Start Here: Master Money

Welcome to Empower Your Budget, Master Money is a program to help you… well, master money! So how does this work? First, check out this link or go to the templates page and download the FREE Master Money monthly and yearly budget template. From there these weekly blog posts will walk you through and guide you on the understanding of the Master Money Budget Template and how to effectively use it for your benefit.


There will also be bonus blogs on extra topics related to personal finances specifically targeted towards budgeting. If you have any questions, comments, or ideas you would like to read about click here or scroll to the bottom of the page to contact Master Money. For more help and extra services check the support page for payment plans to help the budgeting process be fulfilled for you. These services include a custom budget made personalized by your future goals, a monthly review and fill out of your budget personally by Master Money, and or a yearly plan of personally budgeting for you along with a yearly overview too.


Balancing of green balls, used as a comparison of budgeting and its importance.

Today we are going to chat about: Why is Budgeting important?


Understanding the Numbers

Let's take a look at a simple statistic that might change your mind. Debt.org states “​​Consumer debt in the U.S., including mortgages, auto loans, credit cards, and student loans, is at $14.9 trillion.” (https://www.debt.org/faqs/americans-in-debt/). For some that may not seem like a lot for others it is. But let's dig a little deeper. As of October 25, 2021, the population in the US is 332.9 million (https://www.census.gov/popclock/). This means on average every American owes $44758.19. This is almost $45,000. Let’s keep in mind the median salary in the US as of now is $31,000 (https://datacommons.org/tools/timeline#&place=country/USA&statsVar=Median_Income_Person). This means with no other expenses it would take 1.45 or almost a year and a half 5o pay off all debts.


So why am I saying this? To be a downer? No! I do believe it is a prevalent problem in today's world, however. Understanding personal finance and knowing where your money is coming from and going is important. Here’s just a few statistics to back up this idea. (https://spendmenot.com/blog/personal-finance-statistics/).

  • The lack of financial literacy cost Americans $415 billion in 2020.

  • Around 40% of Americans have less than $300 in savings.

  • Only 30% of Americans have a long-term financial plan.


An exhausted dog comparing to someone tired from budgeting.

When it comes to money, everyone wants security. As the pandemic has proven, salaries and incomes are never guaranteed. We can not control these external forces, however, we can control how we use our money to support us and our needs. Being able to master money in life can be beneficial in all aspects so are you ready for the journey?


Tools

Click here for the next blog article on Master Money Budget Monthly and Yearly Overview and start the Master Money Budgeting Program.


Remember

Master money so money cannot master you.