I have a budget to help keep my family on time with bills and limit unecessary spending. We are just getting back on our feet moneywise and I know we need limits so that the bills get paid first. I am the breadwinner but I just have such a hard time sticking to the budget when I know that we have wants as well as needs. Does anyone else have this problem too?
2007-01-06 03:34:51 · 10 answers · asked by Sarah 3 in Business & Finance ➔ Personal Finance
Have you heard of the cash envelope system?
Figure out how much you need each month for groceries, gas for the car, postage, eating out, and entertainment. Put cash in an envelope for the cash for each of these categories. Then as you go about your month spend the cash from the various envelopes. Once the money from one category is gone, it’s gone. Some people will also have a miscellaneous envelope for small things that are not worth putting as a line item in the budget. The trick with this system is no ATM trips after the monthly or bi-weekly budget is set!
In general, you budget for expected things and set aside extra for emergencies. An ideal emergency fund will have three to six months expenses covered in case you lose your job or have large medical co-pay for something unexpected. However, for most people that is unreachable at first so you start with a small emergency fund of $1000 or even $500.
I am glad to hear that you are doing a budget. Keep at it!
2007-01-06 03:49:20 · answer #1 · answered by Patrick C 3 · 0⤊ 0⤋
No one in the world has an easy time sticking to a budget. What does that tell you? Budgets don't work! You need to have more flexibilty than a budget offers. You can't plan for everything. You don't know for sure what is going to come up and you need to be prepared for the unexpected. As for things you want, someone smarter than me once said "there is no end to human desire." You need to quell the urge to spend frivolously. Everyone needs to control that. I'm sure you have "enough" coming in to live well.
There are lots of people with less than you and they are doing fine. Don't think of things in terms of a "budget." Think in terms of a "spending plan." And be flexible. One thing I'd definitely recommend is starting to save 10% of everything no matter what.
You owe yourself more than you owe anybody else. Rethink your attitude a little and you'll do better. Everyone struggles with money at some time. Don't make it a life long thing. Take control over it. Don't let it be your master, you master it.
2007-01-06 06:21:10 · answer #2 · answered by Big R 6 · 0⤊ 0⤋
Everybody in the world has the same problem. You are not alone and I have been there myself. Assuming that you are always in control of your spending, there will always be other unexpected expenses. Just paying the bills off is NOT enough. If you cannot increase your income, rent out the extra room, cancel the vacation, babysit your neighbors kids. It will cause you temporary inconvenience and sacrifice but that is the only way you can get out of it.
God willing, soon it will become a habit in your family. It will not be a long sacrifice, just understanding from your spouse and your children. Good luck.
2007-01-06 04:25:36 · answer #3 · answered by T T 1 · 0⤊ 0⤋
Yes, we find nearly impossible. Something always comes up. Last month we needed tires and my wife hard to have a root canal surgery. Now she needs to have the tooth fixed and the breaks on my Honda need to be done. It's always something. The wants pretty much need to fall by the wayside in our family. It's hard enough keeping up with needs and the unexpected. A video rental and popcorn is a big night out for us, we'll watch the video two night in a row to get our moneys worth from it.
2007-01-06 03:43:26 · answer #4 · answered by RUDOLPH M 4 · 0⤊ 0⤋
Yeah, I tried to save money by not going out so often and cooking my own food. I ended up eating bananas and speghetti for days. I realized I was getting thinner. So this weekend I decided to eat out and watch a movie. I guess you have to reward yourself once in a while. And the rest of the days you can continue saving money and not go out too much.
2007-01-06 03:50:05 · answer #5 · answered by ladybug21 2 · 0⤊ 0⤋
Budgets suck, and they rarely work.
Instead, have your employer deduct money from your paycheck into a savings account. If you don't have the money, you'll naturally adjust to living within that limit.
It's what I do. I deduct 12% of my income into my 401K and savings and just live on the rest.
2007-01-06 19:46:29 · answer #6 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
who doesn't have this problem . you can walk in to walmart to buy milk and end up spending $100. it is very hard to stick to a budget
2007-01-06 03:44:07 · answer #7 · answered by clickgirl 2 · 0⤊ 0⤋
What's a budget?lol
2007-01-06 03:42:11 · answer #8 · answered by Anonymous · 0⤊ 0⤋
YES i hate my budget i always go over i have my weeks when i don't and have a lil extra it feels good
2007-01-07 11:46:37 · answer #9 · answered by Anonymous · 0⤊ 0⤋
ya i suck at sticking to my budget but i have tons of money and still run out evrey month
2007-01-06 04:42:50 · answer #10 · answered by Anonymous · 0⤊ 0⤋