Value-driven Budgets

Besides the specter of having to pay the IRS by April 15th,
another thought rears its ugly head during the tax season Just
where did all that money you made go? Sure, you can blame the
government and higher prices, but there is a nagging feeling
that you might be overspending So you get out all your
paperwork, fire up Quicken and try to figure out where the money
has gone Then you diligently scratch out a budget for the next
year, cutting expenses in every category so you can save some
money this year At the end, you are frequently depressed It
just doesn’t seem possible to do I’ve come to believe that we
are going about the budget process in a self-defeating manner
Rather than using money to support our dreams and values, we
subvert them in an effort to repeat the money mistakes we’ve
made in the past In this article, I’ll tell you about an
approach that allows you to support your values with your
budget The first part is to determine your values — what’s
important to you These are personal values, not those of your
mother, the school system or your town mayor Values can be
anything from having beauty around you to supporting others in
their lives It truly depends on what you feel is important If
you are doing an activity which comes easily and brings you
great joy; something you can lose yourself in for hours, you are
probably doing something that supports your values The next
step is to determine what you would like to do in the coming
year to support your values For example, if learning is an
important value to you, taking a course a local college, taking
up a new musical instrument, or traveling to someplace new might
all be activities to support that value If having a deep
spiritual life is important, you may consider going on a weekend
retreat or participating in a church study group Determine the
top one or two goals for the year and note the value it
supports Next, fill in the following chart with the percentage
of your income that you would like to spend on this and other
categories in your life This is an idealized budget — one that
will support you to live a life most that will bring joy and
harmony Budget Category and Budget Percent Goal for this year
Savings Charity Rent/Mortgage Food Clothing Auto Expenses
Utilities Medical Expenses Vacation Meals and Entertainment
Education Expenses Other Expenses Now, go back and see what you
did last year and fill in the chart showing how you are spending
your money right now Budget Category and Budget Percent Goal
for this year Savings Charity Rent/Mortgage Food Clothing
Auto Expenses Utilities Medical Expenses Vacation Meals and
Entertainment Education Expenses Other Expenses There’s probably
a difference between where you want to be and where you are
right now! Don’t be overwhelmed Just pick one area which you
want to change Meals and Entertainment expenses too high?
Decide how you can reduce them Perhaps rent an older movie at
the video store and have a popcorn night at home Have a
neighborhood potluck Take a walk instead of going out for a
glass of wine to reduce stress Better yet, identify the source
of the stress and start doing something to change it! By putting
some money and effort towards the goal that supports your
values, you’ll feel more joy and peace in your life You’ll
begin to live in true integrity, where your thoughts, feelings
and actions are aligned to produce a cohesive whole Financial
control is just a part of what I consider Basis Retirement
Pre-Planning If you learn to have money support you, rather
than living in fear of finance, you will prepare for a
retirement life of joy

Tags | college, group, instrument, money, paperwork, result, retreat, specter, spiritual, study