Mind your business - Budget!!
My dear Woman of Business,
Do you know why I call you a Woman of Business? For most of your working life, you've been handling it all! You are the brains behind the way your household is run, you are the manager of your family and you are usually the one that determines how cash flows into and out of your purse.
I can assume that as women of business you understand and appreciate the need for a budget but I won't.
If you grew up around older, wiser folk you would know why they say we shouldn't assume anything. :) The following meme is for your viewing pleasure:
I like that the bible talks about the need for us to be good planners of our finances. That good book makes so much sense!
Why is creating a budget a great practice? Well, here are 5 benefits that I've experienced.
1. It helps you 'see' what your money needs to address.
2. You will know if you are living within your means or not.
3. It shows you a clear picture of who, what and sometimes even why you owe.
4. You are aware of areas you can 'cut back' on.
5. Gives you an indication of what you can allocate towards savings, giving and investing.
Above are just my 5 reasons why using a budget is a good idea but there are numerous others benefits to budgeting.
A 2012 study* on Personal Finance practices in Latin America and the Caribbean found that only about 35% of women have a bank account. If we budget and live within our means, the number of women with bank accounts should rise. Common' ladies let's do this!! A huge part of the reason behind this blog is to see Caribbean women empowered financially.
The scripture referenced above also says that hasty shortcuts lead to poverty. Don't you want to rise up and out of the cycle of living hand to mouth, or pay cheque to pay cheque? I do. I don't want to rise alone so I'm sharing what I'm learning with you. It is our responsibility to manage well the monies that we earn; creating a budget is one step towards growth in our personal finance knowledge and financial freedom.
I hope you agree that Budgeting is for EVERY Woman of Business. Get yourself a budget book (any kind of notebook) for yourself or get a free template on line. Take some time and list your regular sources of income and all your regular and irregular expenses for the time period that you work within. Keep at it!
Make it work for you:
List three negatives of NOT having a budget then list three (3) ways a budget will benefit YOU. Now add two (2) more reasons why you benefit.
Do you make a regular budget? Drop your answer in the comments section.
*www.oecd.org/finance/wp33finedulac.pdf
Do you know why I call you a Woman of Business? For most of your working life, you've been handling it all! You are the brains behind the way your household is run, you are the manager of your family and you are usually the one that determines how cash flows into and out of your purse.
| Image Credit Money Management International |
I can assume that as women of business you understand and appreciate the need for a budget but I won't.
If you grew up around older, wiser folk you would know why they say we shouldn't assume anything. :) The following meme is for your viewing pleasure:
 |
| Image Credit roundtableprojectmanagement.com |
I like that the bible talks about the need for us to be good planners of our finances. That good book makes so much sense!
See Proverbs 21:5 Good planning and hard work lead to prosperity, but hasty shortcuts lead to poverty. -NLT (Again, this makes so much sense!)
I know that most of us Women of Business know what a budget, for those that don't I'll simply define it as a visual record of income(monies you earn and/or collect) and expenses (what you spend money on) for a specific time period (weekly, fortnightly or monthly). Really, it does not matter how much you earn as having a budget works well in any financial circumstance. It is all about that "good planning."
Why is creating a budget a great practice? Well, here are 5 benefits that I've experienced.
1. It helps you 'see' what your money needs to address.
2. You will know if you are living within your means or not.
3. It shows you a clear picture of who, what and sometimes even why you owe.
4. You are aware of areas you can 'cut back' on.
5. Gives you an indication of what you can allocate towards savings, giving and investing.
Above are just my 5 reasons why using a budget is a good idea but there are numerous others benefits to budgeting.
A 2012 study* on Personal Finance practices in Latin America and the Caribbean found that only about 35% of women have a bank account. If we budget and live within our means, the number of women with bank accounts should rise. Common' ladies let's do this!! A huge part of the reason behind this blog is to see Caribbean women empowered financially.
The scripture referenced above also says that hasty shortcuts lead to poverty. Don't you want to rise up and out of the cycle of living hand to mouth, or pay cheque to pay cheque? I do. I don't want to rise alone so I'm sharing what I'm learning with you. It is our responsibility to manage well the monies that we earn; creating a budget is one step towards growth in our personal finance knowledge and financial freedom.
I hope you agree that Budgeting is for EVERY Woman of Business. Get yourself a budget book (any kind of notebook) for yourself or get a free template on line. Take some time and list your regular sources of income and all your regular and irregular expenses for the time period that you work within. Keep at it!
Make it work for you:
List three negatives of NOT having a budget then list three (3) ways a budget will benefit YOU. Now add two (2) more reasons why you benefit.
*www.oecd.org/finance/wp33finedulac.pdf
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