If you read Cari$ Rules for Financial Freedom, you’ll notice our first rule is “No Budget? No Chance”. What this means is that we fundamentally believe taking control of your finances and achieving Financial Freedom is only possible when you have a personal budget. While we provide a lot of detailed guidance in our Budgeting Series, the purpose of this post is to summarize the process of creating a budget, so you have a big-picture view before diving into the details.
This is the sixth and final post in The Budgeting Series, in which we described in detail how you should create your personal budget. Do you remember how we described a budget? “A budget is the most important component of your plan for financial freedom”. Financial freedom might mean different things to different people, but we suggested you picture yourself in retirement, then you’ll probably consider financial freedom as being debt free with sufficient income to
This is the fifth article in a six-part series in which we walked you through, in a very detailed way, how to prepare a budget. As a reminder, so far we covered the following: Why do you need a budget What information you need to gather How to use a spreadsheet to project income and expenses for 12 months How to create your budget using our 33/33/33 approach If you’ve worked through the articles you should
This is the fourth in a series of six articles in which we cover how to create a budget. The previous post Use Cari$ Budget to Pull Everything Together covered how to use a spreadsheet to enter the data you’ve gathered, as well as projecting for twelve months. Here, we show you how to take the next crucial step. If you’ve pulled together all of your income and expenses for a twelve month period, congrats! You have made considerable progress towards
This is the third of six articles in which we cover how to create a budget. The previous post, Gather Data for Your Budget covered what information you’ll need to have on hand, and now we’ll show you how to use the data. Ok, so you’ve been good and gathered a couple months of data; now let’s use that to get the 12-month picture we explained before. Check out the Tools section; you’ll notice we’re using Excel (i.e. a type of
This is the second of six articles in which we cover how to create a budget. The first post, Is a Budget Necessary? covered why a budget is important. We hope you’ve bought into the idea and now you’re willing to try to put a budget together. So what’s next? The simple answer is you need to gather a lot of data about yourself. The easy part: how much do you earn? If you receive a salary slip, gather
This is the first in a series of six articles that cover how to create a budget. Many people find doing a budget to be a difficult task, but in this series, we walk you through the process in a very detailed way. Just follow each step and by the end you’ll have your budget up and running and be on the road to financial freedom! Before getting to the question is it necessary, let’s