Posted by admin on Mar 7, 2010 in
How To Budget
You’ve analyzed your the expenses you made before , put them into sheets of paper , loaded with all of your data and come up with a good budget. Now what? The tough part! You need to to stick to your budget and put your plans into action.
This is easier said than done. In many situation you will have forgotten about your budget and your financial goals 6 months or a year down the road. How do you keep this from happening to you?
Here’s how. Make sure you follow some of these tips below so this doesn’t happen to you.
1. Be sincere with your self, for instance one of your budget goals is to one in a day
If you are honest with yourself you will find this to be an unrealistic goal. Sometimes it’s a nice break to eat out and have a relaxing rewarding evening. In other words, don’t set the bar too high. Drastic and unrealistic goals are one of the surefire ways your budget will not succeed.
2. Budget for expenses that don’t occur on a routine basis – ensure sure you consider the expenses that come up once a year, such as holiday presents, birthdays, vacations, weddings, car maintenance costs, etc. These expenses don’t come up every day or week and they will bust your budget plans wide open. write down these events on a calendar and put it in one of your folders. put them in the month they are expected to come up so you can plan in ahead how you will pay for them. The regular routine expenses are not the reason your budget will fail. It is these “gotchas†that will wreck havoc on your budget if you don’t plan for them.
3. Put your budget in paper – Take the time to write down your budget plans in paper.If you Make your plan in a mental note you bound to fail . Don’t guess that your financial future will take care of itself by making a simple mental note to yourself. If you have your budget goals detailed in paper you can review and remind yourself daily and weekly of your financial goals.
4. If you have a bad day or wesk, don’t give up! – Let’s say you have been reaching your budget goals for five months. In the seven month, for whatever reason, you didn’t get your budget goals.perhaps you even stopped trying to stick to your budget! If this happens, don’t just throw in the towel .
Everyone falls off the wagon sometimes. Your budget is a journey. There will be some obstacle on the road, so the key is to realize that everyone makes mistakes.
This relates to a gist I like about a great old time golfer named tiger wood. Before each round of golf, he told himself that he would have 4 or 5 bad shots. During the golf round, if he hit his ball into a bunker, he would tell himself, “There is one of my bad shots that I was expectingâ€, hit the ball out of the bunker and move on. It didn’t phase him one bit because he had knew there would be some bad shots in his round.
5. make sure you Adjust your budget over time – This one is a biggie! It can take weeks or even month to fine tune a personal budget. When you initially made your budget plans, you probably had to guess at some of your figures. They might not have been in touch with the realities of daily life. For example, you may have underestimated your monthly grocery or utility bills. If this happens, analyze all of the underlying money that was spend in this category to see if your initial estimate was unrealistic. If it was, try to come up with a more correct number and then stick to that new figure. It is this type of adjustment that is one of the keys to making sure you can stick to your budget.
6. make sure Review your budget every month – This is where you will make any adjustments that are needed. Set aside the first week of each new month to review your income and expenses and match them to your budget goals. By actively reviewing your finances and comparing it to your budget, you can adjust your spending habits.
This gives you the opportunity to analyze areas that exceeded your budget expectations and make the adjustments in your spending habits or your budget. The goal here is to not forget about your budget. One tip that has worked for me is to put a printout of my basic budget goals on the refrigerator. That way every day, several times a day, I would notice my budget goals sheet. I may not read it every time, but I notice it and it reminds me that I need to stick to my budget. That is why tip number 3 is so important.
7. Set specific long-term goals – Let’s say one of your budget goals is to have all of your credit card bills paid off in five years. If your credit card balances total $20,000 that would be $10,000 a year. Divide that number further into quarterly reductions in your credit card bills, in this case $2,500 every 3 months. Now, this is a more tangible budget goal to shoot for isn’t it? I find that when I divide intermediate and long term goals into short-term tangible stepping stones, I am able to feel a greater sense of accomplishment and am more likely to succeed. This brings us to number eight…
8. Reward yourself – That’s right! Treat yourself when you reach your some of your short-term goals. Since your financial budget is really a journey, take some time to smell the roses on your way. Sticking to your budget should not be a restrictive, unpleasant experience. Not only should you take the time to enjoy your financial accomplishments along the way, but use part of your budget for fun things that you enjoy. Just make sure your rewards don’t end up breaking your budget!
9. Make sure Pay yourself first – I’m sure that one of your budget goals is to save and invest a portion of your income. One of the keys to make sure you succeed at this is to do what the IRS does with your paycheck, take it out of your discretionary income immediately. This way, the money is saved away right off the bat. Move the money immediately into a savings or mutual fund account. Many mutual fund companies can setup automatic deductions from your paycheck. Despite your best intentions to save, the hectic, daily demands of life can reduce the amount you are able to save.
10. Your atitude is very important  – When most people think of a budget, they picture discipline and pains. Almost like a diet. You know what happens with most diets? They don’t work for long time !
First, if your budget is too strict, too restrictive on your spending, it won’t work either. However, you will need to limit your spending in some areas and this will take some adjustment in your attitude.
I found that when I am feeling limited and sorry for myself when I can’t purchase something that I want, I remember my financial goals I set with my budget. I think about the satisfaction I feel when I reach those goals. Over time, you find that you don’t want to disappoint yourself by breaking your spending goals on a spur of the moment purchase. Now, I actually get more pleasure knowing that I am reaching my budget goals when the thought of an impulse purchase crosses my mind.
If you follow these tips, your budget plans are more likely to be a great success. By taking some simple steps you will find that living within a budget is not as tough as you imagined. It can actually be fun and rewarding!
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Tags: budget, Ensure, financial, Steps, Succeed
Posted by admin on Mar 7, 2010 in
How To Budget With budget, Telluride faces more cutsThe year 2009 brought a financial downturn unexpected in its severity to the …
The year 2009 brought a financial downturn unexpected in its severity to the Town of Telluride. With major sources of revenues plummeting, the town made deep cuts to its budget — sawing away nearly $5 million in infrastructure projects, grants, services and even eight employees.
Read more on Telluride Daily Planet
Tags: 2009, brought, budget, cutsThe, downturn, faces, financial, more, severity, Telluride, unexpected, year
Posted by admin on Mar 7, 2010 in
How To Budget
Budget planner worksheets are very useful tools that can help you keep track of your finances. There are many websites on the Internet where you may download budget worksheets for free and be in control of your financial situation.
The best websites that offer free budget planner worksheets are:
http://office.microsoft.com/en-us/templates/TC062062791033.aspx
Microsoft offers free, downloadable templates to guide through your finances. The link above is the personal budget template that has income and expenses allocated on a monthly basis. Expenses include home, daily living, transportation, entertainment, health, vacations, dues, subscriptions, personal, financial obligations & miscellaneous payments. All are summed up at the end, and you may calculate if you are short on cash or not at the end of the template by deducting expenses from income. It is totally straightforward and easy to use; and most importantly free with the guarantee of excellence of Microsoft.
www.spreadsheet123.com
This template is a great solution for planning your monthly budget. It helps you make a comparison of your estimate vs. your actual monthly expenses and track the categories that you spend more than you should. The template can be downloaded for free and the website provides also a guide for creating a Personal Budget Spreadsheet in Excel.
http://www.docstoc.com/docs/7923811/Budget-Planner-Worksheets
DocStoc.com is a website that you can find pretty much everything and you can download it for free. The same goes for budget planner worksheets that are well-structured and contain also instructions on how to complete the form and familiarize yourself with the different categories.
http://www.betterbudgeting.com/budgetformsfree.htm
Betterbudgeting.com provides a variety of free budget forms to help you stretch your dollar and work on your debt issues. It also offers helpful guidelines for those who are not so familiar with budgeting issues. Overall, the worksheet is structured and can be easily understood and completed from anyone, even from those who had never done budgeting before.
http://www.vertex42.com/ExcelTemplates/family-budget-planner.html
In Vertex42.com you may download for free a variety of Excel spreadsheets that can help you create annual budgets and make predictions to estimate your future financial situation. You may use these budget planner spreadsheets to plan carefully for your future and know where you stand at any particular moment.
On the Internet, there are many budget planner worksheets available that can match your needs and help you mastering your finances. Putting your income and expenses on a piece of paper and confronting them on black and white helps you plan your budget on a monthly basis.
Christina Pomoni has acquired her MBA Finance from the American College of Greece. Her advanced familiarity with financial statement analysis, capital budgeting and market research has been acquired through her professional career at high-esteemed organizations. As part of her long journey, Christina has served as an Equity Research Associate at Telesis Securities (EFG Eurobank) and a Financial & Investment Advisor at ING Group. Besides, having lived at Chicago, IL, Boca Raton, FL and Paris, France has helped her, not only to be a successful professional, but mostly to see life under a more creative and innovative perspective.
Since 2005, Christina provides high quality writing services to numerous websites and research companies contributing her knowledge and expertise. Her areas of specialization are Business, Finance & Investment, Society, Politics & Culture. She also has a very good knowledge of Entertainment, Health & Fitness and Computers & Technology.
Christina currently designs the website of her own writing company. Believing that knowledge is the road to opportunity and development, her mission is to promote her already established knowledge to a growing number of visitors and to provide high quality writing services to meet the most demanding customer requirements.
Tags: budget, find, Free, Planner, worksheets
Posted by admin on Mar 7, 2010 in
How To Budget Chat: How the Budget will affect us all
Budget chat with experts in the fields of economics, finance, real estate, fmcg, automobile, infrastructure, education, consulting, infotech, stock markets, research, etc.
Read more on rediff.com
Tags: affect, budget, Chat
Posted by admin on Mar 7, 2010 in
How To Budget
A budget is the most fundamental and effective financial management tool available to everyone and it doesn’t cost a penny. Absolutely anyone can work out their budget and simply doing so helps you to see how much you earn, how much you spend and where you are spending it.
If you want to work out your own personal budget you can do so in many ways. If you prefer the traditional paper and pen method that is fine as it works just as effectively as using a computer. If you are more akin to personal computers or laptops then you could use a spreadsheet to note down your budget. You can also buy computer programs designed specifically to help with personal finance planning.
A budget tends to have different headings for various kinds of income and spending, against which you can note down your own figures. Monthly outgoings are a good starting point for any budding budget planners.
Begin by making a record of exactly what you spend money on each month. If you cannot remember all outgoings off the top of your head then take a look at recent bank statements and look for regular payments such as gas, electricity, telephone, rent and council tax. If you have any direct debits or standing orders don’t forget to include these.
The next step in the budgeting process is to ascertain what you spend on everyday items such as food and petrol. When budgeting, it is important to include all expenditure to do not forget to include even the smallest of details. If you grab a morning latte before each work each day then this should be accounted for within your budget.
Last but not least, a comprehensive budget will also take into account estimated amounts for occasional costs such as birthdays, Christmas presents, holidays or dentist and optician bills. You may not have an exact figure but an estimate works just fine to give you an idea of how much this adds up to every month.
There are always going to be unexpected bills, if your car breaks down or pet needs to be taken to the vet. These are problematic to accurately account for so it might be easier to set aside a contingency amount each month for unplanned expenses.
Next step in the budget is to list all of your income. Look at recent payslips to get an accurate figure for wages and remember to include any benefits you receive, such as Child Tax Credit.
Work out your total income for a set period of time, usually a week or month, and then subtract your expenditure for that time period. This helps you to work out if you have a shortfall or spare money and from there you can work out what action you need to take, whether it is to cut costs or to save more.
You’ll find several different types of budget calculator on the internet which can also help to sort out your finances.
Adam Singleton writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.
Tags: Benefits, Budgeting, Finance, Personal
Posted by admin on Mar 7, 2010 in
How To Budget
A home budget is often considered a frustrating venture into the world of managing money. Getting into the habit of following a budget might seem like a chore, at first. This is especially difficult for people who are impulse buyers and free spenders. But using a budget can end up saving plenty of money, if you take the time to learn how to live with one!
The first step in setting up your home budget is to write down all your income and expenses. Try to include upcoming expenses or those that occur only once a year. By including them now, the bills won’t be a surprise and the money to pay them will be readily available. If you’re not sure how to set up a home budget, plenty of free forms and guidelines available online will help you get started.
Always include “fun” money in your budget. A budget isn’t there to restrict your spending or cut out all the entertainment. Rather, it helps you see at a glance where your money is going. It allows you to manage income and expenses far more effectively. You may also discover that what seems like small purchases add up to big money. This helps you curb costs and redirect money towards better expenditures.
To help you stay on track with your home budget in the first few weeks, stop carrying cash. It’s easy to pull out a twenty when something catches your eye. The less cash you carry, the harder it becomes to make that unnecessary purchase. Even a dollar here and a dollar there add up quickly. Before you know it, the cash you had is all gone.
If you prefer paying with cash over debit or credit cards, decide before you leave home how much you need. Only take that much and no more when you go shopping. You can’t spend what you don’t have!
Using a list is one of the best ways to stay on track with spending, especially in places like the grocery store. Training yourself to follow a list for purchases helps you eliminate impulse buys. Also, a list helps direct your course through the store. Wandering about is just what store owners want you to do, it increases spending and makes them more profitable.
Using a budget doesn’t mean you have to become a coupon-cutter, but coupons do add up to big savings in the end. Clearance stores and discounted items also lead to savings. That money could go towards a reward for yourself, like a trip or a night on the town. It’s important to remember to please yourself, even if you are on a budget. You just have to be careful with your spending and keep your eye on the prize!
Really, a home budget isn’t about tracking spending and income. It’s about self-control and sticking to a plan to achieve a result. A home budget helps retrain your thinking to avoid wasting money in light of other, better goals.
If you find sticking to your home budget difficult, use the buddy system. When faced with the urge to buy something, call your budget buddy. Ask the person if he or she agrees with your desire to purchase the item. They’ll help distract you from the craving to spend and help keep you on track. Even better, take the person shopping with you!
A new habit takes about two weeks before starting to settle into permanent behavior. Getting into the habit of sticking to your budget is worth the effort. Before long, you’ll be seeing a definite change in your spending and more money at the end of the month. You’ll have a good feeling about yourself, proud of what you’ve accomplished. You might even be amazed at how much money you’ve saved!
Tags: budget, Easy, Home, Starting, Tips