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Budget Strategies: Include Fun Money in Your Budget

One important factor in helping you to stick to your budget is that it allows for some wiggle room or fun spending. This is an area that really can make a difference. In many ways a budget is like a diet for your money. If you set yourself up with too many restrictions you are setting yourself up for failure. It is important that you realize this and you may want to make the changes more slowly, so that you do not fail. One important thing to include in your budget is a fun money category. This should be spending … Continue reading →

Five Budget Busters

Once you sit down and right out your budget you should begin to notice that you have a few categories that are causing you a little bit of a problem. These categories are generally known as budget busters. Once you realize that you are overspending in these categories, it can be difficult to find ways to cut back. It may mean that you simply do not go shopping, or that you shop sells. You may choose to switch these categories to the envelope system, which will help to stop excessive spending. Here are five common budget busters and ways to … Continue reading →

Spending Too Much?

If we are completely honest with ourselves, most of us have moments when we are spending money that we know we should not be spending. It may be splurging on a new book or splurging on a new wide screen television. Whatever the splurge, it could be undermining your financial goals. So how do you stop spending when you already know you shouldn’t, but you do it anyway? 1) It is important to understand why you are spending the money. Do you overspend when you are bored, or stressed out? Are you spending the money to make life easier (you … Continue reading →

Financial Pitfalls: Necessities vs Luxuries

One common money mistake is to confuse necessities with luxuries. Often people grew up with these items, and cannot seem to fathom life without them. Even though they struggle with paying the monthly bills, they do not think of cutting back on the luxuries, because they mistake them for necessities. Others may think that the bill isn’t that big, so it really doesn’t matter. It is surprising how much the little things add up. Here are five common luxuries that many people consider necessities. 1) The most common luxury that people seem unable to part with is cable or satellite … Continue reading →

Financial Pitfalls: Discretionary Spending

The biggest financial pitfalls for most people happen in the areas of discretionary spending. Groceries, eating out, fun money and miscellaneous categories all fit into the discretionary spending category. It is important to control the amount you spend on these categories, because it can affect your budget and the money that you have. Here are five tips on controlling discretionary spending. 1) Switch to cash for these purchases. Once you have run out of money for the month, you quit spending. It will take discipline, but it will be worth it. You can end up saving a lot of money … Continue reading →