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Budget for the life you have. When you’re going through your budget and assigning spending categories, be realistic.
Don’t tell yourself you’ll never buy a single discretionary item, because you’re setting yourself up for failure. Give yourself some breathing room.
This becomes a problem when you’re spending for a life you can’t afford. It puts pressure on your budget and encourages you to live in a paycheck to paycheck cycle.
Assess your financial situation, cut back on your expenses, prioritize your money goals, and then come up with a new spending plan.
If you keep blowing your budget because expenses “pop up” every month, you’re probably not budgeting for irregular expenses.
It’s a common budget problem with an easy fix: find those quarterly, annual, and other seemingly random expenses, and add them in.
It’s important to have an emergency fund. When your car breaks down, you have money to pull from, rather than screwing up your budget for the next few months until you get back on track.
It might take you some time and slow down your goal progress, but building an emergency fund will keep you from blowing your budget.
SIMILAR ARTICLES & IDEAS:
No matter how little or how much money you earn, creating a monthly budget is one of the most important aspects of managing your finances. What gets measured gets managed.
The Envelope system is a way to track your variable expenses like food, entertainment, and drinks.
This method, preferably used weekly, allocates a certain amount in each category in labeled envelopes (food, drinks, movies, etc.). Once the envelope is empty, you are done spending in that category.
The principles that make a good budget, something you can stick to:
A budget is an estimation of income and expenses over a set time. It is usually drawn up and re-evaluated periodically.
Budgets can be made for a person, a group, a busines...
A budget shows the trade-off made when one item is exchanged for another. The result is:
Drawing up a budget means you'll know where your money goes, and you'll have greater control over your finances.
Budgets are necessary for running any business efficiently and effectively.