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Leroy Ross
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Leroy Ross   My Press Releases

Missteps when Creating a budget

Published on 1/20/2016
For additional information  Click Here

 

Money Matters

-------------------------------------------------------------------------------------------------------------------------

AVOID THESE EPIC MISSTEPS WHEN

 

CREATING YOUR BUDGET

 

 

Q: My wife and I have been spending way too much money each month. As a remedy, we are attempting to create our first budget. We’d like to avoid the common mistakes that first-time budgeters commonly make. Can you fill us in on what to avoid?

 

A: Congratulations on taking control of your spending! Yes, there are many errors that are common in most attempts to create a budget. This is true whether it’s your first budget or your 10th.

 

Watch for these common budgeting blunders:

 

 

1. Failing to have an emergency fund. Unexpected expenses can blow your budget. It’s not really possible to build a major car repair into your budget, but you can have the money set aside to protect your budget from such occurrences.

 

2. Failing to track your expenses. After you make a budget, you still have to track everything to see how well you’re sticking to it.

3. Not having enough flexibility. Some months you’ll have to spend more in some categories and less in others.  

 

4. Not being realistic. You can’t feed a family of five on $100 a month.

 

5. Trying to make a budget without your spouse. Money is already a common source of friction in a marriage. You’ll be frustrated and your spouse will feel like they are being controlled.

6. Not being able to say ‘no.’ Saying ‘yes’ too much will destroy any budget. You’ll have to take a pass on some opportunities to go out for coffee, dinner, drinks, or outings with your friends.

 

7. Not having any fun. If your budget is so tight that you’re miserable, you probably won’t stick with it. Budget a small amount of money for affordable entertainment.

 

8. Leaving out the annual expenses. These are harder to remember. Christmas presents and clothes for school are two examples.

 

9. Letting the ATM eat your budget $3 at a time. Look for a bank or account where you are able to conveniently access your money for free.

 

Avoid these mistakes and your budget is much more likely to be a big success!

 

Leroy Ross

 

 

 

 

 

 

 

 

 

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