3 Lessons I Learned From Creating a Budget

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When many people hear the word “budget” they may have a number of reactions, mostly negative. After all, who wants to be tied down to this evil thing as opposed to living their life to the full? At least, that’s the lie we tell ourselves.

We also tell ourselves that if we just made more money, if we could become wealthy, then we wouldn’t have to worry about a budget. But nothing could be further from the truth. In fact, here are 3 things I learned from creating a budget.

Budgets gave me a raise

Yes, I did say raise. What does that mean? Well, before I ever sat down to create a budget, I had this idea that I would never get to spend any more money and it would tell me just what I couldn’t do. In fact, what happened was that I realized I had more money available to pay off debt than I thought possible.

What really happened was I didn’t feel broke anymore. All of a sudden, this budget thing that I had been dreading, gave me a sense of peace that I had control over my money and I knew what to do with it.

Budgeting helped me see the truth of my situation

I’ll tell you what, budgets have a way of really shining the light on what you’re really spending each paycheck on. Whether you have a ton of streaming serves or find you have too much month at the end of the money, we need the budget to show us exactly where our money is going. We need to know what’s going in and what’s going out.

Without this information, it would be next to impossible to create a plan to spend, save, and pay off debt. And forget about funding your dreams, you’ll never know if you have enough money to do the things you really want to do, instead of the things you have to do.

Budgeting reduces money fights with my husband

It’s often said that the number one cause of divorce is money fights and money problems. I don’t want money to have that kind of hold on my marriage. By creating a workable budget together, my husband and I have the opportunity to communicate what things are important to us. You know, the things we want to spend our money on.

By increasing the communication between us and doing this together, we have found a way to make sure everyone can get what they want and still meet our goals. Whether you have separate or joint accounts, you and your spouse or partner need to be on the same page with money. A budget is how you do that.

In the end, the goal is to know where our money is going and not let it control us. Yes, you can start to eliminate overdraft fees (if your bank still charges them) and start to save for your future. Also, you will finally be able to say, with confidence, that you are winning the money game.

Looking for a tool to track your money?

While there are a number of good apps out there to help you budget your money, sometimes it is good to start with good old pen and paper. Click on the link to get your copy of my free Money Tracker and finally know what’s going on with your money.

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I am a personal finance freelance writer for hire. I write about budgeting, savings, and debt.

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