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Budgeting psychology

Why Budget

The purpose of this financial tool is to help you reach your financial goals, whether it’s saving for a trip to New York or next term’s tuition.

It helps you discover exactly where your money is coming from or going to. For example, you might be surprised to discover that you are spending too much on food or even spending more than what you earn.

What Budgeting Is Not

Budgeting is not about limiting your financial freedom. You can still go for that double chocolate cheese cake or pretty Samsung Galaxy Note. Budgeting is about spending in a planned and responsible way so that you can have control over your finances. Rather than worrying about money, let money empower your life.

If you are interested in getting started, here is a basic budgeting template.

Remember, you can’t create the “perfect” budget right away.  Similar to a diet or work-out routine, budgeting takes persistence and constant refinement but it’s well worth the effort. Update it regularly, no matter how small the transaction. This will keep your budget accurate and allow you to allocate your money more efficiently.

Do you have any good tips for budgeting? Leave them in the comments below!

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