Budget, budget, budget – you keep hearing the experts repeat this over and over – What’s the big deal? Being an affluent professional, you might think that you don’t need to budget. You can buy whatever you need whenever you need it and you don’t need to worry about budgeting. 

A good budget can help keep your spending on track and even uncover some hidden cash flow problems that might free up even more money to put toward your other financial goals. –  thebalance.com

It’s not just about the spending, it’s also about keeping track of spending and setting up financial goals and how to achieve them. How many times have you asked yourself where did it all go?

"A budget is telling your money where to go instead of wondering where it went." – John Maxwell

It’s too easy to swipe a card these days when you go shopping. A bit here, a bit there. It all adds up.

Advantages of budgeting

• Know what you buy - a budget helps you become aware of not only your day to day and monthly expenses, but also those yearly or once off expenses as well e.g. holiday gifts, birthday presents, annual renewals of insurance, repairs, vet bills, new tyres for your car etc. These all add up and need to be budgeted into your monthly savings, so you have the funds available when you need it.
• Setting your priorities - A budget helps you plan for important priorities like, a deposit for a home, vacation, paying off a credit card, education fees.  You can’t do everything, so there will always be trade-offs. You need to decide which sacrifices you are willing to make to achieve these priorities.
• Have the conversation - You need to talk to your spouse/partner/children about your financial goals, as often you will have different ideas and goals. Getting everyone on the same financial page allows you all to align your thinking towards prioritising and achieving these goals.
• Reach your goals faster - There are always unforeseen expenses like a car breaking down. Adding savings for these emergency expenses into your budget will help you to stay on track with your financial goals and possibly achieve them sooner.
• You control the budget - it doesn’t control you. Many don’t want budgets because they feel it restricts them too much. A budget helps you get control over your money and put your money where it counts and is best utilised to achieve your dreams. 
(taken from thebalance.com)

Chat to your deVere Acuma adviser about helping you set up a budget and savings vehicle according to your financial situation and priorities, so that you can achieve your goals. [email protected]

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.

* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.