Where Do You Want Your Money to Go?
Many people chafe at the idea of a budget, and I don’t like that word either. It just has too many negative connotations.
But a budget (or as I prefer to call it, a spending plan) is about putting YOU in charge of your life, not a bunch of creditors or a piece of paper.
You control your money, not vice versa.
Planning out where you want your money to go can be a wonderful thing.
It doesn’t matter whether you’re currently in over your head or whether you’re doing fine and have big dreams. What matters is where you want to be and how you intend to get there. That’s all a spending plan is.
Sometimes that will mean prioritizing and making choices. After all, if you won a free ticket anywhere in the world that was only valid on Tuesday, you’d have to decide where you wanted to go.
If you decided to go to Paris on Tuesday, by default you couldn’t also be in Antarctica on that same Tuesday. Refusing to plan out your spending is like refusing a free ticket to Paris because it might mean you can’t be in Antarctica on the same day.
Me, I’m going to Paris and Antarctica. (Really.) I’m just deciding which I want to do first, and using my spending plan to get me there. (Who needs to hope for a free ticket that might never come, when I know I can get there on my own with a little planning?)
So, if you are new to creating a spending plan, start with thinking about your hopes and dreams. It’s a way to help you get there.
It depends on our priorities in life. If we have our own family then most of our money will go to their needs but if you are a single man then you are in control of your money. But of course, there’s a big difference between a single person who wants to enjoy life and single person but wiser when it comes to money. A single one would definitely splurge on things and enjoy life to the fullest but a wise man would definitely spend less and save more of his income.