A simple tool to help gain focus
Budgeting tips for 2022
An old proverb shares, “Know the state of your flocks, and put your heart into caring for your herds” (Proverbs 28:23).
You may not have sheep, but are your resources mastering you or you them. Do you know the state of your resources?
June is a great time to review the budget.
A budget is a great tool to help us know the state of our flock and get the most out of it.
Budgeting tips for 2022
1.Set goals
The reality is setting a budget is setting goals. I walked one couple through setting goals and a budget in the early spring. Their goal was to get rid of debt by such and such a date. So they started developing a budget, reviewing a budget, and working on the budget. In the first three weeks, they realized that they had extra money and were going to pay off some of the debt in months; it was an exciting phone call to receive from them.
2.Every dollar has a line – Write out your budget.
I promise you there is power in writing it out on paper or electronically. Another reason to have it written out is if you have a partner, they can not read your mind. Give every dollar you have a budget line. Make your money work for you.
3.Track and review
Brendon Burchard shares, “If you’re not going to monitor your progress, you may as well not set a goal or expect to live up to your own standards.” There is much this can apply to in many areas of life. If you do not track it, there is a good chance you will fail.
4. Income problem – Ok, sometimes you can not cut anymore in your budget, and there is a need to figure out how to earn more income in life. If this is you, let’s talk.
5.Celebrate your wins – too often, we do not celebrate our wins along the journey. Now keep it reasonable and affordable, and it may not involve lots of spending, but make sure you celebrate.
6.Stay with it.
There is no silver bullet for succeeding here; it is about being consistent and having a plan that can change as circumstances do.
Are you looking for help in this area? Let’s book a free 30-minute conversation.
4 steps to help get financially organized in 2022
Four steps to help get financially organized in 2022
Getting financially organized will not only help in the short term but the long term and help those you love.
- The first thing you need to do is understand your current situation and potential needs—nothing worse than being a slave to money. Instead of just getting by, you want to tell your money where to go.
- Second, getting organized can help lower stress for your family if something should happen to you.
Here are some resources to help get financially organized in 2022
One of my partners, SSQ, has a great checklist list to help systematically collect and review all the critical personal and financial information of your life- https://cdn.ofsys.com/T/OFSYS/H/C563/1257196/gBhSXO/find0329a-2021-06-s.pdf
3. Consider creating digital copies of your papers for added protection. You can scan them using apps on a smartphone. Don’t get rid of your paper copies, but this provides a backup and quick access if needed. Be sure your family can get to them if something should happen to you.
4. When was the last time you did a financial analysis of where you are at.? A time to look at everything and make sure you meet your needs and move towards your goals.