Money Management

Money Management


Budgeting Finances
What Does That Mean Anyway?

Budgeting finances. Let’s take a look at what it means.

Budgeting Finances

Definition

According to dictionary.com, the relevant part of the definition of "Budgeting" goes like this:

Budget:

noun
1. an estimate, often itemized, of expected income and expense
    for a given period in the future.
2. a plan of operations based on such an estimate.
–adjective
7. reasonably or cheaply priced: i.e. budget dresses.
–verb (used with object)
8. to plan allotment of (funds, time, etc.).
9. to deal with (specific funds) in a budget.
–verb (used without object)
10. to subsist on or live within a budget.

And the partial definition of "Finances" is:

Finance:

–noun
1. the management of revenues; the conduct or transaction of money matters generally, esp. those affecting the public, as in the fields of banking and investment.
2. finances, the monetary resources, as of a government, company, organization, or individual; revenue.

So really budgeting finances means to estimate, record and manage your money coming in and your money going out.

Budgeting Finances is Money Management.

It's that simple. Money in and Money Out. It's just money management. Figuring out how much money you make, how much you spend and how much you save. It also includes much you spend in interest on your debt?

Overall do you spend more or less than you make?

Budgeting, in the traditional sense, is just planning and tracking your money. It is finding out where you are now, and making a plan for the future to follow.

However budgeting finances is only one aspect of money management. One that people don’t think of. Let’s start with this:Money Management

If I asked you to budget your finances, how would you react? Would you:

  • Run away?
  • Ask for help?
  • Know what you are doing – but you just don’t wanna!
  • Say you would do it – but come up with excuses not to?
  • Ask for budgeting tips?

Do you have a history of starting to budget or organizing your finances but don't follow through? If so, check out our Overall Game plan for your personal finances and money management . This plan gives you a place to start and the pieces you need to transform your money!

Types of Budgets

If you don’t know how to budget, we have outlined different types of budgets and instructions and examples for each one.

A Real Simple Budget Paper, Pencil and Calculator
The easiest type of budget.

Envelope Budgeting System
A simple, but possible out of date way, to budget your money.

Spending Plan
Frustrated with how to make a budget? Create a spending plan instead.

Budgeting Finances are a step in your overall money management plan.

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Money Management

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