By: Angele Gerten – Affiliate/Community Communication
Out with the old, in with the new! How can we best apply this concept to our money? One word – budget. Okay, okay, I sense the eye rolls and the dissatisfaction regarding the topic, but before you turn the page and move on, hear me out. If you’re anything like me and walk into Costco without a list, or start shopping for the holidays or birthdays (especially for the kids!) without a strategy, what happens? I overspend. Every time. I need an intentional, well-thought-out plan! If you wake up one day and think, I want to drive to Los Angeles! You hop in the car and head west without Waze or Maps, what happens? Sure, you’ll likely hit California, but without that GPS the chances of hitting L.A. are slim. You need an intentional, well-thought-out plan!
If you’re hitting all your financial goals, you don’t have credit card debt, you’re on track for retirement and college for the kids, then congrats!! Keep doing what you’re doing. But if that doesn’t describe you, could it be because you don’t have a plan for your money?
Budget, cash flow plan, spending plan, financial blueprint – whatever you want to call it, the important thing is to have one. Here’s the most important, often overlooked, part of getting the cash flow plan right, pre-planning! Having that intentional, well-thought-out plan for your finances in place before your next pay cycle.
Think about it, if you make $50,000 a year over the course of a 30-year career (without raises, COLA adjustments, etc.), $1,500,000.00 will have flowed through your bank accounts! How much of that are you keeping, being intentional with? We are all familiar with the definition of insanity, doing the same thing over and over again and expecting different results.
The way you’ve managed your money has gotten you to this point, if you don’t like where you are, consider changing the way you’re doing things. Buckle down and get a strong cash flow plan in place. It’s the perfect time of year to try something new!