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You Only Live Once by Jason Vitug

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Chapter 6 Building a Lifestyle Budget and Spending Plan

For years I knew how important it was to have a budget, but I couldn’t convince myself to create one. I spent three and a half years at a credit union with millions of dollars in assets, managing the marketing and business-development budget. I knew from a professional standpoint that a budget was a plan to allocate resources to achieve desired results, but I couldn’t apply my knowledge to my personal life. Sure, I used a number of budgeting apps and tools that were readily and freely available, but they just reminded me how much of a failure I was with my finances. I saw where I was spending my money, and it did make me wonder what changes I could make—but even all of this information about my spending didn’t change any of my financial behaviors. In fact, the more I saw where my money was going—and realized that it was not contributing to my happiness—the more I sought satisfaction through consumption. I understood that a budget was a plan, but I (like many other people) also felt that budgets were personally limiting.

Let’s deal with the terminology first. A budget is a plan. It’s as simple as that. You want less uncertainty in life? Draft a plan. A budget is your first step in turning a dream into an actual lifestyle. A personal budget is a spending plan that can help you reach milestones and achieve quantifiable financial goals. You prioritize spending on what you need and want, thus reducing waste of resources: your ...

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