Thats 1 in 4! And 65% of couples argue about money on a regular basis!  We believe this could be avoided with a monthly budget. Join us as we share with you what a budget is, the benefits of having one, and some resources to help you start smart , save time, and stress less.

First lets go ahead and talk about what a budget is because not a lot of people use a budget. stats show that only 32% of Americans put together a budget each month to track income and expenditures, and just 30% have a long-term financial plan laying out savings and investment goals.

1. 
   
2. What is a budget?
   
3. Why have a budget?
   
4. Our favorite resources to help you start smart with budgeting
   
5. Why a Fabolous & Neyo music video ended up in our show notes.
   

1. 
   
2. What is a budget?
   

By Definition: The dictionary describes budget as an estimate, often itemized, of expected income and expense for a given period in the future. and a plan of operations based on such an estimate.

In simple terms

A budget is an overview of money coming in and money going out, a plan giving every dollar an assignment before spending it.

As Dave Ramsey, an advocate for budgets, would say: “A budget is telling your money where to go instead of wondering where it wentâ€

One of his tips that I admire most is “you must have a game plan if you aim at nothing you will hit every time†and this is so important for young families that are starting out. You want your finance foundation to be solid. you want to have goals and dreams for your family you want to have a game plan and aim to achieve these things. The best thing about starting young is you have the benefit of time in your court. you have more time to save more time to invest more time establish like i said earlier a firm foundation for your finances. It really surprised me when i read that 45% of divorcees divorce over money problems and 65% of couples argue about money! People come into a marriage sometimes with little to no skill in communication over money, car loans, school debt, credit card loans, and think they will always have to owe and money will always be a complicated issue but it doesn’t have to be. You could set up a monthly set goals and actually achieve them. You want and need to be able to to have the ability to say no and the freedom to say yes and thats exactly what a budget does it shows you what you can afford what you cant its a game plan. you never start the month spending all your money the first week and wondering where it went the last 3. Your family deserves a budget it deserves a monthly game plan.

2. 
   
3. Why have a budget?
   

So why have a budget? We’ve mentioned it’s a tool that your family deserves but also its necessary for a couple different reasons:

• 
  
• If you don’t have one you’ll find yourself in a cycle we found ourselves in plenty of times. You make, you spend, you stress.
  
• Because you already know ahead of time where your money is going you save time in debates, arguments, unnecessary trips to stores, you save valuable time stressing over money and most of all you save your relationship!
  
• Build money muscles, you learn how to say yes and no.
  
• You make the money you have the right to choose where your money should go.
  
• You’re able to determine your weaknesses and you are able to make an action plan so you don’t have to live with the weakness forever.
  
• It allows you to set great attainable goals for you and your family: like attaining a once unimaginable savings, and emergency fund, you save for your children’s college, you put money away for your own retirement, and you can invest money monthly so your money could make money, and you could also pay off your debts!
  
• The most important reason for why you should have a budget is to learn to work as a team. This is the best benefit of all. its something we have learned how to do and it has worked wonders in our own relationship. when 2 people are fighting for the same things and fighting against the same things they become a force. you achieve goals faster you get things done so much faster so much more efficiently. and your children and your future children deserve a powerful team as leaders for their family.
  

What have we accomplished in one year with a proper budget?

• 
  
• Established a $1000 emergency fund (Always in the form of cash)
  
• We’ve payed off thousands in debt
  
• We are close to saving enough to cover 3 months of expenses, should something unexpected happen.
  
• Freedom: Mentally, emotionally and financially when it comes to money.
  

3. 
   
4. Resources to help you start smart
   

• 
  
• The Total Money Makeover Book
  
• Official Dave Ramsey Website
  
• The budget we use that we talked about in the show.
  
• Take Charge America Website
  
• Free Rich Dad Poor Dad on Youtube (It sounds old at first, get past that and your golden.)
  
• Make Me Better by Fabolous & Neyo. 
  

• 
  
• Breaking down the monthly budget using the Dave Ramsey Method.
  
• We will talk about his 7 steps to financial freedom.
  
• Principles and tips on how to achieve financial freedom.
  

The post EYF008: Save Time, Stress Less, Start a Budget! appeared first on Empowering Young Families.