Budgets, Debt Management and Financial Planning for Women

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  • Why Doesn’t My Budget Work? Is it Broken?

    Budgets are funny things because you can go to all the trouble of crafting a great budget but then…it doesn’t seem to work! There are all the usual reasons, some of which I’ve posted about but I think sometimes budgets are designed without 2 other key components.

     

    A budget needs some support such as your plan including your goals and timeline. Without the plan, the budget lacks direction such as how much to save each month for this or that, how much to put aside for future planning or debt repayment.

     

    A budget also needs a support structure to keep it on track. What money systems do you use? Do you use one credit card, pay for discretionary spending with cash (budgeted amount)? Are your savings amounts taken automatically from your account each month and directly invested?

     

    These 3 components fit together very neatly and you can be assured of reaching your financial objectives if you use them together.

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