Financial Focus: How To Make a Proper Budget ( Part 1)


By Professor Anthony Rivieccio MBA PFA

I currently host a financial television show on the internet called Financial Focus University ( you can find on the NY Parrot YouTube & Facebook channels). We are starting a ” 4 week discussion” on Budgeting: What is it? Why do you need it?  What is the purpose? Is it just for individuals? Families? Businesses? 

Budgeting, is for everyone! 

But looking at the questions above, you will find very quickly that we have to clear up some misunderstandings before we go any further :

Would you drive your car without your glasses?

Would you go to the supermarket without a list? 

Would you go on vacation without looking at your budget first? 

Yes, Budgeting is a roadmap- not for the present- but to be used as a roadmap- for the future.

Lesson 1- Budgeting is NOT about the present- it is about the future.

So what do we put in the budget?

 Well, that’s a good question. Some people track only 2 areas of their life. Some track three? Some track 5 areas of their life. The reason this sounds different & confusing  is because on our show for the next several weeks ( and in this article) we will cover four areas.

 Yes, I said 4 areas: Fixed Income Varible Income, Fixed Expenses & Varible Expenses. What are those? ( Join us next week at this byline or TV show) 

But in some terms , after we add our different forms of Income and Revenue & subtract our Expenses , we hope to have ” What’s Left” ( we hope) 

Because at the end of the day, only three things can happen with anyone’s budget:

Your Budget will be balanced!. Your Budget will show a surplus ( what’s left) or show a deficit ?? or what I like to say ” what’s gone”.

But let’s get back to the original purpose of budgeting:

  • To make sure your standard of living is within your means
  • Planning for Long Term ideas

Or in simple terms again: Want to buy a car? Go on Vacation? Plan for a home? Ready for Retirement? You can’t get to your long term ideas until you know your own short term standing of living is set.

So Budgeting is Planning- for The Long Term Future – after your short term needs are met 

So, which is the right long term budget for you ? Well, as you can see, part of that answer depends on you and your goals. As you can see from the chart below , in the coming weeks we will discuss a few.

But starting next week, and next article, and for the following several weeks,  we will discuss ” Budgeting for The Future” in greater detail . Lesson 2: The types of budget and the elements ( income & spending) therein.

Professor Anthony Rivieccio, MBA PFA, is the founder of The Financial Advisors Group, celebrating its 25th year as a full service  investment planning & management firm . Anthony is also owner of Rivieccio Financial Advisors, a virtual only financial planning & advisory firm, opened in 2021. 

Mr. Rivieccio pens a financial article called “Money Talk” along with ” Financial Focus”. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Kiplinger’s Personal Finance, The New York Post, News 12 The Bronx, Bloomberg News Radio, BronxNet Television, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Co-Op City News, The New York Parrot, The Bronx News, ,  The Bronx Chronicle & The Parkchester Times. 

Anthony is also currently an Adjunct Professor of Business, Finance & Accounting for both, City University of New York & Monroe College, a Private University. 

Financial Focus University TV can be seen every Friday , Live 5PM, on The NY Parrot Facebook & YouTube page channels .

 Ask The Professor is your new Personal Finance Do It Yourself community found in Facebook Groups.

For financial assistance, Anthony can be reached at (347) 575-5045. Have Facebook? My email is My personal page is

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