I am not one to disturb your day with a mail.
But it is urgent and crucial that we discuss some grave matters as we end the year.
Sometimes we blame life for so many things and even the devil.
As one of my Spiritual mentors will say -
“The Devil only appeared to few people even in the Bible”
Are you that important to call the attention of the devil?
Breathe!
I am not here to preach a sermon on the mount today.
Even though this platform also serves as my pulpit.
I believe my letters should go beyond just sharing my stories and making you laugh.
I intend to add value through every letter that you open to read
because I know you will read till the end.
I don’t want to waste that precious time of yours.
We are currently at the third series of Building Wealth
and one of the key aspects of building wealth is Budgeting.
It’s not really even about allocating funds by needs and wants
but by really making sure you are following your budgeting plan.
Yes, I know you start out the month with a budget in mind.
Do you stick to it?
Do you follow it thoroughly?
We get so excited about the planning that we forget the real honey is in the doing.
So today, I will be sharing some ways you can stay on track.
First, let’s share how you should budget for those who haven’t started.
Financial Independence Journey is unique to every man.
Yours is different from mine.
We discussed Vision in the last letter.
Your vision will definitely be different from mine.
Your financial target is different from anyone.
So your budget should be designed according to your goals.
You see, budgeting does not mean tracking expenses alone.
It's basically about taking control of your financial destiny.
Where does your money go each month?
Can you give a detailed answer?
Most people do not understand that If they don't have a clear plan, their hard-earned cash will keep disappearing, leaving them to wonder where it all went.
I don't want you to be like “Most people”
What should you prioritize budgeting in the first place?
I'll tell you. It helps you:
- To stop struggling with saving for long-term goals
- Avoid living paycheck to paycheck
- Reduce feeling overwhelmed by debt or financial stress
- To prioritize savings and Investments
- Improve Financial accountability and discipline
Now that you know how beneficial Budgeting is, here's how to Create one That Works:
1. Group Your Total Income:
You should know your total income for each month.
Set a percentage into different categories.
Mine looks like this - Giving | Savings | Investment | Expenses
Allocate percentages to these four categories making it a total of 100%
These 4 categories cover everything you will ever need.
Giving - Tithe, Black Tax, and Charity.
Savings - Emergency, Long term savings, and others.
Investment - High Risk, Medium Risk and Low Risk
Expenses - Needs, Wants, Guilt-Free Spend
You can put debts under Needs (expenses)
You can then expand it as much as you want.
You can use a Google Doc for this, a lot of people use Excel
which is too complicated for me. I love simplicity - so I go with Google Docs.
If you need a template, I can share mine with you.
2. Regularly Review: Adjust your budget as needed.
Make sure any money that comes in goes through the Budget before you touch it.
This is how you stay on track.
a. See your budget as the Police Checkpoint.
Any income you get must go through each category/section.
You transfer the appropriate amount to the right place.
You don’t wait, you don’t spend, you walk it through the budget.
b. Also, ensure most of your funds are not easily accessible to you.
If it’s possible lock them up for years.
c. Always calculate your total savings and investments each month to see your progress. This will help you feel Good and also show that your efforts count.
d. Stay away from debts. This is one thing that can ruin your morale. This can break your budget streak. Especially loans from all these sharks out there. I think all loans currently are sharks with crazy interest rates and little time to pay back.
e. Don’t buy what you don’t need. Whenever you want to buy something always consult your budget because it is the police for every money that comes in and goes out. Don’t be in a haste to buy anything even if the offer is too sweet, remember your financial independence is sweeter. Remember your vision board.
I will stop here today.
Actionable Steps:
Create your personal budget
Read this same mail every month to remember what you need to do.
I am available to always help you.
This Week’s Ponder
Your budget is the police you must report to for every income and expense.
- Sam Femi
What am I Reading?
Still reading: God’s Word
What am I Watching?
Currently Watching: The Empress
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my Books - CLICK HERE
my Programs - CLICK HERE
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I stumbled upon this - LISTEN HERE
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I will write to you again soon,