New Year’s Resolution #3 – Personal Finances – Create a Budget

4 01 2012

I know this one isn’t sexy by any means, but money is a necessity.  I am going back to college for a second Bachelors in Exercise Science, which means that my family has gone from two incomes to one.  I resolve to create a budget that my family can live with, while not being so tight that we can’t enjoy our lives.

I have checked a number of different sites, and I will be rereading a few different books.  The amount of information on personal finance is almost too much to take in, but as long as I am specific about what I want to accomplish I’m sure I can find a select few that will help my family.

I have no plans to become a millionaire over the next year, but rather I would like to make sure we aren’t living paycheck to paycheck.  My wife is amazing, and her income will cover all of our bills, but how we choose to spend our money will be the biggest factor in how our finances affect our lives.

Cover of "The Richest Man in Babylon"

The Richest Man in Babylon

My favorite website is probably for setting up a budget, and maybe even paying off a debt or two.  My favorite books are really simple, basic information, but they are as solid today as they were when they were published:  The Wealthy Barber and The Richest Man in Babylon will be my guide over the next couple of years.  The best part about both of these books is that they are probably available at every library in America.

Cover of "The Wealthy Barber: The Common ...

The Wealthy Barber

I will be adding debt via student loans, but where I am able to I will be downsizing and paying off debts.  I want to make sure that my family doesn’t feel like we are being squeezed, especially with two teenage daughters so the way I approach this is paramount.  I plan to get input from my wife and kids while setting up our budget so that we are able to leave in money for entertainment, but keep ourselves in a good position.

I will try my best to make the rest of my resolutions a bit more fun, but money is a funny thing.  It really doesn’t matter how much money you have, but it matters tremendously how you use it.  Money can run your life, or simply be a way to have all of the things you need (and a few that you want).  I want to make sure our relationship with money is one that is beneficial, especially with my daughters going off to college and getting jobs in the near future.




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