PRIORITIZING YOUR WISH LIST WHEN MANAGING DEBTS

With this type of mind-set, it’s easy to see why budgeting is feared, and why traditional marital spending plans typically fail. Even couples with the best of intentions tend to view their budgets in the same way they regard diets. The first time they overspend in any one category, they liken it to gorging on that fatal slice of triple chocolate delight, figure that they’ve blown it, and toss the whole budget out the window.
If this has been your approach, stop and consider how others use budgets. Every corporation in America uses a budget to guide its spending. Every nation, every state in the Union, similarly develops a spending plan. What do they know about budgeting that you may not have grasped?

Obviously, one major priority is to get out of debt. At this point, however, you need to think about what your priorities in life are, how they relate to or might be affected by debt, and how they fit into the process of getting out of debt.

For this exercise, think about your real priorities - the things that matter deeply to you. You need to account for considerations like family and beliefs frst and foremost, no matter what type of debt you're facing.
Later, when you start to create your budget, you can prioritize your "wish list" - the things that you would like but that aren't really vital in the greater scheme of things - in order to identify expenses that you can reduce or cut. But right now, think about the priorities that will help you determine what kind of path you will take.

Simply this: Budgeting may be a way of managing your spending, but that is not the end in itself. The goal of all budgeting is to enable those who follow the budget to meet their larger financial objectives. If it’s true for corporations and countries, it’s true for your marriage as well. When you plan and follow a budget, you’re taking an important step towards your most cherished financial goals. Most people let their spending habits direct their goals; it’s your goals and how you would like to live your life that should direct your spending habits. Your budget is merely a tool, albeit an important one, to help keep you on course.

Budgets are restrictive, but only superficially. In fact, budgeting can create independence and freedom. Our ability to mold our lives is much greater than it was in most periods of our history. Think of the traditional 20th-century family. Typically, the husband was the sole breadwinner, working for one company for 40 years before retiring with a modest pension. If there were health insurance and other benefits, those were dictated by the employer. To a large degree, family finances were employer-directed. Some employers were more generous than others, but all employer-directed plans tended to limit the flexibility of the families they were supposed to be aiding.

Today, the choices are richer and more complex. No longer does Corporate America take care of us; we take care of ourselves through our own financial planning. It’s a heady environment, this new financial freedom of ours, but it’s one in which we do need a game plan to guide us to our goals. That’s what budgeting can do.

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