GO FUND YOU- 2021 Audiobook sample
Description
Vocal Characteristics
Language
EnglishVoice Age
Young Adult (18-35)Accents
North American (General)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
When my son was in high school, he learned how to budget. In the beginning, he didn't have a firm grasp on how he was spending his money each month. He was basically just playing a guessing game, I came up with a simple way to help him track his purchases. I provided him with a large envelope and asked him to collect all of his receipts in there for an entire month. At the end of the month, he sorted those receipts into categories such as gasoline, dining out, entertainment and so forth. Together, we reviewed his findings and I asked him what he had learned from the exercise, he realized he ate out too much and needed to make his own food more often to cut down on spending. How much did you earn last month? How much did you spend? Those are pretty straightforward questions, but whenever I invoke the word budget to ask the same things, I noticed people's eyes tend to spin, they become overwhelmed or they sheepishly admit they have no idea. Budgeting is essentially the act of balancing how much money you earn and how much money you spend each month, spending more than you earn is a dangerous pattern that will surely put you into debt. Hopefully you brought in at least as much money as went out ideally more still. There are times when there's just too much month and not enough money to last actively budgeting allows you to remain aware of your spending work your way out of existing debt, avoid taking on more debt, save for the things you really want and ultimately become rich without budgeting, you truly won't know where your money is going or what you're spending it on. Even if you think you do, I guarantee you'll feel more in control by knowing what your expenses are and paying close attention to your spending habits, take a moment to think about what you really want. Are you willing to do what it takes to achieve that goal? How badly do you want to achieve it, discovering your patterns? Everyone's personal budget is unique. Most people know how much they're recurring monthly expenses are including rent or a mortgage payment, their phone bill and their gym membership. However, most people don't realize how much they spend on dining out movies, Starbucks, alcohol, groceries, gas et cetera. Once you add up how much money you're spending on restaurants and entertainment per year, you might be shocked. This is where you need to get down to the nitty gritty details and dial in your budget. If you are serious about wanting to achieve your financial goals and save for the things you dream about, you must first figure out where every penny goes. The first step is to gather all of your most recent bank statements and credit card statements. Once you've done that, decide upon specific spending categories, The list of categories will vary from person to person, but typically includes things like groceries, gas, entertainment, personal goods, clothing, utilities, dining out, travel, pets and so on. Try to avoid a miscellaneous category, then track each expense listed on your bank and credit card statements under the corresponding category. This will take some time and you may need to tweak your categories, but once you're done, total each category, this activity can be a real eye opener. You'll find out quickly what you're spending personality is. Some people discovered they eat out way too much and it would be more cost effective to prepare their own meals. Maybe you're one of those people who buys coffee on a daily basis, too many rounds at the bar or a slew of games on your smartphone. Others may determine that the car they're driving is costing them a small fortune in repairs or gas and that it might be time to consider a more economical or reliable vehicle. Perhaps you spend too much money on clothes and shoes or you have an expensive hobby, whatever the case may be, it is time to face the facts, accountability determine where your weaknesses are when it comes to spending, take ownership of your spending habits and don't blame others or make excuses for your financial circumstances. The good news is you can make the necessary adjustments to change the direction of your spending immediately. You might decide that a caramel macchiato is not necessary every day and instead treat yourself to one every week or two by thoughtfully reducing your spending in non essential categories. You will free up money for other things like building up emergency savings, paying off debt and saving for your goals. Budgeting is the single most important factor to ensuring financial success. Get going now and take the time to one, gather your most recent bank and credit card statements. Two create categories for your budget. Three track each expense from your statements under the corresponding category. Four, calculate the total of each category. five. Be honest with yourself about your spending habits and challenge yourself to make adjustments accordingly. Six, moving forward, continue tracking your expenses this way to keep yourself accountable.