Most people who have built wealth didn't do so overnight.  The key is to set realistic goals and strive to reach them.  It is good to set both short-term and long-term goals when it comes to our financial future.  For example, a short-term goal might be to save and invest enough in four years to have $6,000 toward a down payment on a house or to pay off a $3,000 credit card debt within two years.  Examples of long-term goals might be to have $25,000 in 15 years for a child's education or to have $5,000 a month to live on when you reach retirement.

In preparing your goals for your wealth-creating strategy you should: 

• Be realistic
• Establish time frames
• Devise a plan
• Be flexible; goals can change

The issue may not necessarily be that we don't have financial goals, but that we never learned how to save and budget.  When it comes to finances, generally people fall into one of the following four groups:

Planners
These are the folks who control their financial affairs and not let their financial situation control them.  They budget and save.

Strugglers
These are the people who have trouble keeping their heads above water financially.  They find it difficult to budget to save.

Deniers
These are the people who refuse to see that they're in financial trouble.  So they don't see a need to budget to save.

Impulsivers
These are those who seek immediate gratification.  They spend today and let tomorrow take care of itself.  They couldn't care less about budgeting to save.

Where do you fit in? 
Knowing what kind of financial manager you are will help determine what changes you'll need to make.

What can budgeting do for you?

It will allow you to:

• Understand where your money goes
• Ensure you don't spend more than you make
• Find uses for your money that will increase your wealth

Okay, so how does one develop a budget??

It is really quite simple. . . First, calculate your monthly income.  Next, you'll need to track your daily expenses.  And finally, you'll need to determine how much you spend on monthly bills.

The biggest problem that many of us have is spending beyond our means.  When we actually take a good hard look at what we make each month versus what we spend each month, we can see where we get into trouble.

Getting back on track is not going to be easy for many of us because it will require making some fairly dramatic lifestyle changes. . . that is, the lifestyle that we may not really be able to afford.  Let's take a look at a few examples . . .

Many of us (probably most of us) today have cable or satellite TV, right?  Basic cable service may run you about $30 to $40 a month.  (Remember, we're talking Basic . . . no frills . . . and no Premium stations).  However, I would guess that most of us would not be satisfied with just basic service so we add in the premium stations.  And we're not satisfied with just HBO . . .Oh no!!  We have to have HBO, Cinemax, Showtime, The Movie Channel, etc. etc.  Don't forget also, we have to have Digital or Satellite so that we can have those 500 stations to choose from.  And of course, we have to have it in every room of the house!!!  Before you know it our cable bill is well over $100 a month.  Do you see where I'm going here?  We have to start looking at where we can make cuts in order that we might lower our monthly expenses to fit within our monthly income so that we are not having to "rob Peter to pay Paul".

We are going to have to really check ourselves on our spending as well.  When we go shopping for ourselves, instead of buying the $500 pair of shoes, consider the $29.99 pair that look just as well.  You get the point.

When we look around, we see budgeting in action everyday.  The companies we work for would not survive if they didn't follow a budget.  We hear in the news just about every day something relating to our government's budget or budget process. We as individuals need to follow a budget as well.  If you don't have a budget, how do your know where you are financially??

There are all kinds of budgeting software available as well as written guides that will help you get started on a budget.  A simple way to get started is to get a notebook and jot down all of your daily spending, whether by cash, check or credit card.  This will help you understand your spending habits.  I personally found this to be quite an eye opener when I say how much money I was actually spending everyday.  This also will help you determine where you might need to make cuts in your spending. 

Discipline and self-determination will be essential to developing and sticking to a budget.  Seek God's word for wisdom, direction and understanding.  Have faith that you will accomplish your goals. Pray for strength and guidance as you take steps toward building your wealth.

"Seek ye first the kingdom of God and His righteousness and all these things shall be added unto you."  Matthew 6:33    

God Bless.
Yvonne