Here is one of my dilemmas: I know that in order to be financially responsible, one of the first steps is to create a budget, whether it be either weekly, bi-weekly, or monthly. Just hearing the "b" word makes me cringe and the first word that comes to mind is DEPRIVATION. I hate, hate, hate living on a budget. I know and understand that any person serious about their finances have these. But why can't there be a better, more flexible way?!
There is! The strategy that works best for me is a spending plan. I consider it a budget with flexibility and staying power in MY life! A budget suggests certain percentages of your income to be allocated to certain budgetary line items, whereas a spending plan allows you to customize how much you want to spend in the different areas. You can also "tweak it" to best fit your lifestyle. I love this! In order for this to work for me, I need structure and flexibility.
Which method works best for you?
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