Financial freedom is not when you are rich, sometimes; you can be rich and still be poor at the same time. You are said to have attained financial freedom when your revenue supersedes your expenditure, you will end up having excess.

Many of us are dreaming of financial freedom, but we refuse to work towards it. One of the roads to gaining financial freedom is by budgeting.

Budgeting is a financial plan for a particular term; it could be for a year, a quarter, or a month. At the end of every year, a country makes a budget for the coming year. A budget includes a list of your spending and expenditure.

Everybody needs a budget, for individual, the largest percentage of individuals lives on monthly income and wages, therefore, it is better to make your budget a monthly term or in relation to how your compile your income.

Before I came to the knowledge of budgeting, I have always planned my spending un-organized, and that has been killing me for a long time before I got to discover. You spend your money mostly on unnecessary items, you won’t know until you put down something.

I could have been a pauper, budgeting saved me from misfortune. My income is never enough, I always have to borrow to complement my spending every month, and before my income comes in, debt is already waiting to eat them up. How then do you expect me to scale through?

These are some Benefits you get from Budgeting through my personal experience.

Gives you control over your money

A budget guides you how to spend your money, with budgeting; you are in control of your money, and not your money handling your control. You won’t have to suddenly adjust to lack of fund, a factor that treats me so bad, and makes me go so broke even before the month halves.

Keeps you in your financial freedom goal

It guides you, and stops you from making unnecessary spending, all your need will be met with rest of mind even with limited income because you have budget according to your income.

Makes you know what you have spent money on

Sometimes, it becomes a headache for me, when I suddenly see that I am out of fund, and there are still important things to attend to. It sucks, you begin to think on what you have actually did with the money, it get worse only to find out that you have spent it on something of less value, and here is something important waiting to be sponsored. I thought saving my money in banks will curb my spending, it actually did, but it was limited, this is the only disadvantage of the ATM, you quickly go to the machine, when you see that you are broke.

Encourages your savings attitude

In budget, there will always be excess, that goes into savings, had it been you had not budgeted, you just see that you finished them all, and your eyes opens, what you did with them were not necessary, that equates to wastage, and you lack savings which is one of the road to financial power.

Allows you to manage your family

Your son, knowing full well that you were not going to give him any more contingency amount within the month, will also be pushed to have a budget, everybody gets settle as due, no one fights for getting the smaller share.

It alerts you of future dangers

Fuel was going to fly in price, food stuffs were going to be a little scarce, the government was going to control inflation, you quickly adjust to this in your budget, and you have no problem worrying what the situation reads.

Helps you to invest and generate more money

From your savings fostered by budgeting, you have money to throw into investment opportunities, and can even generate a part time business that will give you extra income.

These are some of the critical issues budgeting have been able to solve in my life.

Secure Arrangements For Any Budget

Funerals are already tough enough before you consider their financial cost. Then they can be downright crippling. When the average funeral can be upwards to $10, 000, not many people can afford one outright. You can save yourself and your family by turning to a helping final needs plan provider. With their assistance, you can create your own safety net and make $10, 000 a manageable cost.

Some of us aren’t blessed with extensive savings accounts. We live comfortably day-to-day, but when it comes to creating a large nest-egg, we have some difficulties. Without a lot of money to our names, we’re not leaving behind a lot of money. If this describes your situation, then you might be worrying about how you’ll pay for your funeral. You don’t have $10, 000 extra dollars to cover service expenses, yet you can’t bear avoiding the issue only to leave this whopping price tag for your family to pay.

Luckily, final needs plans can be created to accommodate any budget. Just like your home, car, or other large purchases, you can make small, incremental payments to cover the cost of your funeral. Some plans can be as low as a $5 monthly contribution. You can be setting aside the funds to cover everything with what amounts to less than a coffee a week.

The advantages to a final needs plan goes beyond just the financial benefits, as you’ll be making more than just monthly contributions. With the help of a pre-planning expert like those from the Elephas Group, you’ll be designing your funeral services the way you want them to be. You and your representative will go over every detail in private counselling sessions to ensure that you money is going towards exactly what you want.

Your plan also covers special services that include travel insurance and final documents. Should you pass away while you’re travelling, your final needs representative will arrange to get you home. They’ll deal with all of the necessary documentation, so you family doesn’t have to. They will also provide filing for paperwork that needs to be dealt with once you pass. A representative will fill out all of the necessary documents to notify banks and the government to ensure your account numbers and Social Insurance Number (SIN) can’t be used after you death.
Once you create your plan, you’ll never again have to worry about how you will cover the cost of your funeral; you’ll also never despair about leaving behind unfair debts for your family to cover. For those you are budget-conscious, there has never been a greater way to prepare for such a costly event.