Budgeting can be hard, but so important for your life, business, and financial freedom.
For the longest time, I had a deep resistance to creating and sticking to a budget. I figured, as long as I was paying my bills on time and saving some money, I was ok.
Who needs a budget, I thought. I was doing just fine getting by without one. Besides, my initial reaction to a budget was that it was too restrictive and limited. I didn’t want to feel like I couldn’t spend my hard earned money on what I wanted.
Why should I put myself on a self imposed spending plan?
It wasn’t until I got serious about wanting to reach financial freedom, so I could quit my 9-5 job, that I started taking budgeting more seriously.
Eliminate debt, save more and invest more. That is the path to financial freedom and having a budget AND sticking to one, is critical to helping you get there.
If you don’t have a budget and were like me when I didn’t have a budget, you probably don’t know where your money goes by the end of the month. The feeling is comparable to a cup of water with little holes in it. Water, your income, is going in the cup but it is also leaking out faster than you can fill it up, putting you on a never ending cycle of trying to catch up with your finances and spending your money quicker than you can make it.
To make matters worse, if you have an emergency or unexpected bill occur that you’re not prepared for, you feel even more helpless.
Bottom line, if you’re looking to reach financial freedom, you need a budget.
The first step to successfully budgeting starts with changing your mindset. I had to completely change how I viewed the budgeting process. Instead of looking at budgeting from a perspective of limitation and scarcity, I had to look at budgeting from the outlook of freedom and abundance.
To know exactly how my money would be spent and where it would be going would allow me to feel free and ease up on the anxiety I had around money. This is the mindshift you have to make too if you’re resistant to the idea of budgeting.
Imagine not having to worry about if you have enough money to pay for an item. Imagine being able to spend freely without guilt because you already have that money set aside in your bank account. You can rest easy knowing every dollar has a purpose and feel confident in your spending decisions. That is the power of a budget.
You can choose to stay flying blindly and complain about the lack of money you have available to make your dreams come true or you can choose to regain control of your life through the process of budgeting. Fellow creatives, the choice to reaching financial freedom is up to you.