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Top 5 Reasons to Budget

Money Talks with Nabeel Khan where we start a real conversation about anything money for you to build the right mindset habits and education in your journey to financial freedom! #financialLiteracy #Money #Education In this video I discuss the Top 5 reasons to budget and its purpose in your life. So what are the 5 reasons to budget? 1. A plan for your goals. A budget helps you understand how money flows into and out of your life and understanding how that works is what allows you to plan for things that you want. Once you have a plan that will get you what you want at a specific point in time, its easier to step away from spending on things that you don’t need. Only you know what’s important to you. 2. Saves you from debt. We all know that spending money that isn’t ours is never good idea. Debt is a person that will take your money for a long time. By borrowing money you will always give more than what you took. We’ve also all heard the saying “live within your means” but keeping up with the Jones's and spending money of things comes too easy! Think about it this way: If that’s what you really want then your new budget will plan for having that money available to spend on things at the sacrifice of longer term things. Or maybe want that first home sooner. It’s your choice but at least you wont be paying your hard earned money towards institutional interest charges. #winning 3. Create an emergency fund. Let’s face it. Life happens, Things come up from time to time and if you don’t understand that life is never a straight line then yeah...it might seem like things come up ALL THE TIME and this can put you into debt or just leave you with no money for the things you really wish you could have. Your budget should allow you to save a little every month so that you can build up 3-6 months worth of your after tax income. Have that mind set from the beginning or teach your kids to think like that. #YouGotYourOwnBack 4. Saving for your future. You Only Live Once... Correct. Have fun and enjoy it! Heres a thought: Your one and only life statistically will last over 85 years and is only getting longer. #Blessed no matter how you think about your life today- Your perspective will change as you grow and learn. I see this everyday, everyone That has a few years behind them believes that they should have started saving sooner. A budget allows you to do that. Allocate some contributions each month to your retirement plan. Retirement isn’t a time when you are old and cant live. Retirement is when you have time to do what you want to do and not be limited to the grind and working for an income because you created an income for that period of your life. start building your understanding of how retirement strategies work. You would be surprised how rewarding it can be and feel when you get a great tax credit annually. Perhaps that can offset your next holiday! #twobirdsonestone thank me later. 5.Keeps you honest. Allows you to get real with yourself. You alone are in control of your life and spending habits. If you have bad habits, define them and create discipline! If you have good habits- that’s great how can that be used to your advantage now that you have a game plan? Either way you might as well start understanding those habits today and the clarity of it all will help you sleep better at night. A budget is really the First step in your Financial planning journey. You have to know where you are today in order to plan for where you want to be. QUESTION — Have a question about Financial Planning, Savings, Investing, Wealth Habits, Money Mindset or Anything Else? Post in comments section of this video! Music by: Joakim Karud - Rock Angel Subscribe to MONEY TALKS WITH NABEEL KHAN Here: https://www.youtube.com/channel/UColm... Nabeel Khan on Social Media: http://www.mrnaby.com   / mrnaby     / nabsk   DISCLAIMER: This channel is hosted by me and I am licensed to give advice but this channel and what we talk about is not constituted as advice to you. Reason being in order to give advice I need to understand where you are in your life and conduct an analysis before I can give you advice so if you would like my advice go and visit my website and send me a mail. Thank you for the support!