“The simplest definition of a budget is
"telling your money where to go.”
― ---Tsh Oxenreider
I realized after taking with someone about their finances and giving them recommendations that at sometimes it can be a major challenge to implement. The lifestyles we are accustomed to living become routine. What works for me when I implement any new discipline is to focus on the small success. This celebration of any positive movement also works for me in the areas of finances, prayer, personal and spiritual growth, and relationships. That list seems to encompass all areas of my life!
When I retired my wife and I had worked with our financial planner for years to achieve our goal. I can remember at my retirement dinner telling everyone with enthusiasm, “It’s A Wonderful Life,” because I had achieved my lifelong goal. We were also eagerly anticipating several major trips planned the year of retiring.
Retirement was everything I dreamed it would be. Then a year later our country experienced the worst financial crisis since the Great Depression. That event greatly impacted our investments. At the same time our rental property needed major repairs and we had just purchased a new car. Because of the lifelong discipline of working with a budget, I could more readily adjust and balance the income and expenses to accommodate the unexpected turn of events.
That is why I encourage people of all ages to establish a realistic budget. It is also important to celebrate each success, each accomplishment, otherwise it is not a rewarding discipline.
When I made the adjustments in our fixed and flexible income and expenses, I created additional money to pay off the loan on the improvements to the rental house and the car. I made a weekly payment instead of monthly and that accelerated the payoff of the loan. The lady at the bank commented, “You are really serious about paying off this loan!” I told her I have a plan and I enjoy seeing it work because once this loan is paid off this money is going back into our travel budget. I always kept the end results in mind and the opportunities that would open up once I accomplished my goal.
I receive a welcomed encouragement from what I call “my fan club of readers” of my postings. I realize I am preaching to the choir because many already practice what I share. If you are a reader that is already having success with any discipline, especially the area of finances, I would appreciate your sharing this posting with those who may benefit by implementing this tool for living a life of abundance. I will be glad to email anyone interested in the excel format I use for my budget.