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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
The All-In-One Resource on Money—Budget, Save, Dump Debt & Invest
Do you often find yourself staring at an empty bank account, wondering where all your money went? If your answer is yes, then it’s likely because you don’t have a monthly budget.
A budget is essentially your plan for your money. It indicates how much of your income goes to which expense, so you’ll know exactly how to spend every single penny come payday. When you create a budget plan, you’ll cut down on wasteful spending – effectively maximizing your income. You’ll be happier and stress-free too, because you know all your expenses are accounted for.
Now, how exactly do you budget?
If you have a regular income, use the zero-based budgeting system. Simply list all of your monthly expenses, including your savings and tithes. Then, allocate a set amount for each expense until you use up all of your income – so your total income minus all your expenses should be zero.
If you have an irregular income, you’ll follow an approach similar to the zero-based budgeting system. Enumerate all your expenses for the month, with your priorities like food, housing, clothing, and transportation at the very top. Then, when you receive your paycheck, go down the list from top to bottom until you’ve used up your entire income. If you didn’t reach the bottom of the list, simply carry over those items to your budget plan for the next month.
Pair the zero-based budgeting system with the cash envelope system. Here, you’ll set up designated envelopes for the items you prefer to pay for in cash. For instance, you might have envelopes for food, gas, and groceries. Come payday, you’ll withdraw the corresponding cash from your bank account and set it aside in the respective envelopes.
It’s important to do your budget plan every single month. But what’s even more important is to follow it to a tee. Budgeting will only change your life if you live by it.
Dave Ramsey's Complete Guide To Money (2011) is a hands-on guide to personal finance. It details the best approaches to everything money – including budgeting, saving, investing, and getting insurance.
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Try Blinkist to get the key ideas from 7,000+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.
Start your free trialBlink 3 of 8 - The 5 AM Club
by Robin Sharma