Define The Purpose of The Spending Plan

Before Creating a Budget

Start by defining what the purpose of the budget is:

o get out of debt
o create an emergency fund
o have money to invest for retirement
o save money for: a vacation, buy a new car, buy a home
o help the children with college
o start your own business/home business
o to worry less about money issues

Create your own reasons and write them down. Then answer, why. Why do you want to accomplish your desired goal(s). And finally, How do you plan on accomplishing your goal(s). After answering these questions you need to answer one more question, are you willing to do what is needed to accomplish your goal(s) (nothing illegal) which includes giving up a lot of things you now waste money on: manicures, spa treatments, minutes on you cell, expensive hair cuts, bling, and so on.

Answering these questions will determine whether you are truly ready to find freedom where money is concerned and begin to build your own wealth. If there is any doubt in answering any of these questions, you are not ready to stop being a debt slave, go back to your life because it will not change anytime soon. If on the other hand you answered these questions with determination, you are ready to shake free of the shackles that debt create and begin living your life!