What is a budget?

I don't really want to define a budget like it's always defined everywhere... I want to talk about what is truly a budget. Budgets are saving and spending plans for different events or responsibilities in your life.

There are many types of budgets that range from business to personal. Let's talk about the personal budgets. You can have an overall budget that keep track of your wealth and money. You can have budgets that are subcategories to the overall budget. Really, this could be a whole class at university (college for those of you who call university college).

Or it can actually be a whole degree in finance... really. So, if you still don't believe that budgeting is important for your financial well-being, well take a step back and contemplate and meditate on this for a second while I write the rest of this article.

So, what type of budgets can we create in our personal lives that will make our lives better? We don't want to dwell on the stuff that doesn't matter. If you don't care how much money you spend on gas, maybe gas is not important to you. It probably won't get you to work fast.

If we are looking at big sections of our life to manage better, I would think it would be house expenses, groceries, trips (vacations, work trips, trips to see family), family activities, and things in this vein. One thing people usually overlook, at least people I know, is to plan to save. You can make a savings plan and budget to save and invest. Investing can be a type of savings that is usually considered higher risk than normal savings in a normal bank account.

Take a moment to think of this, while you drive to work or are driving home from work and don't give it much thought while you are spending time with friends or family. Then one day pick up a pen and paper (or open a spreadsheet like Microsoft Excel) and start writing down what is important to you.

How wealthy do you truly want to be in this lifetime? Start budgeting as soon as it feels like it will make a difference in your life.

Written by Minerva Goree - Mathematician

https://www.youtube.com/@budgetwithminerva

https://www.youtube.com/@madschedules

#minervagoree

#madschedules

#budgetwithminerva

#billgates