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A recent Debt.com Survey showed that 38% of women and 42% of men say they do not have a budget because they "do not earn much". On the other hand, only 1% of women and 2% of men report having earned so much money no need for budget.
The huge mistake made by low-income earners
Getty
See the irony?
With the most marginalized communities, such as transgender women of color, struggling to live above the poverty line, the lack of budgeting hurts those who need it most. So, not budgeting for not making enough money may well be one of the most damaging excuses for not budgeting.
Below are four reasons why everyone needs a budget. We deepen this Queer money® how other basic financial principles can make our financial life easier. & nbsp;
Discover other ways to simplify your financial life:
It is easy to disqualify basic financial principles because they only concern the rich, but many of them went there by following these basic financial principles. Budgeting is only one of these principles. Here are four reasons why it is a serious mistake for low-income people not to use a budget.
Not budgeting hurts people who need it most
There are fundamental truths that we humans do not like to admit. One truth is that every calorie counts, especially as you get older. Another is that no one gets rich by spending more money than he earns. Similarly, everyone needs a budget, and everyone needs a budget, otherwise we run the risk of spending more money than we earn.
The fastest way to succeed is to study other successful people. What do people who have financial success do? They put their money to work, mainly by investing, to make more money. The key to having money to invest is to spend less than what we do, even if it saves only a few dollars a week.
So, even if 1 to 2% of people earn so much money that they thought they did not need a budget, 98 to 99% of those who earn a lot of money budget, so that they know how much they can work next. invest. The averages suggest that budgeting would help more people to adhere to this law 98 to 99 percent faster than non-budgeting.
Declining budgeting as reserved for the rich night to the people who need the most a budget. The lower your margins, the more important it is to know where every penny comes from and where every penny goes. This brings us to our next point.
Understanding your cash flow is the foundation of financial security
Having a budget will not solve the revenue problems, but a budget can alleviate the problems of low incomes. Likewise, budgeting can help low-income people predict their own tight margins so that they can prepare for and react accordingly.
It is also important to note that for most people, their expenses are a bigger problem than their income. Without a budget, it is easy to blame our financial situation of our employer, the government or any other entity that our mistake of not being financially responsible.
It is also true that most of us who have an expenditure problem have only one or two aberrant elements that, if they were under control, would quickly put us on the road to financial security. Without budget, most of us misidentify the outliers.
Creating a budget is the hardest part, keeping it makes everything else easier
It seems painful to create and, worse yet, live with, but finding a budget is not so painful and not living on a budget is a lot.
Regardless of our financial situation, we all have financial goals. Reaching a goal, that it is to save money for college, to move to a neighborhood that we would prefer or save for a large operation, is more difficult without having to track every penny, no matter how little money.
One weekend afternoon, you can create a budget that suits you, your partner and your family. All you need is a budget template that works for you, access to all your outstanding invoices, payment due dates and balances due.
Once your budget is created, check it every week to stay in your budget settings. Adjust the expenses over which you have some control in order to deal with expenses over which you have less control to achieve your financial goals. Keep your eyes on these financial goals and, over time, staying within your budget will become second nature and easier.
There are countless budgeting and budgeting tools available online, some better than others. Find the best budget for you.
Best of all, budgeting helps reduce stress
Fifty-seven percent of LGBTQ respondents to Honeyfi's 2018 Love & amp; Survey of money have stated that their current financial situation is detrimental to their mental health. Science has shown that our mental health has a direct effect on other aspects of our lives, including personal and professional relationships, work performance, and physical health. If our current financial situation is so stressful that it has a negative impact on our mental health, the financial consequences of our ability to build relationships, grow in our careers, increase our income and stay healthy are at risk.
The value provided by budgeting reduces anxiety and stress that counteracts, if not reverse, these negative financial consequences. For these reasons, many who do not have a budget should start doing so today.
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A recent Debt.com survey found that 38% of women and 42% of men say they do not have a budget because they "do not earn much". In contrast, only 1% of women and 2% of men say they have earned so much money that they do not need a budget.
The huge mistake made by low-income earners
Getty
See the irony?
With the most marginalized communities, such as transgender women of color, struggling to live above the poverty line, the lack of budgeting hurts those who need it most. So, not budgeting for not making enough money may well be one of the most damaging excuses for not budgeting.
Below are four reasons why everyone needs a budget. We deepen this topic Queer money® on how other basic financial principles can make our financial life easier.
Discover other ways to simplify your financial life:
It is easy to disqualify basic financial principles because they only concern the rich, but many of them went there by following these basic financial principles. Budgeting is only one of these principles. Here are four reasons why it is a serious mistake for low-income people not to use a budget.
Not budgeting hurts people who need it most
There are fundamental truths that we humans do not like to admit. One truth is that every calorie counts, especially as you get older. Another is that no one gets rich by spending more money than he earns. Similarly, everyone needs a budget, and everyone needs a budget, otherwise we run the risk of spending more money than we earn.
The fastest way to succeed is to study other successful people. What do people who have financial success do? They put their money to work, mainly by investing, to make more money. The key to having money to invest is to spend less than what we do, even if it saves only a few dollars a week.
So, even if 1 to 2% of people earn so much money that they thought they did not need a budget, 98 to 99% of those who earn a lot of money budget, so that they know how much they can work next. invest. The averages suggest that budgeting would help more people to adhere to this law 98 to 99 percent faster than non-budgeting.
Declining budgeting as reserved for the rich night to the people who need the most a budget. The lower your margins, the more important it is to know where every penny comes from and where every penny goes. This brings us to our next point.
Understanding your cash flow is the foundation of financial security
Having a budget will not solve the revenue problems, but a budget can alleviate the problems of low incomes. Likewise, budgeting can help low-income people predict their own tight margins so that they can prepare for and react accordingly.
It is also important to note that for most people, their expenses are a bigger problem than their income. Without a budget, it is easy to blame our financial situation of our employer, the government or any other entity that our mistake of not being financially responsible.
It is also true that most of us who have an expenditure problem have only one or two aberrant elements that, if they were under control, would quickly put us on the road to financial security. Without a budget, most of us do not identify these outliers well.
Creating a budget is the hardest part, keeping it makes everything else easier
It seems painful to create and, worse yet, live with, but finding a budget is not so painful and not living on a budget is a lot.
Regardless of our financial situation, we all have financial goals. Reaching a goal, that it is to save money for college, to move to a neighborhood that we would prefer or save for a large operation, is more difficult without having to track every penny, no matter how little money.
One weekend afternoon, you can create a budget that suits you, your partner and your family. All you need is a budget template that works for you, access to all your outstanding invoices, payment due dates and balances due.
Once your budget is created, check it every week to stay in your budget settings. Adjust the expenses over which you have some control in order to deal with expenses over which you have less control to achieve your financial goals. Keep your eyes on these financial goals and, over time, staying within your budget will become second nature and easier.
There are countless budgeting and budgeting tools available online, some better than others. Find the best budget for you.
Best of all, budgeting helps reduce stress
Fifty-seven percent of LGBTQ people surveyed by Honeyfi's Love & Money survey in 2018 said their current financial situation is hurting their mental health. Science has shown that our mental health has a direct effect on other aspects of our lives, including personal and professional relationships, work performance, and physical health. If our current financial situation is so stressful that it has a negative impact on our mental health, the financial consequences of our ability to build relationships, grow in our careers, increase our income and stay healthy are at risk.
The value provided by budgeting reduces anxiety and stress that counteracts, if not reverse, these negative financial consequences. For these reasons, many who do not have a budget should start doing so today.
