Tag Archives: Budgeting Tips

Reality Budgets

A common budgeting mistake is not basing your budget on reality. We all want to be able to set aside $200 a month to save for a down payment on a home or our children’s college education. But, if you have to cut your food budget in half to afford to do so… you may find you come up short each month. The key in budgeting is avoiding this common mistake. In order for a budget to actually work, it needs to be first based in reality. During your budget planning, realize that certain things just aren’t in your budget, … Continue reading →

Determining your Money Goals

When you first get married you don’t typically choose a mate because you share the same money goals. Once the passion shifts and reality sets in though, you do learn that coming together in a marriage means coming together financially. The main step to success in this merger is to derive a clear set of mutual monetary goals. This process can be complicated and emotional. It goes beyond the marriage to personal and family goals. Arriving at a consensus can often be a struggle. Let the following tips help you better determine your vision as a couple. 1. Start by … Continue reading →

Throw your Checkbook Away!

What did you say… throw your checkbook away? Now, that certainly sounds like a crazy idea coming from a money blogger. Shouldn’t you be on top of your bank accounts? How can you do that without a checkbook? The problem with a checkbook is that it is deceiving. If it is accurately kept, it only shows you the money you have at one point in time. It doesn’t explain that there are still 5 more bills to pay this month, or your paycheck next month will include your bonus. This snapshot can actually be misleading and provide you with an … Continue reading →

Envelopes Budgets

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A friend of mine came up with this simple budgeting scheme and I just had to share. It is a perfectly easy way to plan your expenditures each month and ensure you stick to them. I call it an Envelopes Budget. The process is simple. Start by tracking your expenses each month to get an idea of where your money is going (this is good to do anyway!) Once you have a basic plan, put a budget into place. Start by creating large categories for each expense and an appropriate budget amount, examples would be: *Groceries *Entertainment *Utilities *Gas *Rent … Continue reading →

Budgeting Time Savers

One reason many people hate budgeting is because it is time consuming. It can take an hour to balance your checkbook each month, especially if you can’t find the one mistake that you made. It is more difficult than just balancing your checkbook, since you need a constant running total of what you have spent where. It usually falls on the shoulders of one spouse, who then becomes resentful about having to deal with it all the time. While the initial planning and setting up of your budget may take awhile (sorry there is no way around it), here are … Continue reading →