Budgeting For Your Success
So you’ve been working hard, saving money and getting to the end of the month with some left over. It sounds like things are going well, but how much is enough? How much should you set aside to cover expenses without leaving yourself in a tough spot?
This blog post tells you exactly how to budget for your success. You will learn how to estimate your monthly expenses so that no matter what happens you’ll always have the spending power you need. Consider this article a financial safety net!
The post gives specific examples of things like health care, groceries, clothing and other categories of spending for which some people may be more or less sensitive. In other words, don’t feel like you have to use it as a template for your personal situation. If you’re not sure what you’re spending money on, just estimate!
What Kind Of Budget Worry Should You Be Worried About?
I’m going to tell you the secret of my budget and it will help get rid of all the worry about being cheap and getting by. The worry should be about what kind of budget you have, not how much. I’m not saying it’s okay to be cheap, but I am saying that when you decide to get serious about saving money and managing your finances, you have to take the worry out of budgeting. You must be able to estimate and plan ahead financially.
The worry should be about what kind of budget you have, not how much.
Even if your income is low or if you are working multiple jobs just to make ends meet, don’t worry whether you can afford supersized meals at lunch or the latest gizmo when it comes out at Christmas. Focus on whether or not you can afford to pay cash for your groceries and medical expenses without going into debt.
You’re probably thinking, “But what if I run out of money?” That’s a valid concern, but the question is whether you have enough money to get by. If you don’t know the answer to that question then you will live in constant worry about your spending.
To put it another way, the first thing that you do is to plan a budget. The second thing is to take the worry out of budgeting. You accomplish that by determining what you need to get by and then making sure you have it.
For example, let’s say your spouse needs $100 per month for medical care. If you want to make sure that he or she gets that money, you need to include it in your budget. That seems simple enough, but some people can be really frugal and just not spend money on important things like health care or even food because they think they can live without them.
If that is you, then it’s important for you to break out of that mindset. Here are some examples of how you can make sure you have the money you need to get by:
Health Care – Medical care is a necessity and should be included in your monthly budget. If someone in your family gets sick, there’s nothing worse than not having the money to pay for treatment. Also, there are ways to cut your health care cost without sacrificing your quality of care. For example, if you aren’t happy with the doctor that your insurance company selected for you, go ahead and select one on your own.
– Medical care is a necessity and should be included in your monthly budget. If someone in your family gets sick, there’s nothing worse than not having the money to pay for treatment. Also, there are ways to cut your health care cost without sacrificing your quality of care. For example, if you aren’t happy with the doctor that your insurance company selected for you, go ahead and select one on your own. Groceries – There are really good ways to save money on groceries, including using coupons and online discounts as well as making sure you understand the difference between store brands and name brands and how much they cost. Another good way to save money on groceries is to eat at home instead of eating out.
– There are really good ways to save money on groceries, including using coupons and online discounts as well as making sure you understand the difference between store brands and name brands and how much they cost. Another good way to save money on groceries is to eat at home instead of eating out. Clothing – Dress for success, but don’t spend more than you can afford. If you have a limited budget, the best advice is not to buy anything that you don’t need or make sure that whatever you buy will be worth the price. Remember that you don’t have to spend a lot to look good.
I’m not here to tell people that they must be cheap because if they don’t have the money, they can’t afford it. A much better approach is to set aside enough money so that you can purchase what you need and still have cash left over. That way, if something happens and you need to dip into your emergency fund or take out a loan, you won’t be in a position where you are left struggling month after month.
Keep Your Budget On A Level Playing Field
The secret of budgeting is that you need to decide what it covers and what it doesn’t cover. Then you need to make sure that the money being allocated for those things is enough. That way you don’t end up with a budget that looks something like this:
This is no budget and will lead to constant worry about spending money. You might think for a minute about how you would deal with the situation, but then forget about it when things get back to normal. If your budget looks nothing like the kind of one I outlined above, then you need to change your thinking.
If you have no budget or it looks like the one above, then you need to start making a budget that allows you to pay your bills on time, have enough money saved for emergencies, and still have money left over for things like recreation or entertainment. If you can’t make ends meet with that kind of budget, then you need to make some changes. Either cut your expenses or increase your income.
Whenever I talk about a method of boosting your income I always recommend that if you are earning extra money right now that you don’t change anything if the extra income will be offset by a decrease in spending.
Conclusion
There are many ways to make sure that you can pay your bills on time, but the most important one is to feel good about your budget and to not let your income be determined by the amount that you have left at the end of the month.
In a situation where you have a budget in place, you won’t need to worry about whether or not you can afford certain things because you will have money left over for them. If something happens and money is needed for the unexpected, then it is there for you.
However, if you don’t have a budget in place, then when money is counted out at the end of the month there could be no more money available for what is needed.