Budgets Suck - How to Ban the 'B' Word and Take Control of Your Financial Future

Picture: (L to R) Host Mike Jerrick, Sanyika Calloway Boyce, The Financial Fitness Coach & Host Juliet Huddy of The Morning Show with Mike & Juliet on FOX

The usual reaction of frustration and fear around the thought of creating a budget and actually sticking to it was completely changed for me when I redefined the word budget as, “telling your money where to go instead of wondering where it went.”

What an extremely different way of thinking of something that represented resentment, restriction and rules. I actually liked the idea of telling my money where I wanted it to go; I’d sure had enough practice with being confused about where it went, especially shortly after going to the ATM and having nothing to show for it.

The bottom line is, while budgets do suck, spending plans are smart and necessary road maps for you to reach your financial goals, but you’ve got to take action.

Here are a few pointers for redirecting your cash flow and increasing your financial fortune, first watch them... (click link below)


Watch Sanyika on The Morning Show

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Then follow them...

1. Decide what you want

A) Identify at least three financial goals you’d like achieve within the next 6 to 12months.

B) Figure out how much it will cost to reach those goals, get clear about why you want to reach those goals then begin telling your money where to go!


2. Know what you spend

Keep purchase receipts in the same section of your wallet as cash so you’ll have a running total of what you’ve spent and where you spent it. Also, check your bank balance and credit card balances regularly.

3. Avoid wasting money

Get serious about keeping your money where it belongs; in your bank account not someone else’s. Commit to eliminating one money waster every 3 months. Late fees (or worse, automatic charges from Blockbuster) for movie rentals, and parking tickets all stack up – against you.

4. Keep the change

By the end of the month it’ll be time to tally your total. Most banks or supermarkets have automatic change counters. Just pour it in and watch it figure out how much cash you have, put half into your saving account as an investment toward your goal and use the rest however you want! After all, you need to allow room for treats, hobbies, and hanging out too!

Even the best laid plans should be reviewed from time to time. You can always make adjustments if your spending plan just isn’t working for you, but don’t abandon ship completely.

It’s important to remain consistent and committed to having and following your spending plan. Besides, if you skip this step now, you will pay a hefty price later…budgets suck, but having a spending plan is really smart – and necessary for your financial success!

To your continued success!

Sanyika, The Financial Fitness Coach
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