The first step to healthy financial practices is constructing and utilizing a budget.

What is a budget?  It is a financial plan that outlines a person’s estimated income and projected expenses over a specific period of time. The goal of a budget is to make sure that your expenses do not exceed your income.  It is also there to help meet your financial goals.

Reasons why people don’t have a budget:

1. Lack of Financial Education: Many people may not have received proper education on financial management, including the importance of budgeting.
2. Fear of Confronting Finances: Some people avoid budgeting due to fear or discomfort in facing their financial situation. It can be overwhelming, leading to avoidance.
3. Misconceptions about Budgeting: People might perceive budgeting as restrictive or complicated, not realizing that it is a tool for financial empowerment and freedom.
4. Short-Term Thinking: The focus on immediate needs or desires may lead individuals to neglect long-term financial planning, including the creation of a budget.
5. Inconsistent Income: Those with irregular or unpredictable income may find it challenging to create a stable budget, as traditional budgeting models often assume a regular income.
6. Procrastination: Postponing financial responsibilities is common, and some individuals may delay creating a budget, thinking they will do it later.
7. Lack of Goal Setting: Without clear financial goals, individuals may not see the purpose of budgeting. Establishing goals can provide motivation and direction.
8. Overconfidence or Denial: Some individuals believe they can manage their finances without a budget, while others may deny the need for budgeting, thinking they are in control.
9. Difficulty in Tracking Expenses: Keeping detailed records of spending can be challenging for some, leading to a reluctance to start a budget.
10. Cultural or Social Influences: Cultural norms (Parents didn’t use a budget) or societal pressures might downplay the importance of budgeting, causing individuals to overlook its benefits.
11. Lack of Time: Busy schedules and time constraints may hinder individuals from dedicating time to financial planning and budgeting.



  1. Financial Control: A budget helps you take charge of your finances, allowing you to track income and expenses, and make informed decisions about spending and saving. A budget is my Guide not my God.
  2.  Goal Setting: It provides a framework for setting financial goals and helps you allocate resources to achieve them, whether it’s saving for a vacation, education, or a major purchase.
  3. Expense Awareness: A budget makes you more aware of where your money goes, helping you identify unnecessary expenses and areas where you can cut back.
  4. Debt Management: It aids in managing and reducing debt by allowing you to allocate funds for debt repayment, preventing the accumulation of additional interest.
  5. Emergency Fund: A budget encourages saving for emergencies, providing a financial safety net for unexpected expenses like medical bills or home repairs.
  6. Peace of Mind:** Knowing that you have a financial plan in place reduces stress and promotes peace of mind, as you have a clear understanding of your financial situation.
  7. Financial Discipline:** Following a budget instills financial discipline, helping you resist impulsive spending and ensuring that your resources align with your priorities.
  8. Improved Decision-Making:** It enables informed decision-making, as you can evaluate the financial impact of choices and prioritize expenditures based on your values and goals.
  9. Wealth Building:** Budgeting is a key tool for wealth building, allowing you to save and invest for the future, whether for retirement, education, or long-term financial security.
  10. Improved Relationships:** For couples or families, a budget facilitates open communication about financial goals and responsibilities, fostering better understanding and cooperation.
  11. It helps you maintain healthy and accountable

What is the best way to track your expenses.

  1. Electronically
    1. Most banks have some type of money management system you can use. The problem with using a bank version is you lose it if your change banks.
    2. Use apps or on-line software to help.
      1. Every Dollar-By Dave Ramsey (Click here to learn more)
        1. Free-14 days
        2. $99 – Annually
        3. $79.99 – Premium version
      2. Rocket Money (Click here to learn more) 
        1. It has a free version but it is very limited to how you can use it. It has a Premium plan that you can decide how much you want to pay. From $4-12.00 per month.

Both will help you track your electronic expenses. They connect to your bank, and the beauty is they have a budget feature.  Dave Ramsey’s budget feature is easier to utilize to me, however Rocket money sends email on your financial progress.

2. Manually track your expenses.

Get an envelope for every area and use receipts to track the non-drafted expenses.

Below is the link to the budget sheet that was passed out in service. Once you open the file in Google Sheets, go to ‘File,’ scroll to ‘Download,’ then click ‘Microsoft Excel’