TEN WAYS TO ATTACK THE DREADED BUDGET

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Categories; spending, saving, money management

“Any sensible family has a budget that lays out how much will be spent for household and other purposes. Without such planning, things would quickly go awry.”
Walter Ulbricht

This German politician’s quote is as apt today as it was in the early 1900’s. Not only do things go “awry” without mindful spending and saving, but after “things go awry” we usually get depressed, anxious, and very unhappy as our financial life spins out of control.  

MAIN TOPIC; A PEEK INSIDE THE MYSTERIOUS WORLD OF BUDGETING

Budgeting is one of the most unpleasant of the personal finance activities. It takes a lot of discipline and a lot of work. And, the immediate payoff is tough to see. Although I have been successfully living on a “spending plan” (that just sounds like a better phrase than budget) for many years; before it became an ingrained habit, it was tough to keep up.

 Get some inspiration and ideas about living with a budget or spending plan from some of my on-line colleagues’.

 Get educated, inspired and wealthy!

And remember to let me know what you think. I love comments and questions.

In My 2009 State of the Household Financial Report, blogging heavyweight Len Penzo of Len Penzo dot Com opens the door to his financial world and gives us a peek inside. Treating his home finances like a business demonstrates focus, growth, and long term results. Insight into his finances is not only inspiring, but instructional in how to keep track of your financial position. Take one of two of his concepts and try them out!

Lakita offers some “easy to implement” ways to increase your cash flow in Personal Financial Journey. And, after all, who doesn’t want to beef up their  cash position? So check out the very practical 4 Ways to Increase Your Cash Flow. See if Lakita doesn’t inspire you on to more savings.

In Do You have an Inconvenience Fund? Jackie of Money Crush introduces a really smart personal finance concept. It’s so simple and easy to implement and definitely reduces you financial stress. Give it a read and try out her advice over at MoneyCrush!

In addition to a fascinating story about a young girl and a Porsche, The Financial Samurai, founder of the Yakezie Network offers some sound insight in, Why do People Spend More than they Earn? Get another viewpoint into this unhelpful habit. And make sure that YOU spend LESS than you earn!

Cars are ones largest expense after housing. If you add up the purchase price, maintenance, repairs, & gas, you’re talking about a big chunk of change. The Car Negotiation Coach at Find the Best Car Price offers a comprehensive tutorial on how to keep those vehicle costs in check. Take a suggestion or two from, Check Your Auto Financial Health, and save some cash.

In Budgeting Without Bean Counting, Joe offers a concise budgeting primer, along with links to more budgeting articles. Stop by Personal Finance by the Book for a short walk down the budgeting information trail.

If you like a good story with a personal finance lesson included then check out Dr. Dean’s article Economics 101 for Millionaire Nurses on his site, The Millionaire Nurse. These fundamental personal finance truisms never get old.

Bucksome at BucksomeBoomer reminded me once again of the frequently loose link between intelligent money management and high income. Celebrity Financial Dummies highlights some of the many examples the rich and famous make with their money. Read this and feel better about your own financial situation!

LeanLifeCoach of Eliminate the Muda hits on a reality of budgeting in What Sacrifices are you Willing to Make? So often we skate around this pivotal issue in money management. Sacrifice is an integral part of every aspect of life. No one can “have it all.” Accept this reality and watch your life contentment grow.

I read an article recently by Jane Bryant Quinn discussing How to Avoid Making a Budget (I don’t remember where I read it!). This famous financial journalist offered these bare bones tips for budgeting for those who abhor tracking expenses. She advised that as soon as you start working, SAVE 10% of your income and 50% of any raises. Have it taken out by your employer and put in a bank. Her premise was, if you don’t see it, you won’t miss the money. Further, she suggested that humans are adaptable and believes that one will get used to anything. So if you don’t feel like doing much else in the way of budgeting, why not take Quinn’s advice and incorporate her suggestions into your way of life!  Here’s a link to her website.

ACTION STEP:

Get a notebook, label it: “(your name) Personal Finance” and store it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.

Integrate one new tip from this wealth of personal finance information TODAY