Home

Why Is Having A Budget Important?

Posted by Blain | On: Apr 21 2011

Get A Budget!Just like anything else in this life, you need to have a plan of attack, and inside that plan you need a budget. (Mostly so you can still pay the bills at home while trying to get started.) When I got started online, I didn’t really have a budget at all.

I would just sign up for a program, then promote it until I was basically poor and quit. Then the next payday I would sign up to something new (because the last one failed for me) and do the same thing. Just rinse and repeat this for the first couple years I was online to get where I’m coming from.

Then while surfing one day I randomly came across a splash page for a free ebook download called “The Pizza Plan“. So I signed up, read the book, and decided to start a budget. When I started my budget, I started out with roughly $50 a month. I know it doesnt sound like much, but it doesnt take much to get started.

Just a quick edit here to show what I spent my $50 on every month:

  1. Autoresponder – $17.95
  2. Hosting – $7.84
  3. TE Upgrade x2 – approx. $20
  4. Extra TE Credit Packages – $5-$10

That’s where I started with my $50 a month. If I was able to, I would try and get these at a discounted price, and if an OTO for lifetime membership became available and I had enough I would try and get that as well.

So, by using that budget and not joining “The Next Big Thing” everytime I came across it, I was able to start seeing some money coming in from my efforts. At first it would be just a couple dollars here and there. But over time it has picked up. And once I started to brand myself, that’s when things really started to happen. Now my budget has grown exponentially, and I am taking what I am earning and re-investing it back into MY Business. And as it grows more and more each day, there is literally almost NO cash coming out of my pocket to pay for my business online.

The greatest part about this business is, even with limited resources, you can still get started and start making a name for yourself. Most of the greatest tools online to help you succeed have a free option to get you started (Yes you will have limited options, but you have to start somewhere).

Here are a couple questions for you to ask yourself:

  • Do I have a budget?
  • If not, when am I going to sit down and start one?

In closing, having a budget has really helped me to begin to prosper online and if you have yet to start one. I urge you to take a day or two if necessary and sit down, figure out what you can afford and start your budget and stick to it. When you start earning, then re-invest into your business there is no limit to what you will be able to do!

Thanks Justin Ledvina for helping me come up with my post! If you have something that you would like me to write about please send me a message on skype: blainjones or email me at blainjones@blainjones.com. I want this blog to be about everyone, not just about myself.

Also I want to hear your opinions on budgeting and how it has helped you!

7 Comments

  1. Catherine White says:

    Blain,
    This is a very important post. Not only do you need a budget to succeed, it is important to know how much you are spending. I would venture to say most people do not even know the exact amount they spend each month. And, with the auto pay sign ups, which most owners require these days, it is easy to forget.
    I currently spend $48.82 a month. This does not include other things like website registries which occur yearly or OTO I occasionally buy. You MUST sit down and write it all out so you know EXACTLY what you spend each month. Once you do that – if your budget is too high, eliminate those things you can do without. I did the elimination process about 6 months ago which coincides when I started turning a profit each month. Huh, that’s curious or maybe not so much………

  2. Justin Ledvina says:

    A budget is a vital step that almost all of us try to skip in the beginning. Glad people are talking about having a game plan and not jumping around like an Easter Bunny. I would have liked to see a sample of your budget so I could see what $50 could get me.

    I can’t wait for your followup to this post. Keep on truckin bro!

    • Blain says:

      Justin, I have updated the post so it shows what I spent my money on every month. It can differ per person and everyone may not need or want some of the things I purchased, but its my basic budgeting plan.

  3. Robert Maturo says:

    Yes and thank you for posting this Blain! You’re also showing the tire kickers and freebie seekers that eventually they have to get out of the freebie mentality! Which by the way gives me a great idea for a blog post!!!! LOL. Point being is yes you can start free, however if the freebie seeker doesn’t even stick with something long enough to make even $1.00 how will they ever make 2 dollars 50 dollars a 100 dollars etc. etc. It all comes down to focus once again! When you make that 1.00 dollar what will you do with it?? I think the pizza plan is a very good resource for all that fit in the tire-kicker- freebie seeker category! The other problem with that is HYPE people fall for it every time. So they never stick with any thing and Flounder! Start Free? Sure why not? The question is will you stick with it and learn to leverage your efforts and earnings? Most people do not, so they fail! It’s true the only way to make money is to spend money, but wisely. And Focus has a lot to do with that!

  4. Thomas L. Knapp says:

    Blain,

    Great post! Your story sounds a lot like mine (except that I’m still eating your dust at the moment … but not for long!).

    It’s easy to spend more than you intended (usually by unthinkingly stampeding after the “next big thing” every time you turn around) — or to not spend enough, in the right places, to make things work — if you don’t actually sit down, keep track of the numbers, have a plan and commit to it.

    My budget right now is just under $40 a month (autoresponder, two TE upgrades and ClickTrackProfit upgrade — like you, I think that last one is the most likely basis for long-term success), and I’ll probably up it to $50 next month.

Leave a comment