By Mara Hoover
Women stepping in and owning their financial power is a beautiful thing! Celebrating daily wins, overcoming old negative financial soundtracks and making great decisions with money are a few fantastic ways to master one’s financial power. And when the rubber hits the road budgeting is the best way to get started.
First of all I’d like to address that yucky feeling in the pit of your stomach. You know… the one that popped up when I said budget. For so many of us the word budget raises our blood pressure and incites panic attacks. Why does that word make us feel so constrained? We could spend all day discussing that, and the better question is what should we do about it?
The easiest way to cope with budget is either rename it or redefine it. If a budget is merely a backward glance at what we did wrong last month, who would want one? For many a simple renaming will suffice, try these on for size: spending plan, prosperity map, villa in Italy plan… Go on get creative! Redefinition can be as simple as referring to Merriam Webster who says it so well, “an amount of money available for spending that is based on a plan for how it will be spent.” Now what’s so threatening about that? Who doesn’t want to know how much money they have and how it will be spent?
Now that we’ve overcome “the what,” let’s discuss “the how” of budgeting. It’s simple really, figure out how much money comes in every month and how much goes out every month. Even though this might seem simple on the surface it gets more complicated as you actually start the process. The most common questions come up around things like annual expenses (property taxes, some insurance, etc.) or income that is inconsistent due to entrepreneurship or a job based on tips.
The best advice is to start with a basic spreadsheet, like the one provided in the complimentary Financial Starter Kit on my website (http://financialpoweru.com). Remember that this is a working document and you can always change it, adjust it and keep tweaking it so it’s an accurate representation of your spending pattern. Think of it as your roadmap to success, the GPS to your financial future, the chart that will get you safely to your harbor of choice.
When you rename and redefine your budget, get clear that you are in charge and realize it’s there to help you get where you want to go, you can truly own your financial power… and that is the beauty in the budget!
About Mara Hoover
Mara Hoover is changing the money conversation for good! Armed with a feisty attitude and a no-nonsense approach to finances this cool, quirky and colorful blond brings a fresh approach to the oh-so-taboo subject of money. As an Executive VP at Five Rings Financial and founder of FemmePowerU & FinancialPowerU, Mara is passionate about empowering women and entrepreneurs to find fulfillment and financial freedom on their terms.
To learn more about Mara Hoover and her companies, please visit: http://marahoover.com, http://themarashow.com, http://femmepoweru.com & http://financialpoweru.com.
