"A Budget Will Restrict My Freedom"

Most Common Budgeting Excuse #2: "A budget will restrict my freedom!"

Oh, this is one of the biggest budgeting myths out there. If you think having a plan for your money in a bad idea, think twice. Did you know that most self-made millionaires not only have a budget, but also track every dollar spent? You know why? Because they understand that knowledge is power. When you know how your money is spent you can make educated decisions about reprioritizing and achieving financial goals.

Without this knowledge you’ll be stumbling in the dark never making any real financial progress. Can you imagine going to college and just taking random classes hoping you’ll graduate one day? Of course not, that’s why many students begin college with a given a plan of action detailing what classes to take in order to graduate within 4 years. Finances are no different. Your budget becomes your guide and your greatest tool in scoring financial wins.

Today's tip brought to you by Mvelopes and Money4Life Coaching.