How to tackle your budgeting barriers

Piggy bank, calculator, coinsBY PAULA GREGOROWICZ

Do you have a budget? Does it feel freeing, or confining? Do you follow it, or create one and never look at it again? Financial Freedom 101 teaches that we should all create a budget, stick to it, and never spend more than we earn, no matter what. Even with a degree in accounting and a financially-oriented mind, I always resisted creating a formal budget – something I felt quite guilty about until just a few years ago. After all, it makes rational sense that estimating your income and expenses and then operating within those intended guidelines is a solid path to success, right? 

Once I started my business, avoiding budgets was no longer a possibility. How I broke through the feeling of simply making numbers up was actually quite simple. I listened to my very practical accountant. She suggested that I base my budget on my past expenses, then review those expenses and determine if they were ongoing and if so, was there any way to reduce them without feeling like I was missing out (for example: getting new quotes for car insurance to see if what I was paying was competitively priced).


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