THE LINK BETWEEN BUDGETING AND WEALTH CREATION

 A certain trainee noted that he will save when he gets enough money. If this becomes the dominant thinking among the masses we would be in trouble. Saving is tough at all levels. This is worsened by the high cost of living. So many things are demanding for the attention of our money including the advertisers. In a nation where majority of the population are young people, the message of budgeting is very vital. The  youthful age is characterized by experimentation and therefore it becomes tempting to spend without planning. We have all been youth before and this is an age group that is trying to find their financial footing. It is not surprising that a university student can decide to gamble their tuition. 

Budgeting enables one to forecast their income and expenses so that they can be able to live within their means. A budget can be daily, weekly, monthly or for the whole year. A budget should be written down. A budget can be for an individual or a business. A budget enables us to prioritize saving and saving for a purpose. 

HOW TO BUDGET

1.Have a clear goal why you are saving.

2.Learn about budgeting

3.Start budgeting before you earn.

4.Regard every coin as a seed for more wealth

5.Get an accountability partner.

6.Write down your expenses(track your income)

7.Start saving consistently

8.Avoid moving with a lot of cash

9.Open a bank account.

10.Join a master mind of financially successful people

11.Think long term


Saving is not easy. It requires intentionality and this starts with developing the discipline of budgeting. It seems if we wait to get a lot of money we shall never start to save. We have to begin with what we have and then gradually build upwards. 


Phillip Kiryowa

Finance and Leadership Coach

+256752615916

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