Budget Planning

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For a lot of people, having to plan a budget is more of a future goal rather than a current act. Budget planning, seen as a routinary activity, is often left off simply because of the apparent difficulty it entails. Although it may appear to be complicated, budget planning is a relatively straightforward activity.

A tale of two perceptions
Budget planning can either be perceived as a virtual financial handcuff, capable of restraining your ability to splurge on your whims, or it may be perceived as a means towards achieving eventual financial success and stability. If, for example, you enjoy a mid-afternoon cappuccino from the swanky corner coffee shop, and by budget planning you might be forced to have your cappuccino less often or go for a regular cup of brewed coffee, then the concept of a virtual financial handcuff would be the nightmarish scenario for you. But in the long run, budget planning is actually a way for you to be relieved of financial worries. If you realize that by foregoing your cappuccino you can actually be able to buy a fancy mobile phone out of the savings you incur in just 60 or 90 days, then the concept of financial liberation becomes more palatable.

Different strokes for different folks
Now, as each person has their own earning and spending pattern, perhaps the best tip for anyone who intends to start budget planning is for them to be familiar with the different ways and methods of the process so that they can apply a combination that may work for them.

The principal ingredients
Income. Make a list of your income sources and see how much you actually expect to make over a certain time period. This time period may be as short as a week, or a month, or even as long as a year. Whatever time period you choose, the purpose of the exercise is for you to see how much you will approximately make. Another more important concept here is cash flow. How much will you be making, and when will the money actually arrive.

Expenses. This is where your money goes. So, it will certainly make sense to actually know how much goes where. It doesn’t take much to spend like you had a million in the bank. Eating out with friends and family; the occasional bar-hopping; the fashion and wardrobe changes between seasons. Vacations. Or even that revolving credit you carry on your card. Each one contributes a substantial dent to your account. Try to know exactly how much you spend within a predetermined time period so you’ll know if you are spending more than you’re putting in.

Financial goals. This answers why you are doing your budget planning. Is it so that you can go on a 14-day cruise off the shores of the Bahamas islands instead of a 7-day road trip to Mexico? Or maybe you want a new HDTV in your room by Christmas, a decent college fund for your kid or that house you’ve dreamt about for years. Whatever the reason, it will be the primary source of your motivation to keep to your planned budgetary expenditures.

Set tangible short-term goals
Perhaps instead of eliminating certain items altogether, a reduction or phasing down may be more easily managed. If for instance there is a habitual activity that is responsible for a sizeable chunk of your expenditures, it simply will make more sense for you to just try to reduce the frequency rather than to attempt to totally eliminate it from your budget altogether.

One thing to Keep in mind with budget planning – the journey of a thousand bucks starts with a single coin.