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The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of opportunity cost
Check the Budget Before Spending
A common budget pitfall is when you use your budget as an expense tracker alone but you do not let it influence your spending habits.
Check your budget before you pull out that debit card.
On some days looking through your budget before you spend, you’ll get a resounding YES to spend that money, and other times you’ll get a NOT YET in response, and on others, you’ll realize that a new pair of jeans just wasn’t quite as important as your passing urge would have you believe. Think of your budget as an ever-present accountability partner.
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MORE IDEAS ON THIS
Enter Money When It Arrives
When a paycheck, birthday check, or any money at all arrives, that’s the moment it should be entered in your budget. Not before, and not too long after. Not only does this make paydays even more magical, this gets you in the right mindset to only budget the money you have.
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Personal Budgeting Habits To Adopt
Sticking to a budget can be quite hard the first time you try it, therefore before I show you how to develop a budget, let’s explore the budgeting habits that can make your adjustment to your budget a landslide.
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Pay yourself first
Following up from the above, once money comes in, set up some automatic transfers or put some cash aside for YOU. Paying yourself first ensures that you have the financial security to make future-you very happy. Even small amounts will grow into something larger, which can eventually pay for that...
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Budget to zero
Budgeting to zero means that when you create your budget, your income minus your expenses add up to zero. Income – expenses = $0
Budgeting to zero gives you financial clarity, you give every dollar you earn a job, even if that job is savings or an extra loan payment.
Budgeting to zer...
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CURATED FROM
Exploring Personal Budgets as A tool for Financial Freedom
informationprime.wordpress.com
5 ideas
·1.62K reads
IDEAS CURATED BY
Writer, artist, Accountant and a forever learner. Learning, loving, Hoping.
These ideas state the money habits to develop that will help in creating and managing a budget.
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Build the right budget
The most valuable part of budgeting is actually the process of building a budget correctly.
You build a budget based on looking at your actual spending over the previous few months. Get real numbers, not estimates. Dig through your bank statements and credit card statements and fi...
Plan Your Day the Night Before
Before going to bed, spend 5 minutes writing your to-do list for the next day. These tasks should help you move towards your professional and personal goals.
You’ll be better prepared mentally for the challenges ahead before waking up and there won’t be any room for procrastination i...
Budgeting your money is the cornerstone of a sound financial plan, and seeing all the numbers in black and white can offer valuable perspective on where your mone...
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