Welcome to the latest series at JosephSangl.com – Joe Sangl’s Favorite Financial Tools
In this series, I will be sharing the tools that I love the most. There are several reasons I love these tools, but mostly I like them because they literally helped me change my life!
Part One – Monthly Budget
Preparing a monthly budget each month BEFORE the next month actually began has been the single largest reason that Jenn and I started prospering with our money.
Our monthly budget applies the basic rule of “Spending less than we earn.” It is a key hallmark of the Financial Learning Experience that I teach and all of our resources – the basic formula of:
INCOME – OUTGO = EXACTLY ZERO
We ensure that the “outgo” includes giving money away, saving, investing, and paying our bills.
Every. Single. Month.
Not just once every now and then. EVERY. SINGLE. MONTH. We prepare a monthly budget and then we do something completely crazy: we follow it!
Do surprises show up? Absolutely. Do we have to make adjustments? All of the time.
BUT the budget helps us stay on course. We have realized that our budget is the engine that makes our financial vehicle run with power! The finely tuned budget ensures that our life hums with funded dreams, giving, and peace. It can do the exact same thing for you!
TOOL: Monthly Budgets
RESOURCE: My book, I Was Broke. Now I’m Not., is a great resource to help you prepare a budget that actually works.