Category: Budgeting

As we begin the month of June, it’s a great time to check out your financial scorecard for the year…so far. That is if you can stand the pain of looking at it. With five months now in the books, June is the perfect time to evaluate and re-evaluate what has happened to you financially this year and then to adjust where necessary so you can make 2022 the best possible year it can be. It’s a subject we all need to be on top of, but many of us never look at the numbers until it’s way too late to do anything about them.

Our Financial Scorecard Is Like a Business P&L

If you work for a business, you probably know what a P&L is (profit and loss statement) and what it means to the company. In simple terms, it’s the scorecard of their financial numbers and how the company is performing against the plan.

It occurred to me the other day how often I write about budgeting, the importance and trials and tribulations of it all. There’s no doubt that everyone knows about budgeting, but the real questions are whether or not they actually make and maintain one and does it really work for them? In fact, budgets sometimes are strictly “fantasies” and that, my friends. is the rub in all of it. If you just pretend to have a budget, then you don’t have one at all and every cent that passes through your finances is a crap shoot. So today I’d like to talk about how to make a budget that works for you.

When you are doing that “big gamble” with your finances and ignoring a budget, you’re putting everything at risk. I’m just going to say it out loud here: it’s not very smart and you will eventually regret your actions. So today I am going to tell you how I think your budget should be made to actually try to make it work!