Graphic: MGN Online

A budget, in its truest form, will serve as a blueprint of how our money will be spent, taking into consideration our needs, goals, and desires. As C.E. Hoover put it, “A budget is telling your money where to go instead of wondering where it went.” A more formal definition of a budget would be “a plan for spending, saving and investing money.” The importance of making a budget and sticking to it is to save for future goals while meeting present obligations.

Are you living from paycheck to paycheck? Are you struggling to make ends meet? Do you have too much month left at the end of your money? If you answer “yes” to any of the questions, you’re in serious need of a budget.

Money problems are symptoms of a deeper problem, ranging from bad money management, too much debt and not enough income. Money problems can also stem from character and emotional shortfalls, such as pride, greed, lust, envy, anger and laziness.

For those of you who have severe disabilities, that will limit you from engaging in any form of gainful employment, it’s going to be a tough road—monetarily speaking. I encourage you to seek out and take advantage of every program, discount and incentive that is available to you. Considering the fact that 96 percent of Americans retire or die broke with no savings, I caution low-income and poor families that it remains your responsibility to properly manage what you have.

Growing up in a community where 85-90 percent of the population was the recipient of some form of government program, I’m fully aware that there are people who, in an effort to beat the system, limit themselves from reaching their full potential. There are some people currently classified as poor or low-income with various talents who are able-bodied workers whose sole mission in life is to figure out a way to get on or stay on social security or some other government program. This is insane! Who in their right mind would go into poverty on purpose?

Here are budgeting tips for low-income families:

Develop skills and talents to increase income;

Take advantage of incentives, discounts and programs available to low-income families;

Cover basic necessities first, such as food, clothing, shelter and affordable transportation before you do anything else;

Stop playing the lottery and purchasing all of its merchandises, such as dream books and lucky candles;

Stay away from payday loan companies, rent-to-own companies, tote the note companies and local loan sharks, etc. As a low-income person, you want discounts. You don’t want to pay up to 500 percent more than market value; and

Stay away from the so-called easy money that involves drugs, sex, violence and theft. It only leads to death or jail.