By: Gordon Thomson
Many people believe that if they only had more money they could improve the family's lifestyle and have money left over for savings or special occasions; the secret is that it is not your income that decides your lifestyle. You could be earning $300 000 a year and still be in terrible debt and financial shape due to unorganized spending.
Do you ever feel that you do not have enough cash at the end of the month to pay bills, buy the necessities of life? Are you barely making a dent in your credit card debt, no matter how hard you try?. Are you worried that you will not have a nest egg for your golden years or savings for early retirement? Then you have come to a source that can provide some prudent tips on how to start, finish, implement, stick to, revise and refine a family budget.
Most families might feel that budgeting is a futile effort, unnecessarily burdening them with decisions on how to spend their money and depriving them of the creature comforts of today’s’ modern society. Most find themselves caught in a vicious never-ending cycle of “what comes in must go out”. Your life does not have to be a dizzying spiral of spend, spend, spend while you go deeper and deeper into debt. You can take back your life by following the concepts offered here. http://www.savoncreditrepair.com/our-ebooks.html
Set up a realistic Budget Plan, stick to it and celebrate from your success.
By sticking to the Plan, the family should eventually see their savings start to grow. Consolidate your debt, set aside funds for personal allowances, build your wealth and become more involved and aware of your responsibilities regarding life and finances.
Budgeting is seen as an accurate measurement of success when significant changes take place on the landscape of the family budget, spending habits and financial patterns. It is not so much about reflecting on what you cannot have, but more about thoughts on how to stretch, invest and spend your earned dollars more wisely. In short, it is about making your money go further and -
- Spending patterns that need to change in order to become fiscally responsible and more disciplined.
- Attitudes and habitual behaviors that we need to evaluate and modify, before you even start budgeting.
For example, being a bargain hunter looking for good buys, cutting down on careless spending, being on the lookout for excessive credit card spending and letting the person who handles money best in your household actually take care of it. For most households, a budget is no more than a spending plan.
- Any spending plan can help you see where your money is going.
- It fits your spending to your income.
- It reflects how we get the things we want and need most, while being ready and prepared for bills we must pay every month.
There is much information available online on how to stretch your income dollars and you could spend hours/days searching for the right information or just go direct to this site and order the book "How To Live Debt Free And Enjoy Life", with determination and discipline you really can live debt free
Some general strategies are helpful in assisting families budget better.
- The first significant step is to change your thinking about money, shift your attitude toward spending, and actually focus on saving money, planning ahead and driving for success.
- Develop a greater awareness of how you earn, manage, save and spend money.
- Awareness of how others would lure, entice and want you to spend your money (advertisers, retailers)
- Stop participating and playing the “Keeping-up-with- Jonesy game”, living with a false sense of wealth and security, while over-extending yourself and financial resources, beyond your means. Do not envy others and lust after things that they might have or even worse, get deeper into debt to compete or keep up appearances. It is counterproductive and can ruin your life.
- Delay purchases – learn to do without sometimes.
- Set solid financial and budget goals for yourself and family that you can work on individually and collectively to achieve together.
- Set spending limits and stick to them.
- Do not make ends meet utilizing credit cards, stay away from ATM machines and cash advances, do not cheat on your budget.
- Understand your income – know where the money is coming from and how it varies throughout a-one-year cycle.
- Understand your expenses – monthly and irregular, unexpected expenses
- Set a few realistic financial goals.
- Know your own habits, spending, temptation, and where the areas of risk and exposure are.
- Set up savings and spending mechanisms that work, reserve and growth accounts and have the right number of credit cards.
- Make an income plan – detail is important.
- Plan your obligations and must pay – smooth out large size bills with reserve accounts.
- Plan your necessities and look for ways to economize.
- Set aside pocket money for daily incidents.
- Create a family allowance to cover entertainment.
- Create a personal allowance.
- Balance and consolidate, wise decisions and trade-offs – agree and stick to it.
- Re-examine why you work and how you live.
- Stop tossing your hard earned money away.
- Celebrate when you have money left over at the end of the month – indulge a little and reward yourself – rewarding patience and persistence, not just the doing good and sticking with it.
- Be careful, do not throw all your savings on a big reward, put some of it away for “A Rainy Day”.