Top 3 Reasons You Need A Budget

Welcome back to the channel. My name is Eric Bowie aka Smart Money Bro. And today I want to talk about three reasons. And I'm looking outside because it's beautiful out here and cars are passing me. But I wanted to, I had something burning that I wanted to kind of talk about with you all. And so I wanted to pull over and just have this real quick conversation about budgeting. Three reasons why budgeting is important for your money and for your future financial well-being. If you get a moment, feel free to go over to www.smartmoneybro.com. Over there I write a blog about different, all things money, business, growing, learning, investing, whatever it may be. We talk about it over at www.smartmoneybro.com. But here on this video, it's all about the three reasons why budgeting is important. So let's jump into it. The first important reason why you got to do a budget. And when I say a budget, I mean a zero-based budget, which means every dollar is spent at the beginning of each month and you don't waiver from it. Now we know that things come up each month and that's okay because in that budget, you're going to budget for things that may come up. But you want to do a zero-based budget every single month for these three reasons. The first reason is accountability. Everybody doesn't have somebody to hold them accountable. And by doing a budget, a unique zero-based budget every single month, it holds you accountable to you. So there's no better person to hold accountable, you accountable, than yourself. And doing a budget on a regular monthly basis forces you to hold yourself accountable. Whether that budget is on paper, which I did my budgets on paper for many, many years up until about two years ago, then I started putting those in a spreadsheet. But a spreadsheet on paper, handwritten, on your phone, doesn't matter. Just as long as you put that down, write it down, every single month, you hold yourself accountable to you. The second reason why you want to do a budget every single month, no matter what, is control. If you want to see your money grow to exponential levels out the wazoo and just boom, then you've got to get to a point where you feel like you're in control of your money. What better way to be in control of your money than to tell your money exactly what to do every single month. If you tell your money what to do every single month, your money's not telling you what to do. I talk to a lot of people about money and people always tell me, well, you know, I just feel a little out of control. The best way to get in control is to say, okay, let's write it down and let's make sure we stick to it. So that way we're in control and we're holding ourself accountable. Going back to number one. So number two, it helps you be in control and feel in control. It gives you the perception that you are in control and it's really not a perception because you are in control because you're telling your money what to do. The third important reason why you want to make sure that you're budgeting and a budget is important is because of the discipline piece. It's about discipline. If you want your money to grow and you want to be in control of your money, you've got to have discipline with money. The budgeting is a big piece of the discipline. Just do it month over month over month and don't waver. Do it at the beginning of the month. It's going to be unique because you know that around Christmas, Christmas things come up, but you can be budgeting throughout the year for those big expenses that you know on a regular basis that come up. Maybe your house has property taxes or maybe you got to pay your sales or property tax on your cars or whatever, depending on the state you live in, but you will budget for those things in your budget every single month and the unique crazy things that come up, you got a spot in your budget for it. It's all about discipline. It creates a habit and your habits, you can't change the future, but your habits around your discipline can help dictate what happens in your financial future. So three things, three reasons you want to budget. It holds you accountable, it gives you a sense of control, and it gives you that discipline you need to really make things happen with your money and a feeling of control. If you are an ordinary person and you want to be extraordinary with your money, make a budget on a monthly basis. It's zero based. Tell your dollars what to do. Hold yourself accountable, take control, and you'll begin to develop that discipline which is what you need to grow your money. So if you're stopping by the channel for the first time, please be sure to share the video, hit that thumbs up button and like the video, and subscribe. What I want to do on a regular basis on this channel is give you practical information about how to grow your money and do some of the things I've done with money. I'm gonna share those things in videos very very soon to let you know kind of where I came from and how I was able to build up my money. A big part of it though was budgeting. When I first got my first job out of college, I had a job where I had to, they only paid me once a month, and so budgeting was a huge part of what I had to do in order to spread my money out once a month. I had that job for seven years and so I'm speaking about budgeting from a position of where I had to learn this and I learned it and it became a very important part of how I manage my money early on and really begin to control my spending is through budgeting. So again, tap that like button and remember, the best person to take care of the old you is the young you. I'll holler at you on the next video and we'll talk some more about money. Until then, take care of yourself and take care of others. Peace.