7 Budgeting Mistakes to Avoid


budgeting

Budgeting is crucial to efficient and effective financial management. When we don’t budget, we end up either squandering money or missing out on paying for important and/or time sensitive transactions.

Note that the lack of budgeting is the very reason why the poor remain poor–because they don’t take time to think about what they want and research on how much it will cost.

The question is, how will you know what to spend your money on if you don’t budget? Remember that there is more to living than paying bills. Therefore, take control of your finances and establish budgeting as a mandatory act.

Below are 7 budgeting mistakes to avoid.

7-Common-Budgeting-Mistakes-Pin-740x461

Mistake 1:

When you don’t stick to your savings plan, or when you don’t have a savings plan. In order to achieve financial freedom putting away money as savings to either invest or fall back on in hard times, should be part of the game plan. If you don’t budget for your savings, you are basically rendering yourself vulnerable for financial disaster.

Mistake 2:

When you don’t update your budget plan:

It’s important to update your spending plan so that you are aware of what’s going on periodically. Get a note book, or download an app on your phone (www.everyDollar.com is a good one)) and use these tools to periodically update your budget.

Mistake 3:

When you underestimate or overestimate how much you spend: To avoid this mistake evaluate your previous month’s expenses to use as reference for your spending patterns.

Mistake 4:

When you don’t have a budget: When you don’t have a budget how will you know much to save or what to spend on?

Mistake 5:

When you don’t communicate with your spouse or people in your household about your budget standards: This applies if you have a family. You need to let your spouse know about your budgeting plans so that they spend within its limits.

Mistake 6:

When you only budget once in a while: You have to be consistent with your budget plans. It is an ongoing process, and the good news is that it gets easier with time.

Mistake 7:

Lack of budgeting before your payday: Getting money before you create a spending plan can be dangerous.  Note that by the time you create the plan, half the money will be gone on expenses that can not wait for you to decide whether you need a budget or not.

Note that budgeting is a healthy financial habit that you should embrace. Doing it right will make all the difference, and having a success infused mindset is the starting point.

budgeting_websites

Looking to get more organized with your life and finances, check out my book, Do Not Force It, Tap The Good

Tap The Good

Dr. Jacinta Mpalyenkana, PHD, MBA is a counselor, transformational coach, corporate trainer, published author and professional speaker. For more about her, please check out http://www.tapthegood.com

Advertisements

This Will Change Your Life -Tapping Into The Kingdom of God within You- An Inspirational Message


In this video, I share a powerful message that I believe will change your life. The tips I share have changed my life, and the lives of many of my clients. So, I believe that you will benefit as well.

Link to video – https://youtu.be/QAgAyNIFGos

Please share with those who might need the message.

Take note that March 1st, 8.00AM – 6.00PM is Global Worry-free day. This is a time when we should exercise a worry-free mindset. A few tips to consider would be to volunteer, pay it forward, or reach out to strangers in need. Every little helps.

Please join me on this day as we change the world for the better one step at a time.

Love and light

Dr. Jacinta Mpalyenkana, Ph.D, MBA

Author, Speaker, Counselor, Coach

http://www.tapthegood.com

cosmiconenessxr41

Being Treated Like You are Not Good Enough?


Do you feel like people treat you less of who you are?

Are you at a job where you don’t feel appreciated?

Are you in a relationship where you are working so hard to be appreciated but still feel demeaned?

Are you in a partnership that makes you feel bad about yourself?

Do you want to live life on your terms?

Watch this video – https://youtu.be/0spM7VXhrB8

Looking for a good book to read this holiday season? A book that will uplift and inspire you?

Get your copy of Do Not Force It, Tap The Good today 

Link to the book in audible, paperback and kindle – http://www.amazon.com/Do-not-Force-TAP-GOOD/dp/1461079098/

Kindle Ready Front Cover.3594241

Love and light

http://www.tapthegood.com

 

The Most Vital Ingredient to Build a Personal Platform for Business Persuasion


This week, I’ve decided to record a brief audio in place of writing an article so that you can listen to it as many times as you want.

Link to audio – https://soundcloud.com/jacinta-mpalyenkana/the-most-important-ingredient-for-business-persuasion

For more details, please check out my website at http://www.tapthegood.com

Claim your 30 minutes complimentary session at http://www.tapthegood.com 🙂

Remember, you are reading this content with the mind of the person responsible for his or her success 🙂

Love and light

Dr. Jacinta Mpalyenkana, Ph.D., MBA

Author, Professional Speaker, Success Coach/ Mentor

author@tapthegood.com

http://www.tapthegood.com