What budget is and is not
First and foremost, let me assure you that a budget is not a whip that I will encourage you to beat yourself with on a monthly basis. Some people might use it for that, but I’m not convinced it does them any real financial good.
Secondly, a budget is not meant to be something that restricts your fun or cuts out of life the things you enjoy most. While you may need to make some of those choices, and a budget may help you to see where, it does not exist solely for eliminating joy in life.
A budget, when used properly, is the basis of what you’re going to learn about in the next chapter. It’s the foundation for a spending plan, which is a system that takes all the guesswork out of how much to spend on certain things.
A budget, when used properly, helps us decide in advance how much discretionary income we want to have left over at the end of the month. Pair this decision with the structure of an effective spending plan, and I can almost guarantee that you will get yourself out of debt on schedule with your goals.
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