subject: The Benefits Of Building A Better Personal Budget [print this page] Unbelievably, there are many adults who do not use a personal budget to manage their finances. These individuals coast from check to check and never see any substantial improvements in their quality life, in spite of the comfortable salaries that they earn. These are the same people who turn to less than savory funding offers to solve their often unnecessary cash flow crises, such as payday loans and car titles loans. If the state of their finances were publicly reviewed, most would be embarrassed.
This is a common mistake that many people make and one that prevents them from enjoying the comfort and financial freedom that they both deserve and actually have access to. The only thing that is really holding them back from experiencing the full benefits of their present earnings capacity is the inability to draft and maintain a budget. Much of what they earn goes floating off into the wind and they have no idea of what is going where.
For instance, far too many individuals spend an astronomical portion of their salaries on food. Gourmet or specialty coffees and meals that are taken in on the run can quickly add up. Over the course of a single month these can wind up costing unsuspecting individuals hundreds of dollars. If invested, these same monies could be earning people profits, even while they are asleep.
Not only are people drinking away their investments when spending several dollars for a daily cup of java, they are also delaying their retirements. With more money invested and saved, people can start looking forward to having more time for themselves, while they still have plenty of healthy and active years remaining. These extra monies could even cover the costs of starting a new business or helping children or grandchildren through college.
Better monthly spending habits are how people with average incomes maintain beautiful, healthy smiles. Aesthetic improvements such as cosmetic dental treatments are rarely ever covered by standard dental plans. Comprehensive car insurance policies and other costly lifestyle additions are far more worthwhile investments than excessive entertainment and food expenses.
Ultimately, those who spend according to a feasible financial plan are able to have more control over where their money goes. They can afford to pay for vacations and other events that help to make life more enjoyable. These individuals feel better about their jobs because they get to experience the real benefits of making the kind of money that they do.
by: Lena Shattuck
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