Episode 1 "Make Every Penny Counts Part 1"

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Make Every Penny Counts Part 1

What is Budgeting? How do you budget for success? By definition, budget is an estimate of income and expense over a specific period of time. In plain English, budgeting will be how you manage your income and expense to achieve your goals. Imagine, if you own a company but do not how much income you bring in, then how do you plan for your expenses to keep the company alive? Now view yourself as a company, are you currently fully aware of your income and outcome on regular basis? How do you plan for upcoming expenses or maybe making an important investment?

Over the years, I have given the Budgeting workshop “Make Every Penny Counts” to all different types of audiences with variety of age and professions. After numerous workshops, I have built an easy 6 step system to help others in mastering the basic of Budgeting. The 6 steps of Make Every Penny Counts are:

1. How to set goals?

2. Where are the money going?

3. How to create your saving and spending plan?

4. How to Pay off debt?

5. Life Happens, what now?

6. What are your next steps?

Step 1

10 Years Future Version of you - Long Term Goal

3 Years Future Version of you - Mid Term Goal

1 Year Future Version of you - Short term Goal

Setting a SMART goal means your goal has to be “Specific, Measurable, Assignable, Realistic, and Timely.”

Step 2 “Where are the money going?”

Knowing where you are now is essential to determine what you shall take to achieve your destination. Most people has a broad idea where their money goes but hardly grips the accumulation of expenses that detour them from their goal. Sometimes it is the little things that we careless that make the biggest hole in our budget plan. To determine where you stand currently, I have composed a series of questions to access your financial habit.

- I keep a monthly written plan that addresses my income and spending

- I track my ongoing spending to make sure I stick to my written spending plan

- I set aside at least 10% of my income to cover my living expenses for 3-6 months if I become unemployed

- I pay off my credit card balances each month

- I save for periodic expenses such as car registration and insurance, gifts, family vacations, or special occasion

- I place money into my retirement account each payday

- I review my credit report at least once a year

Remember, this podcast is dedicated for you, at the end of every episode I will answer some of the mailbag questions. You can submit your questions through by emailing [email protected]or the voice link attached in the show note. If you find this podcast interesting, please subscribe and give us a 5 star rating on which ever podcast you are listening on, it will greatly help.

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