› Budget101 Discussion List Archives › Budget101 Discussion List › Why live on a budget?
- This topic has 1 reply, 1 voice, and was last updated January 2, 2008 at 2:00 pm by .
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January 2, 2008 at 2:00 pm #254991
Melissa Burnell
I’m a Dave Ramsey follower and he recommends a $1000 emergency fund
for just such an emergency. As long as your bills are up to date, or
every penny to build an emergency fund. Especially if you are living
in the paycheck to paycheck situation, there are more chances Murphy
place, than you can modify your budget to accomodate a “vehicle
repair/emergency” category and build it to what you think is
rental, at $50/day allow for a week (7 days = $350) with towing at
$50, so we are looking at $900. Create that category and fund it to
Emergency Room copays, accidentally breaking your front room window,
emergency trip to see sick/dying family, etc.
— In Budget101_@yahoogroups.com, “trisha”
wrote: >
> I think that article is really correct. I think that having my
car
that
> already for towing and diagonistics I am past $130 dollars.. It is
> emergencies. The only big question I would have.. is what
percentage
> ~Trisha
>
>
>
>
>
wrote: > >
> > Why live on a budget?
> >
> > 4 reasons to budget
> > 2. Earn cheaper rates
> > 3. Improve relationships
> >
> > If you’re like most Americans, your monthly income never goes far
> seems
> > there’s little leftover for things that matter most to you —
> > dinners out, orchestra-row theater seats, a college savings plan
> for
> >
> >
> > Hate to break it to you, but it’s not your salary that’s to
blame.
> > choices.
> >
> > going, oftentimes they are shocked to find it has nothing to do
> with
> > financial planner for Compass Wealth Management in Maplewood,
> > N.J. “Five dollars a day on Starbucks, for example, is a big
> > when you multiply it by 360. That takes away from things you may
> have
> >
> > Life’s little extras are well within reach for those who know how
> > budget.
> >
> the
> > average consumer can do far more with less — without sacrificing
> > Foundation, a self-help consumer education Web site.
> >
> letting
> > your finances control you,” Tehan says. “That element of control
> > going to save you money in the long run.”
> >
> > Financial mismanagement makes consumers more vulnerable to
> > overspending, which results in lower savings and higher credit
> > debt.
> >
> > American carries $2,328 in credit card debt, spread out across
2.9
> > that gets expensive. For example, a $5,000 balance on a credit
card
off
> > if you made only the minimum payments (4 percent).
> > “The amount of money you wind up spending just servicing debt
> through
> > something else,” Siesta says, adding that following a monthly
> budget
> spending
> > to begin with.
> > Cheaper rates
> > Another upside to life on a budget is that it forces you to
> > organized. That, in turn, helps you avoid late payment penalties
> and
> > determine how much they should charge you for auto and mortgage
> > loans. It also can affect how much you pay for auto and
> > insurance.
> >
> > A less obvious benefit of budgeting is the positive effect it can
> > have on relationships. According to Siesta, sitting down with
> > significant other to discuss financial goals helps prevent money
> > disputes down the road. It also provides a rare opportunity to
> > your own spending philosophies. “Money is a huge source of stress
> for
> > with a spouse or significant other really does help create better
> > understanding and better relationships.”
> > Saving for the future
> > Finally, learning to live within your means can help you get
> > By allocating a portion of your monthly budget towards savings,
you
and
> a
> your
> > spouse lose a job or suddenly fall ill.
> > “Budgets create financial security, which gives you the ability
to
Tehan
> > said.
> > Budgets are all about financial freedom. Without a plan for
saving
> matter
> > how much money you earn.
> > “Budgets are very empowering,” Siesta says.
> >
your
> > financial goals.”
> >
>
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› Budget101 Discussion List Archives › Budget101 Discussion List › Why live on a budget?