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How do you take into account your WHOLE life situation when trying to live on a budget…? Start with the 12 steps of the budgeting process:
1. Understand income – where is it coming from, when, and how reguarly
2. Understand expenses – where it goes, when, and how much
3. Set goals – long and short term
4. Understand habits – understand how you and your family handle money and COMMUNICATE
5. Get savings and spending mechanisms in place – establish savings accounts, retirement plans, direct deposits, and special credit cardd to manage individual and family “allowances”
6. Plan income – next month and next 12 months
7. Plan obligations – schedule “must expenses”
8. Plans necessities – estimate necessary items like food and utilities
9. Set aside pocket money – decide on a number for each family member and allow ATM withdrawals to that amount.
10. Plan family allowances – family entertainment, home improvement projects etc. Use a separate credit card for these to better track expenses
11. Plan personal allowances – establish an amount each family member can spend, no questions asked
12. Balance and rebalance – make necessary adjustments and cuts to balance your budget
Stay disciplined and committed by rewarding yourself and family members for good performance and progress toward goals set.

The most important part of setting up your budget based on an holistic approach is to realize that life begins NOW. One of the most limiting beliefs that many of us have is that the person we were yesterday is the person we have to be today…This belief keeps us tied to our past mistakes, habits, and limitations. Your present-moment energy is all you need. The past has no power other than the power we give it…

So, don’t let the past dictate your budget. Your life, your Financial life, is a series of present moments to be experienced, one after another. Yes, your past was important because it was needed to get you into the present. But the past is like the wake – the water left behind when a boat travels on the ocean. It forms a shape BEHIND the boat until it disappears into nothingness. Can the wake drive the boat? Of course not! All of the power of the boat comes from the present-moment energy of the engine. Nothing else.

The past has no power other than the power we give…the PRESENT is just that – a “present”, a gift, to us. It may be helpful to get some professional help – check out my website for more information about how a Financial Coach can help you get started!


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Team-Building/Cross-Cultural Trainer

Team-Building/Cross-Cultural Trainer

Lars Bolin, Team-Building/Cross-Cultural Trainer & Project Management Lite Consultant

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