11 Oct 081 Financial Excellence: Why Budgets Fail and How to Create a Successful Budget
Episode 81: Common Budgeting Pitfalls and How to Avoid Them Oct. 11, 2011.
Many people attempt to do a budget and fail miserably. There are so many different ideas out there about how to do a budget and very little guidance on how to make them work in your life. In today ‘s show Matt discusses the common pitfalls that prevent you from being successful in the budgeting process, and how to overcome them to create a budget that works.
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- Budgeting is such a negative term to many people. It shouldn’t be a restrictive experience. Rather, it allows you to plan your expenses and spend with confidence, if done correctly.
- Lots of people mistake tracking expenses as having a budget. That’s like driving a car while looking behind you. Tracking expenses is only a piece of a successful budget.
- Many budgets fail because they try to create an average monthly scenario that never plays out in real life. Matt covers how to fix this in your monthly budgeting process.
- Successful budgets are all about being proactive, making a plan, and sticking to that plan. Credit cards can derail the plan, but the cash envelope system can help stick to the budget.
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