The title of this post can easily speaks for itself.“Budget reform is not an option. It's a necessity!” said President-elect Obama in his speech today upon presenting his economic team. I will not delve more on his speech nor of his economic agenda. I am just darn glad, like most Americans, that we have a new US President who means business and he is focus on jumpstarting the economy. I’d like to discuss more on the implications of this profound statement on the average income earner like me.
“Budget reform” should not only be the governing agenda in any government, but on the personal level. If you will notice, that as technology grows so is our individual debts. New personal devices like PDA’s, cellphones, MP3 players, among others, although they do serve their purpose albeit they have added financial burden on us. I am not saying here that I am against these things. They are desirable to have, but not necessarily needed. New models are being developed almost every day, and so in our desire to keep up with the Joneses, we spend unnecessarily.
There is no better way to weather this financial crisis on the personal level than reforming our budgeting. Getting another part-time job will no longer do the trick. We have to take into account every cent and dollar we spend, and ensure that we only spend them for those that are really important needs, not wants.
Your take.