PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
1601 Forum Pl. Ste. 1101 West Palm Beach, FL 33401
Divorcing Narcissism page 1
Mayan ‘Model’ Looks Narcissism in Marriage page 2 Stay True to Yourself World’s Best Brownies page 3
Take Charge of Your Finances With Reverse Budgeting page 4
Master Your Money With Reverse Budgeting A New Approach to Financial Freedom
Automate Your Savings Arrange for automated transfers from your income to your savings accounts on payday. By doing this, you treat savings as a non-negotiable expense, similar to rent or utility bills.
Managing your personal finances can be a daunting task, and traditional budgeting methods don’t work for everyone. However, “reverse budgeting,” a unique approach that empowers you to take control of your finances and achieve your goals more efficiently, may work for you. In a typical budgeting process, you track your income, expenses, and savings goals in a forward-facing manner, allocating your earnings to various expenses and saving whatever is left over. Reverse budgeting flips this process. Instead of allocating money to expenses first, you focus on saving and investing a predetermined amount before covering your expenditures. Here’s how it works. Set Your Savings Goal Start by determining your financial goals, whether saving for emergencies, retirement, a vacation, or a down payment on a house. Consider creating separate savings accounts for different goals to track your progress.
Cover Your Expenses After setting aside your savings,
Track Your Spending Keep an eye on your spending habits by reviewing your bank and credit card statements, using budgeting apps, or maintaining a spending journal. This helps you identify areas where you can make further financial improvements and adjustments. Whether saving for a specific goal or simply building a stronger financial foundation, reverse budgeting can be a valuable tool in your financial toolkit. Give it a try!
use the remaining money to cover your monthly expenses and discretionary spending. This process forces you to be mindful of your spending and live within your means. Adjust Your Lifestyle If your expenses exceed your remaining income after savings, it’s time to make lifestyle adjustments. Look for areas where you can cut back without compromising your essential needs.
4 • BrucePA.com
Made with FlippingBook Ebook Creator