Budgeting: The Roadmap to Financial Freedom (and More)

“I’ve budgeted, but it didn’t work for me” is something I hear a lot in my profession. 

Budgeting. One of our favorite topics, amiright?! 😜 Budgeting can feel defeating, especially if you’ve tried developing one and the experience went poorly. Many view budgeting as restrictive versus a means of telling your money where to go so you’re not left wondering where it all went. Budgeting done right creates freedom.

If you’ve ever sat back at month’s end wondering why you work so hard to have so little left over, a budget can help ensure your money is spent on things/ideas that align with your goals and values. 

Why Most Budgets Fail

If you want to crush your financial goals, creating a budget is important, but tracking expenses is key. It’s not enough to glance at your accounts to see what charges came through… Effective expense tracking is knowing exactly where your money is being spent and comparing this to your budget real time. 

Expense tracking can be done manually using spreadsheets or handwritten trackers, but these methods are time consuming and more likely to become the bane of your existence as opposed to a habit. This is why I use Monarch. It’s one of many apps on the market that auto-import all of my expenses, categorizing them for me so I can see real-time how my spending aligns with my budget. If tempted to order pizza last minute, a quick check of the app will tell me whether I still have money in my ‘restaurant’ bucket or if I’ve used it all up. This way I can make a conscientious decision to either a) eat at home or b) go over budget.  Budgets force us to pause and be intentional with our money. 

Looking to gain control of your finances while being encouraged through the process? I’m here to meet you where you’re at if you ever wish to chat.