How to Get Millions with a Budget

By Miguel Dos Anjos

                A budget is a spending plan. Budgeting will help you track your income, and expenses. By giving a specific location to each dollar bill you take control of your financial life, instead of just spending the money in your bank account until it’s all gone, and waiting for the next paycheck to get deposited to start spending again.

Peace of Mind

Budgeting gives you peace of mind by making crystal clear how much you have, how much is coming in, how much is going out, and where the money is going to. Taking charge fully of your finances allow you to sprint into achieving your financial goals. 

The Benefits

                The benefits are huge;

-          Helps stop overspending.

-          Helps paying debt.

-          Helps save money.

-          Helps reach goals.

-          Takes your worries away.

Budget is Not a Get Rich Quick Scheme 

Budget alone will not make you rich overnight, but will help immensely on the long run as a life style. Be prepared to make adjustments. Every month’s different. This month your car might need new tires, or oil change, or birthdays, or Christmas might be coming up.   

Get the Entire House Onboard

                Make sure to get your family onboard. When budgeting instead of doing it by yourself include your spouse. You are a team. Consider letting your kids have a voice as well, especially if the goal is to save for a vacation or something they wish, or desired themselves.  

                Start with most important categories first, these are usually the biggest: rent, or mortgage, food, utilities, car, and transportation expenses, and health insurance. Do not be scared to cut, or trim the budget if needed on certain items such as extra dining outs, movie theater night, or others. Depending on the cuts you may set up a plan to readjust, or re-add later on.

Track Your Spending, and Follow a Schedule

                Track your spending, and follow a schedule. If too many emergencies out of the ordinary are coming up (actually, all emergencies are out of ordinary) record them down so everything can be accounted for. Use the 24 hours rule when possible, if you feel you need a certain item today, postpone it. Instead, decide to buy it tomorrow, and often times the next day you no longer remember it, or, actually feel you don’t really need or, want it.

Credit Cards

                Since emergencies will always come up create a buffer. Also analyze how you use your credit cards. Credit cards can be a great tool to build up your name, and get rewards such as cash back, but as long as you use your credit cards to buy things that you were going to buy anyway. If instead your credit cards end up messing your plans, and budget, and you end up doing extra swipes, consider using a debt card, or even cash.

Try, and Experiment New Methods 

                Try the “Cash Envelope” technique. For certain categories such as groceries, for example, you may put that budget as cash in an envelope, and see how it goes. It may help wonders. Also there are many budgeting app’s that can be a good fit for you. Pen and paper are great, but taking advantage of new, free technologies don’t hurt.  

                Keep your goals in mind. This can be super motivating. The reason you are budgeting is to achieve something great.
               Which of these tips and trick do you use? Do you have a method, or point not mentioned here? Please do let us know in the comments area down below.
My YouTube video on this topic: How to Become a Millionaire with Budgeting