The Motley Rut
Music, art, personal finance and the movement in and out of ruts
The First Step: the budget
Finance planning has become a thing of the past for many youths. It's a dying art. It is easily the greatest stress and most common rut of young adults. Responsibility and control are essential in escaping and avoiding this rut. In Brief: The first step is to end the cycle of poor spending habits. (A good 'Rule of Thumb' is that if its not worth purchasing the good with your cash then you better reevaluate.) The next step is to reduce your 'fixed' expenses. And the final step is to make more money. Creating a working budget is key. It will help identify the causes of our financial weak areas; these may be obvious and subtle. For starters concentrate on the obvious. Poor budgeting of income and living beyond your means is the easiest way to fall into a deep rut, financially and perhaps in other fundamental ways as well. I would like to emphasize the importance of knowing where your money is going. If you don't track and understand where your money is going then ...
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