I mentioned this in my talk last September 1st at COL Financial:
Having a Budget is telling your money where to go, instead of wondering where it went.
Following a Budget allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you. Following a budget or spending plan will also keep you out of debt or help you work your way out of debt if you are currently in debt.
And believe me when I say this, so many Filipinos are in DEBT.
Please don't be part of that statistic. Don't live from paycheck to paycheck. Don't stress yourself.
By creating a budget plan, you can easily check which months your finances may be tight and which ones you'll have extra money. You can then look for ways to decrease your spending and create more extra for savings and investments.
Extending your budget out into the future also allows you to forecast how much money you will be able to save for important things like your dream vacation, a new vehicle, your first home or home renovations, your child's education, or your retirement. Using a REALISTIC budget to forecast your spending for the year can really help you with your long term financial planning. You can then make realistic assumptions about your annual income and expense and plan for long term financial goals like starting your own business, investing in real estate, and more.
To get you started, here is a simply FAMILY BUDGET PLANNER. As a member of Money Management, you have access to this. Please don't share this without my permission (I can track you! Remember, I'm very tech-savvy. haha)
For those opening a Mutual Fund Account under COL Financial, please make sure to put "KAREN PACIA" as Referral. This way, COL can give me the details of the folks that I can help and consult for under COL.