Archive for July 26, 2010

How Often Do You Update Your Budget?

The most important action that helped me achieve financial freedom was preparing an INCOME – OUTGO = EXACTLY ZERO budget.

The simple act of sitting down with my bride and planning our spending for the upcoming month is what allowed us to become debt-free in just 14 months and has allowed us to fund tons of dreams like giving a ton of money away and saving money for college, retirement, and vacations.

Every single time that we sit down with an individual or couple in a financial counseling appointment, we work with them to prepare a budget.   For most, it is the first time in their lives that they have planned their spending out to the very last dollar.   When I meet with many of the counselees a few months later, I discover that they have failed to prepare another budget since the time that they left our last meeting   – and, guess what, they have not been able to maximize their money.

It makes me want to ask the AWESOME readers of JosephSangl.com these two questions:

  1. How often do you prepare/update your spending plan?
  2. How well is your plan working?

Let the conversation begin!

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