Firstly, what is a realistic budget and why do you want it…?
A realistic budget is a budget is made up of multiple elements, when put all together it can give you a budget that enables you to make financial decisions for yourself.
…you want a budget that give you an accurate picture of your finances so you know exactly where you are and where you can go…
Do you know where you are spending all your money?
You may know where you are spending some of your money if you’re actually handing over cash or your credit card but what about all those other payments that come out of your bank account etc, by having a realistic budget you’ll therefore understand where you are spending ALL of your money.
Do you know all of your income and income sources?…you will when you have a realistic budget set up. You’ll know what happens when income might drop or increase…
By understanding your all elements to the budget that make up the budget and not just the limited to the typical income and expenses you can either carry on as is or make changes where necessary. The more realistic and detailed you can make your budget the better you’ll be at making the decisions to create your own financial success.
By knowing the elements that make up a Realistic Budget will help you to then better create a better budget for you. Over the next coming weeks this will be a blog series going through all the elements that make up a great realistic budget.
I genuinely want to be able to help everyone make the best decisions for themselves financially and the only way that they are going to be able to do this is by having a budget.
So what are the elements what make up a Realistic Budget
- Using REAL figures in your budget
- List ALL of your expenses
- Zero Balance Budget
- Know your priorities
- Expert input
I actually have a ‘budget health check’ where we go through your budget to make sure it’s on track and performing…more details are HERE.