!
We saw how important it was to plan out your spending and also took a look at the general structure. In a fake hike experience, the group that got the chance to budget survived 5 more times than the group that did not get to budget! Who knew that budgeting was a matter of life or death? (just kidding)
But, now that we’ve learned what budgeting is, when can it be used? A great tip is to start your very own budget. You can use great online resources and templates to help organize your spending so you do not stray too far from your spending goals, as stated on your budget! I recommend checking out this website. The basic things it covers is determining income, spending, and then planning out an overall structure.
I hope you’ve learned something from this. And the next time you see a billionaire, remember: it probably all started with budgeting!
Sources:
*Editor's note: This blog was written on 12/4/2020, which was the day of Money Not Magic's "We're Going On A Hike" workshop.
Want to see your own submission published on our blog? See our blog titled Finance by You - Submit Your Own Blogs.