Here’s some advice you don’t hear every day, don’t make a budget! That’s right. Ken Robinson, CFP® and author of “Don’t Make a Budget” describes why budgets work against us, not for us.
While the rest of the world will tell you to make a budget, Ken believes budgets deprive us and leave us without the things we want as opposed to giving us the things we do want. Where’s the fun in that?
The key to successful saving is to pay yourself first each month rather than paying your expenses and putting what’s left over, if anything, toward your savings. This tiny change in behavior has huge impacts if you simply flip the budgeting process on its head.
Learning how to save your money is the #1 ticket to wealth. It’s been a proven behavior of millionaires and if it worked for them it can work for you, but traditional budgets simply don’t work.
So, starting right now; decide how much you’re going to save for yourself first and then divvy up the rest of your income to your monthly expenses.
To learn more about keys to successful saving, check out Ken’s book.
Have other tips on how you save each month? Share them with your fellow FiGuide readers.