| Have you ever built your own house or
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| | Print one out and work on it with your
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| added an extension to it? If you have you
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| | family and remember, to be successful all
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| wouldn't expect your builder to build
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| | of you will have to be happy with the
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| without a set of house plans, even for
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| | final result and feel like it's something
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| the smallest of extensions. If he did the
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| | you can stick to.
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| kitchen might get overlooked altogether
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| | First, if you have a partner or a
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| or have your water supply in the lounge
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| | significant other, you should make your
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| or day room. A plan is essential for any
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| | budget together. Sit down and work out
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| builder.
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| | what your joint financial aims or goals
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| If a NASA rocket scientist began the
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| | are - long term, medium term and short
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| construction of a new space rocket
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| | term. Don't just throw ideas around. Work
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| without a detailed set of design
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| | out what you really want to happen and
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| specifications how high do you think it
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| | the cost. If you want to retire at 50
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| would fly? Do you think it would get off
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| | what will it cost?
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| the ground? Or do you think Congress
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| | Then plan your route to achieve those
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| would pull the plug on all that spending
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| | goals. Every journey, financial or
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| if they did it without any plans. Of
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| | otherwise, begins with one step and the
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| course they would.
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| | first step to attaining your financial
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| If you went to your bank wanting to
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| | goals is to make a realistic budget that
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| borrow for a new business what would be
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| | both you and your family can live with.
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| the first thing they ask for? A business
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| | Unless you are really heavily in debt and
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| plan.
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| | have no option a budget should never be a
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| Even the most mundane activities benefit
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| | recipe for financial starvation. That
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| from planning. Going to work every day
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| | won't work in the long term. Break it
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| you have a plan of how to get there. OK
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| | down into detailed allowances but plan
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| the plan may be in your head but you
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| | reasonable allowances for food, clothing,
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| don't go out of your drive and take
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| | housing, utilities and insurance etc.
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| whatever road takes your fancy. You'd
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| | Then set aside a reasonable amount for
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| never get to work.
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| | entertainment (including drinks and
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| Yet most of us organize our lives without
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| | smokes) and the occasional luxury item.
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| so much as a thought or an inkling of an
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| | After that debt repayment and savings
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| idea about our finances and without any
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| | should always come before any further
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| financial planning at all. It is the only
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| | spending or saving.
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| are of peoples lives where planning is
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| | Once you've worked out how much you need
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| thought irrelevant. How often is your
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| | to live on each week or month then work
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| month longer than your pay packet but
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| | out your income. Include everything you
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| when you try to figure out where it went
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| | can depend on. If you get tips regularly
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| you have no idea?
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| | then add them in but if it's only the
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| Not very clever of us, is it?
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| | occasional tip ignore it. Don't plan on
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| You need a money plan. A money plan is
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| | an annual bonus - it might not arrive.
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| normally called a budget and it is
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| | Work out what you have spare. Then work
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| crucial to have one for you to get to
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| | out how to save it. Don't put all your
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| your desired financial goals.
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| | spare money into a pension when you have
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| Without a budget you will be financially
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| | debts to pay. Pay your debts and reduce
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| drift without direction and end up
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| | the interest costs then save where it
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| marooned (broke) on a distant financial
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| | remains accessible.
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| reef. Your dreams will remain dreams and
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| | Even a small amount saved will help you
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| you'll spend your life wondering "what
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| | to reach your long term financial goal
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| if".
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| | and if you start saving a small amount
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| So how do you set a budget, a financial
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| | early it makes life much easier later on.
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| plan? Get yourself a budget planner. You
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| | Planning for the future is not difficult
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| can find many budget planners on the
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| | but to be successful can involve
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| internet by typing into your favourite
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| | difficult choices. The earlier you make
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| search engine "free budget forms".
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| | those choices the easier the journey.
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