Financial Independence Without Budgeting

June 23rd, 2008 | Stacey | Financial Freedom, Financial Independence

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Can you really gain financial independence without budgeting? The problem for some people is the word budget itself. They find record books and endless tallying to be a drudgery. Why not take the work out of budgeting and have a spending plan instead?

While the road to financial independence may take a bit longer with a spending plan, you can still reach financial freedom. Instead of throwing in the towel of defeat, approach your finances in a less structured manner. Tally everything you spend in your cell phone note pad function or on a small notepad you keep in the car or your handbag. Check out what you spend on incidentals at the end of the month.

Take money off the top of your paycheck every week to cover living expenses, bills and utilities. Include savings and insurance in those general expenses. The money you have left is yours to enjoy. You can either save your extra money or spend it on something you really want.

Finally, include entertainment in your weekly spending plan. Failure to include some entertainment can cause you to spend more in the long run. When you know your entertainment budget, you make plans accordingly.

If the word budget is keeping you from attaining financial independence, have a spending plan to track your finances instead.