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The Importance of #Budgeting for #Financial Success

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  • The Importance of #Budgeting for #Financial Success

    Having a large sum of money on hand in the moment doesn’t mean you can spend it all at once without consequences. Striving to maintain a healthy budget is good for having “personal finance discipline.” Budgeting is good for the mind, future purchasing power, and retirement planning. A budget allows anyone to strategically stretch money and make good use in the moment. Not everyone today has the financial flexibility to spend freely with immediate funds on deck to splurge without thinking twice.

    Savvy Techniques for Budgeting

    The first step for thinking smart and striving to budget wisely is gather relevant and updated information from credible sources concerning budgeting. Take time to completely read the material and not scan a few words or sentences. Within the body of each article, magazine page, periodical, scholarly publication, or video is something that’ll possibly stand out in your mind on ways to budget like a professional. You may sit and think to yourself “why didn’t I think of this before?” Certain words, phrases, images, or something mentioned in a video discussing budgeting may turn your mental light bulb on and inspire you to think wiser about budgeting like a pro. Reading is fun to the mental!

    A few creative ways to budget $20 weekly:
    • Tithe 10% ($2.00) to your church - this way, your tithes will put you in a positive position to receive more blessings and possibly a financial increase when least expected. Don’t overlook this because this is essential to your financial and spiritual growth.
    • Determine a certain amount you’ll set aside to experiment with for advertising costs.
    • Ex: If you own and operate an online business and looking for a successful ROI on a budget, experiment with spending $5.00 promoting a product or service you feel people will purchase and advertise it using Facebook ads. Facebook allows advertisers to run ads for as little as $5, so why not try it? It’s a win win for you because you get to choose your ad targeting, whether it be a local or national audience, and possibly advertise within certain radiuses of zip codes. The more you earn from running ads on Facebook, the more you’ll feel inclined to budget profits wiser.
    • Allocate a food budget. If you’re able to find $2 deals at your local supermarket for frozen nutritious dinner, stock up by purchasing 5-6 frozen meals. If needed, visit your local food pantry or soup kitchen to supplement the other half of daily meals. The body does require more tahn one meal a day.
    • Drink lots of water. No need to purchase sugary or processed liquids. This is not to say Apple, Grape, or Pineapple juice should be ignored because they are good for you. If you’re able to fit one or 2 bottle or fruit juice into your weekly $20 budget without placing a dent in your finances for the week, go for the gusto. This is a judgment call for you.
    These are only some of many creative ways to effectively budget weekly limited finances.