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Tuesday, May 28, 2019

How to Make a Monthly Budget and Maintain It In Four Steps Using The SODA Method

By: Wes Messamore

If you often find yourself struggling with your finances, worried about money, and stressed about bills, the obvious solution is to make a monthly budget and stick to it.

But as nature would have it those who perpetually struggle with money are likely to be averse to adopting this habit–– and developing a new mindset about life and money through the deceptively simple tool of book keeping. That’s a big reason why they are struggling with their finances. It may be the biggest reason.

For the person who is not financially vigilant — who hasn’t developed their money consciousness — setting financial goals, planning a personal or household monthly budget, and keeping books regularly seems at once boring and terrifying.

Examining the numbers closely is staring the hydra square in the face. So for those who have never made a budget just getting started can feel daunting.

But one of the best reasons to make a monthly budget is actually the relief you get from worrying about money when you start taking control of it.

Although it’s tempting to keep only a vague idea of where your finances are at and that they’re generally okay, if you’re stressed about money this will only make you feel worse and leave you out of control of your own life.

There is great peace and strength that comes from knowing exactly where you stand to define your problems and your solutions clearly.

How to maintain a monthly budget in 4 steps: Surveil, Orient, Decide, Act

Read more at Hacked.