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140 Past Due – Never Beyond Budgeting

by Derek Sisterhen on January 14, 2011


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Past Due: Radio 140 – Never Beyond Budgeting

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Budgeting isn’t very popular or sexy in the wide world of personal financial topics. Comparing budgeting to understanding ETFs is like comparing a Pinto to a Porsche.

However, a quick study of millionaires reveals that they budget their money. They have a plan for every dollar because they want every dollar to work well for them, no matter the capacity. So, if the millionaires are doing it, we’re never really beyond budgeting.

Today, I discussed three basic components of a budget, three spending areas to pay close attention to, and the process I personally use (and that we’ve taught to hundreds of families around the country) for planning where your money goes.

From understanding opportunity cost to looking critically at your food spending, from tracking your spending for a month to preparing a budget before the next month begins, this show gets back to basics so you can succeed.

Today’s Mentionables:

Recommended Percentages – See how your individual spending categories stack up to our guidelines for a healthy budget

Quick Budget – Use this simple worksheet to create a forward-looking plan for your money next month

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  • Justin Lukasavige

    Great reminder. Christine and I are always trying to do it better and we’ve even been slacking a bit lately.

  • Derek Sisterhen

    For most folks, there’s a natural ebb and flow to the budgeting process.  Sometimes we get so comfortable with it that we slack off.  Occasionally it takes a month of overspending on groceries or eating out to remind us that we have to get back to basics.

    Even Elisa and I have had those months.  The most important thing is nip it in the bud so one loose month doesn’t turn into a out of control year.

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