Learn to live on a Budget, NOT on your income!
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!
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?
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!
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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.
Contact us for help with a working budget!
You can become financially self-reliant!
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