Secrets to Keep Your Budget on Track
Keeping track of our hard earned money is something that a great majority of us have trouble with. It's as if we spend it faster then we make it and by the end of each pay period we are left wondering where it all went. Learning to efficiently manage money is something everyone needs to know, but unfortunately most people are never taught this most valuable of skills.
This is where a budget is most valuable. It gives a starting point in which we can all learn to properly manage our money. Let's look at it this way. Most businesses and corporation have a budget, even the United States government has a "budget" (okay, bad example), but individuals and families seldom follow any sort of budget. In this day of overwhelming debt this is not good.
The first thing you need to do when starting a budget is to set a goal. What do you want your money to do for you? Do you want to get the spending under control? Get out of debt? Save up for a big purchase? Put money into retirement accounts? If you have a specific goal or goals it is much easier to build a budget around that.
Most people who start a budget just want to find out where their money is going. As you list out your expenditures you will begin to see patterns. Some expenses you just have to live with like a mortgage or utility bills. It's when you start looking at all the little expenses and how they add up they don't seem so little anymore.
If you start cutting out some of these smaller daily expenses, like the daily morning coffee for 4$ a pop, you may begin to see that you do indeed have extra money at the end of the month. The point is that it is the small items that add up over time and this is what causes the most financial problems for many people. If you buy that cup of coffee on the way to work everyday that turns out to be $80 a month or $960 a year. Add a few more small regular purchases into that equation and before you know it you are spending thousands of dollars a year on coffee, sodas and other things.
Here's another secret to keeping your budget going. If you are using your budget to help pay off credit card and other debt then list out your debts from smallest to largest. Once you pay all your minimums on all your debts take any extra money that is left over and send it to your smallest debt. Yes, that's right, the smallest one. You'll be amazed at how quickly you pay that one off and it will give you motivation to move to the next one.
Staying motivated is best way to keep using a budget to find that financial freedom you always wanted. After all, it is our behavior with money that causes most of our financial problems in the first place.
Related Tags: budget, family budget, household budget, how to budget, budget secrets
Andrew Bicknell researches and writes on a variety of subjects. To learn more about building a family budget please visit his website Household Budgets by clicking here.
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- The Secrets to Getting Low Down Payment Car Insurance
Upon purchase of a new car, there is almost always a requirement to buy an auto insurance policy as - The Wisdom Behind Auto Insurance Comparison Quotes
No one in his right mind would not go for a good deal. In fact, everyone is out on their feet and ru - The Benefits of Auto Insurance Comparisons Florida
Insurance can be expensive. This is something everyone knows about especially in the sunny state of - Auto Insurance Florida: The No-Fault Policy
There are different kinds of car insurance offered by a wide range of providers today. Different sta - Finding the Cheapest Auto Insurance Companies
Everyone is asking and searching for the cheapest auto insurance companies available today. Consider - How do You Compare Private Health Insurance Cover in Australia?
Deciding what is the best and most affordable private health insurance cover can be easy if you take - How Payment Protection Insurance Was Mis-Sold
For over six years the issue of Payment Protection Insurance (PPI) and how it was mis-sold to custom - Finding Quotes For Auto Insurance Online
One of the many concerns when you are shopping for auto insurance is being able to get access to quo - How You Can Find the Best Auto Insurance Online
When it comes to renewing your car insurance you are going to quickly discover that there are a numb - Guidelines For Searching For Auto Insurance Online
The internet can be a great source of discounts and values related to auto insurance. However, many
Most viewed articles in this category:
- Trading Forex With Pivot Points
Forex Pivot Point Trading are used today by Forex Traders and are calculated on the previous days mo - Where To Search For Free Grants
Where do you look for free grants? The search must be thorough or it could be an exercise in futilit - The Connection Between High Blood Pressure and Salt
We are a society of Salt Addicts. It cannot be denied. When you look at the things we do and the pla - Tips For Avoiding HYIP Scams
Before knowing about HYIP Scams, refer to the functioning of HYIP or "High Yield Investment Programs - Getting Credit After Bankruptcy
Consumers do not have to live sans credit following a bankruptcy. By following certain steps consume - Tips For Choosing A Credit Card
Are you looking for that perfect credit card? If so, you may be confused about what exactly to look - Cheap Car Insurance For Teens Online
Many elements determine a car insurance policy. Car insurance companies look at the person's age, hi - What Exactly Is Free Grant Money?
You can apply for free grant money from various government agencies. But where exactly does this mon - Small Business Owners Marketing and Customer Service
Marketing can be time-consuming, but it doesn't have to be hugely expensive now, thanks to the Inter - Apply Online For A Credit Card - How To Choose A Card?
The best type of credit card for you will be dependant on how you intend to use the credit card. Are