When working with clients, there are a lot of reasons I get on why they are hesitant to do a monthly budget. One of the main reasons people give as to why they don’t want to do a budget is that they do not make a lot of money to budget and that it won’t really matter. But if asked if they made a million dollars a year they say they would definitely budget.
With that being said, did you know that the median household income in America today is a tad under $50K? That means over a working lifetime if someone made the median household income they would make over 2 million dollars overall! Now granted, that is before taxes, but if you would budget for a million a year income, wouldn’t you want to budget 2 million dollars spread out over 40 some years?
The point is that it does not matter how much you make a year, you still need to budget your monthly income. Not only will a budget help maximize your income, it will make you feel like you got a raise because you will be accounting for every dollar and you will know where all of your money is going. Budgeting is not just for millionaires; it is for everyone, who will make millions over their lifetime.
Do you need help getting your budget started for 2012? If so, contact me today to set up a free 30 minute consultation.