If you’re not tracking, you’re not building
Money will do one of two things: multiply or disappear. Most people’s money disappears because they don’t utilize it intentionally.
When you don’t have intentions for your money, it will disappear and likely be spent on things that are a total waste.
To build wealth, you must focus on keeping as much money that rolls through your bank accounts and pockets.
The more money you keep, the more wealth you inevitably build.
Read also: How to get rich from nothing-build wealth
The first step to building wealth is by keeping track of it.
How do you keep track of your money?
The way to do this is by creating a budget and following it to a T.
A budget will prevent you from overspending, losing track of where you’re dispersing your money, provide transparency in all your spending categories, help you minimize frivolous purchases, and keep you more in tune with your money.
How do you create a budget?
The easiest way to create a budget is to utilize an app or spreadsheet.
Every time you make a purchase, jot that sucker down into the proper category.
Not only will this develop an invaluable financial habit, but it will create financial discipline.
The longer you track your spending, the better financial outcomes you will experience; it’s inevitable.
Transparency is a catalyst for positive change. When you know better, you do better.
Budgeting saved me
I still remember a dear friend telling me they were grateful for creating a budget, following the budget, and sticking to it.
The transparency had brought them relief, peace of mind, more control of their finances, and expanded financial freedom.
They witnessed a positive change in their financial predicament.
Money started to pile up, investments started to accumulate, and the money stopped running out at the end of the month.
More money can mean less discipline
There have been different points in my life where my income doubled. I reflect on these points and wonder, why didn’t I save more? What was I doing with all of my resources?
When you dramatically increase your income, it is easier to become a bit reckless, less disciplined, and more carefree because you have so much money rolling in.
The more money you bring in, the easier it will be to lose track of all the money coming in.
Maintain that same discipline no matter how small or big the money you’re bringing in is.
Just because you manage a small amount of money well doesn’t mean you will automatically manage a significantly large amount of money well.
You have to make a conscious choice, or you will discard many financial opportunities.
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This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.
CONTRIBUTED BY Destiny S. Harris
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