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"Traditional budgets don't work.
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The most powerful budget is our prioritized budget."
STEPS TOWARD FINANCIAL FREEDOM
1. Create an emergency fund of 2% of your gross income.
- Eliminate all credit card debt
- Start building wealth and savings for education
- Eliminate and reduce expenses
- Increase your future wealth and your current happiness
- Focus on your purpose and give
Most budgets don't work because there is not priority given to the various expenses in our lives. You can easily create a powerful budget on a piece of paper or a computer spreadsheet. Give all your expenses a priority. Every expense item must be in a straight line with the items above of higher priority and the items below of lower priority.
Use this guideline to get you started:
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Here is another guideline
Spending Needs: 50% or less
Spending Wants: 30% or less
Accumulating Wealth: 20% or more
If you can focus your money toward those things that are really most important to you, then more and more of your money will go toward those things that are high on your list.
When you prioritize every expense, then when you run out of money to assign, you simply don't spend the money because you are already spending it on more important things.
|| 100% |
|| 1. Eliminate Debt and Build Wealth
|| 2. Have Fun and Pursue a Purpose
|| 15% or more|
|| 3. Must have bills
|| 40% or less |
30% or less