My wife and I have been following Dave Ramsey and Ramsey Solutions for 30 years. We married at the age of 20 and found ourselves in a challenging financial situation. Fortunately, we discovered Dave Ramsey on a cassette tape while visiting a bookstore in Indianapolis. We listened to his advice and were captivated; it changed our lives forever. This journey not only transformed our finances and marriage but also redirected my professional career.
Today, I work as a Financial Advisor and a Ramsey Master Financial Coach for Whitaker-Myers Wealth Managers. Over the past 15 years, I have had the privilege of helping hundreds of clients with their money management.
Who Should Have a Good Monthly Budget?
Many of us possess good incomes, yet we struggle to manage our resources effectively. So, who needs a budget? I believe everyone can benefit from developing solid budgeting skills. For those in Baby Steps 1, 2, and 3, a solid budget is essential. However, even those in Baby Steps 4, 5, and 6 should maintain a reasonable budget. A budget can be used by ANYONE to help them understand where and how their money is being spent each month.
What is a Budget?
A budget is a financial plan for your monthly cash flow. It serves as a roadmap for effective money management, guiding us to plan our finances "on paper, on purpose" before the month begins. A budget is not merely a spending tracker; it allows us to dictate where our money goes, putting us in charge of our money decisions.
Everyone will need to live on a budget at some point in their lives. Whether you are trying to get out of debt or preparing for retirement, understanding how to create a budget, work collaboratively, and live on a fixed income is vital. It is also crucial to know and understand that budgets can change monthly based on what you have going on, and becoming flexible in managing where and how the money distribution is going each month comes with practice and utilizing the budget consistently.
A monthly budget is especially important when planning for retirement. Your financial advisor will likely ask, "What is your monthly budget?" or, put another way, "What are your needs in retirement?" This information is crucial for determining your retirement portfolio requirements and designing your investment strategy.
Would You Like to Create an Effective Budget?
Building a budget and helping people understand how to utilize a budget as a tool in your financial journey is a passion of mine. Let's develop a budget strategy tailored to you and your circumstances. Use this LINK to schedule an introductory meeting, and let’s get started today.