I have made just about every mistake that you can make with money. I share three thoughts on spending plans to help others avoid some of the pitfalls that come from not knowing how to and mismanaging money.  

Spending plans may not be sexy but they will take you places if you follow them and do them well. 

I believe that the spending plan is one thing that can help many manage money better. My goal is to share my practical experiences and what I have learned with others.

Three thoughts on spending plans and managing money.

The Emergency Fund is Good to Have

I never had an emergency fund while I was making all the mistakes I was making.

I never knew that maybe, possibly, I should have a fund set aside for emergencies. Such a novel idea to me back then. I went into debt paying for car repairs and other emergencies many, many, many times.  

Therefore, my message to you is to be encouraged and know that you can and will do better. You did not get into your financial situation overnight; it was a process and it’s going to be a process getting you to a better financial position. So, an emergency fund is not a do-or-die item, you can still do better without one, I did, but it sure does help.  

However, do not let the fact that you do not have an emergency fund stop you from moving forward with your spending plan and managing your money better. 

Tracking Your Spending is Important

I believe that tracking your spending is one of the most powerful things you can do when managing money and expenses.

It provides you with a lot of information that can help you win with money. It sets you up for success with spending category numbers that are better than anything else you could come up with on your own.

A spending plan is just an estimate of how you are going to spend your money over a given time period.

Make great estimates and make great spending plans you can stick to.

My Last Thought is Consistency

To manage money effectively, you should strive to be consistent in your management of it.  To effectively manage your money, you have to know where it is going, and you can’t do this without consistently tracking and keeping track of where your money is going.  Pick a day, a time, and a place to work your money and consistently work your money during those times. 

Get into the habit of it!     

There you have it. Three thoughts on spending plans. Again, spending plans aren’t very sexy, but they will take you places. Share this with people that you think may benefit. Comment below and let us know how it’s going.

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