There is a simple technique to help you control impulsive spending and better manage your money. This simple technique is called: "Budgeting your money!"

What does "budget" mean to you?

Now lets talk about ways to help you look carefully at your "real" spending habits and discuss "budgeting".

Some people may already be familiar with the budgeting process or how to budget, but others may not understand the concept of a budget. A budget is simply a plan for spending an saving money.

In the corporate world, companies MUST budget their income properly to make a profit and keep their spending in line with the income the company receives. These budgets are generally prepared annually, with quarterly and sometimes monthly reviews.

The budget provides a direction for the way company money is to be spent. By budgeting, a company can realize a savings of money which results in a profit that can be distributed to the investors/shareholders, as dividends.

In a family or household, a budget generally includes your salary and expenses and needs to reviewed and adjusted more often than quarterly. A monthly plan and review is recommended. For people that are just learning to budget, a weekly plan and review may work best.

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