Spending Vs. Budgeting

An important part of success is money. I’m not saying that we all need to be millionaires but managing your finances is an important part of success. Many people struggle with their finances because they either underestimate the difficulty, thinking it’s so easy to manage their money that they end up getting into trouble, or they overestimate the difficulty of their finances, thinking it’s too hard to figure out, and also end up getting into trouble.

The real problem with managing your finances is simply knowing where your money is going. It’s not a budgeting problem, it’s a tracking problem. If you know where your money’s going you’ll be able to see in what areas you’re spending too much, what areas that need to be reigned in. If you aren’t keeping track of your spending you’ll just wonder why you don’t have enough, you’ll wonder where all your money’s going.

The video below has been permanently added to my video page. More will follow.

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Pingbacks & Trackbacks

  • […] In a previous post I made it clear that budgets often don’t work and that you will be much better off if you tracked your spending. If every transaction is accounted for then your budget is taken care of. You know exactly where your money is going and how to make adjustments. […]

  • […] can get rich no matter what your income but the less income you have the more you’ll have to do. Keeping track of your income and expenses is crucial, spending less than you earn is an absolute requirement. Discipline can be […]

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