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01-16-2009, 10:42 PM #1
- Join Date
- Sep 2008
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5 things that can destroy your budget that are in your control
1. credit cards- these are tempting avoid thinking of them as money. Just because you have a 10,000 dollar limit does not mean you have 10,000 to spend. Try to spend no more on the credit card then what you can pay off at the end of the month.
2. No patience- you are saving for a car and have set a certain amount to spend. However, within a couple of months you see a car you love and decide to use the money saved for a down payment instead of continuing to save the full amount to pay cash. Can you afford the payment???? Don't jump on the first thing you see, set a spending plan and stick to it.
3. Not adjusting the budget- You pay something off but do not adjust the budget to show it. This does not mean, hey I paid off this one bill so I can go out and buy something for this amount or create another bill for the same amount. you aren't getting anywhere like that. Take that money and put it on another bill
4. Holidays- It's Christmas and I can't figure out how to pay for gifts in cash. uh oh here come the credit cards again. Sometimes you just have to say no. This phrase applies to more than just drugs
5. Vacations- make sure you budget the correct amount, if you decide we are only going to spend 500.00 on this vacation. Spend the 500.00 don't go over. If it's not within your budget to take the trip to that amusement park you have been dieing to take your kids to, do something cheaper and work to save the money to take them at a time you can afford it. For instance living on 18000 a year does not give us the luxury of taking a weeks long vacation at some resort. What we do is save the money for a local festival with rides etc. We set a limit of maybe 100.00 for this festival. We take only the 100.00 so when it is gone, it's gone time to go home. When we come home we cut the phones off and do family activities. If we decide we are doing a week long vacation, the phone is off for the week, we tell everyone we will be gone on vacation and we do activities together (the park, picnics, etc.)Mdowdy