Episode #28 Establish A Budget
Like so many other facets of life, our financial well-being is largely determined by our ability to make the right sacrifices today to achieve great things tomorrow. This week, Dr. Michael Brown is joined by Gabe Dunbar in a practical conversation about being intentional with our money.
Show Notes
It doesn’t matter what age you are or what income you have, establishing a budget and having a plan is really important.Gabe Dunbar
Three Problems
- We often view budgets as restrictive, even though they could lead to our financial freedom.
- Spontaneous and in-the-moment financial decisions rarely produce as positive results as intentional and premeditated financial decisions.
- Failure to choose a budget today may lead to a situation where an even tighter budget is necessary tomorrow.
Three Principles
- Tracking our finances helps us to understand reality, and reality is always our friend.
- Debt may not be entirely avoidable, but it is always reducible.
- The financial dimension is connected to every other dimension of life.
Three Practices
- If submitting to strict dollar amounts feels overwhelming, begin by creating rules such as “Eat out only once a week” or “Go to Target only once a month.”
- Begin tracking every dollar you spend this month, and identify choices you can make that would reduce next month’s spending in each category.
- Set aside money dedicated for recreational activities so that you can engage in those activities guilt-free and anxiety-free.
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