Budgeting is a core component in any good financial plan! While building a budget is important, learning to live within our means, living on our budget, and getting out of debt are critical to maximizing wealth.
Most of us have penciled out a budget many times in our lives; however, the important part of building a budget is automating it so we know where we are at any given point in time. Living on our budgets instead of our income requires us to know the problem areas in our budgets and to avoid or steer clear of these “budget breakers.”
We may not overspend at the grocery store (at least not consistently), but things like dining out, entertainment, fast food, and short trips will definitely “throw a wrench in things” if left unchecked. Our budgets need to be automated in order for them to consistently help us to live within our means.
Keeping up with the Jones'
Keeping up with the Jones' is a very popular, but dangerous game! Sadly, most of us are playing this game without even realizing we are doing it!
Most of us find ourselves buying things we don’t need, with money we don’t have, to impress people we don’t know or even like!
Living a consumption lifestyle allows us to overindulge and to instantly gratify our wants and desires, without having to think about the consequences. It promotes impulse buying and teaches us to focus on monthly payments instead of the true cost or the impact of the items we buy!
"Beware of little expenses... A small leak will sink a great ship!"
Benjamin Franklin
Many of the people we see at M3 Wealth come to us in their 50’s or early 60’s to start or update their planning.
How are we doing?
The average American household has over $13,645 of credit card debt.
Most of us spend less than 5 years at the same job.
When we change jobs, we spend our retirement to help us transition.
46% of Americans have less than $10,000 in savings for retirement.
21% of 75-year-olds still have a mortgage in America.
As you can see from the chart to the right, the cost of waiting is steep. Look at the difference of starting in your 20’s vs. waiting until you are in your 50’s or 60’s. Time rolls on and sooner or later it catches us. Start planning now to maximize the impact of your financial map!
Rockefeller Rules
The Moneywise budget and Debt Elimination program provides the tools and resources to build a working budget and systematically eliminate your debt! Learn how to turn your debt in to a retirement asset.
Budgeting Promotes Saving!
Most of us cannot see retirement until we are 55 or older. At 20 years old, we have a much better chance of reaching our retirement goals than we do at 55. Start saving now!
Debt Elimination & Budgeting Tools! You can systematically and strategically eliminate debt up to 3 times faster!
Financial Learning Center!
Eliminate anxiety caused by financial misinformation and learn how to build a reliable financial map.
Experienced Financial Guides!
Our financial guides teach you how to navigate the financial obstacles in your path!
Monthly Financial Reminders!
Get inspired, build successful financial habits, and learn to accomplish your goals!
Automate your Budget:
Automate your Budget: Building a budget is a great first step, but automating your budget is where the “rubber meets the road.” Once your budget is built, living it requires setting up alerts for the “budget breaker” categories. By taking control of these expenses you can learn to stay within your budget and live within your means! Choose one of the providers below to help your set some necessary budgetary alerts.
Important: The information contained on this website is provided for informational purposes only. All articles, charts, brands, logos, names, or other information used is the sole property of the parties cited or referenced. The information on this website should not be construed as investment, legal, or tax advice. M3 Wealth is in no way attempting to provide investment advice. Any use of this information is the direct responsibility of the reading party and should be reviewed and discussed with their financial advisor, attorney, or CPA prior to implementation and/or use. The information contained on this website cannot be used, altered, or distributed, without the express written consent of M3 Wealth.
