Question – Humble Savers has indicated that budgeting is often not a good option for most people, why is that?

Answer – Budgeting can be a very effective tool but few people can actually structure a sound budget let alone stick at it. What often happens when people draft up the budget they try and stick with it, even to the point of taking a calculator everywhere they go! More often than not it is all too hard and people fall into their old ways.

The alternative is to Save First, Spend Later. By doing this you have already banked the savings and have to force yourself to limit your spending. As a result of saving first, you also see your savings growing and this will encourage you to save more. And remember, each pay cycle, make sure you are paying off all your debts and that includes the credit card balance, not just the minimum payment

There are tools  here  to help better understand your cash-flow.  There is also a great saving’s tool that shows you how much you have to save to reach your financial goals.

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