Budgeting is about goal setting. Turning chaos into control and achieving success. Budgets are the numbers behind the goals. Failure to plan is planning to fail. Goals should be Specific, Measurable, Achievable, Realistic and have a Time frame. If you do not achieve your goal in the specific time, you have the opportunity to review, identify the problem/s, learn from the mistakes and try try again – don’t give up. Getting started – first you need information – what happened…..
You cannot manage what you cannot measure. The Income and Expense Statement shows where your money comes from (income) and where you money goes (expenses). Keep income large than expenses. Stay in control – take time to review your statement each month, compare it to last month and last year and make decisions to change if and when needed. Remember most decisions in life have a monetary impact.
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