There is no question the monthly budget is the most impactful tool you have in your DFMD toolbox to aid in taking control of your finances. It's hard to build a debt-free dream without a plan, and a budget is simply that - a plan for your money.
Sure, you can build wealth and become debt free without a budget, but it's much harder to do than with a budget.
You can wander into debt, but it's hard to just wander out without a plan.
The challenge is most people tend to struggle with budgeting. In fact, in a recent DFMD survey, budgeting challenges was the number one topic readers wanted to hear more about.
In this blog we'll discuss some of the most common reasons people fail with their budgets and how to be proactive in dealing with these possible failure modes.
What stands out in discussing the topic of budgeting is that when you get right down to it budgeting is simply a behavior, and as we've written about previously, getting out of debt and building wealth is...