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Almost no one I talk to actually enjoys sitting down each month and doing a budget. Usually that is because it is very hard to get the hang of it particulary in the beginning, but do not worry because no one does it right at first. Creating a budget forces you to make tough decisions and may leave you with a financial picture that you would rather avoid. Allthough creating and maintaining a monthly budget is hard, it is well worth it in the end.
There are many reasons why budgeting can be hard. The first is that it makes you face your financial reality. Often we would rather be in denial about our finances and not know where we stand. But a budget forces you to look at your situation and develop a plan. Second is that if you are married you have to work together with your spouse. That involves communicating and working towards being on the same page financially. This can cause some disagreements initially. Finally the sacrificing involved when doing a budget can cause challenges. After doing a budget there are usually things that you have to give up or cut back on in the short-term. It can be very hard emotionally to sacrifice.
However the benefits far outweigh the pain of closing a budget. A budget puts you in control of your money. No more pay days where the money comes in and is out the door before the weekend is over. Budgeting gives your money a name and a place before the month begins. After doing one you feel like you have gotten a raise! It also allows you to stop worrying about how are you are going to pay your bills in addition to giving you a roadmap on how to get out of debt. Most people believe that a budget is restrictive, but since you make the budget each month it is actually freeing financially!
Making a budget is a lot of hard work in the beginning. My advice is to tough it out and give it time. We recommend to our clients to give it about 90 days to work out the rough spots. So what are you waiting for? Start today and take control of your finances, possibly for the first time, by developing a plan. The short-term trouble is worth it for the long-term rewards. If you need help doing a budget try downloading our simple monthly budget form or our irregular income budget form to help get you started. If you still would like more help in creating a budget or if you have any other financial questions we over a variety of services to help you succeed financially.
So what about you? What do you find to be hard about budgeting and is it worth it in the end?