You may feel a bit overwhelmed right now. The creation of a spending plan will take time. Spending even a little bit of time each day for a month or two can make a major difference without seeming so overwhelming. Set yourself an appointment for 20 to 30 minutes a day to work on this project. Or – maybe it is easier to schedule a 2-hour timeframe once a week.
Some individuals will work on reducing expenses or increasing income without creating the spending plan first. This work can make a difference in your financial life. To make this work long-term, you do need to spend the time determining where your priorities are. Continually feeling deprived and not seeing the reward of getting something you want is not likely to last. You need the reward of getting one of your prioritized wants met in order to continue to do the work on a spending plan.
We will continue to give you suggestions on how to reduce expenses and manage a spending plan in future posts. You have the basics to create your plan now.
We here at Planning with Purpose do have a program we call financial coaching that we can assist with creating your spending plan, figuring out how to reduce expenses and just be an accountability partner. If you are interested, please contact us to discuss.