Budget blowout

Discussion in Bank Accounts started by smlewis00 • Jan 8, 2014.

  1. smlewis00

    smlewis00Member

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    What are some important things to remember while budgeting?
    For me, 2014 is all about staying on a budget. Last year I was able to follow my budget, and put money back in savings.
    I have estimated all of my expenses and set up a fund for emergencies. I think I am set, but what advice do you have for following budgets?
    What are important things to know and do?
    One of the hardest things for me is when I go over budget on groceries or eating out. I get really down about it.
    How do you overcome when you have a budget blowout? (Over spend)
     
  2. stacyje

    stacyjeActive Member

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    I would say , have a budget plan on what you want to spend, my co worker she has her monthly expencse figured out to the teeth. I plan on 2014 taking lessons from her on how to do this. she shows me every month what she pays and how much she gonna have left over. She creates a log for herself and she set aside a just for stash just in case something happens out the regular. I plan to use her plan.
     
  3. Treadlight

    TreadlightMember

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    Necessities always come first. Always. I used to get off track financially and that was the main reason why. I gave myself what I wanted before taking care of what I needed to.

    I skimp on other areas of my budget to compensate. The bottom line will always remain the same. Everything else that leads up to the bottom line may fluctuate, the end result is always the same.
     
  4. smlewis00

    smlewis00Member

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    Thank you for your advice Treadlight! You're right, necessities should come first! I think I have a good budget for 2014. So far, so good! It's only week two though! :)
    I have reduced my budget for eating out. Even though I love to dine out, I'm going to limit myself and cook at home more. That is one area I know I can control my finances on.
    I also have started unplugging appliances and electronics when they are not in use. I don't know how much this will affect my electric bill, but I guess every little bit helps!
    Thanks again for your reply!
     
  5. smlewis00

    smlewis00Member

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    Thank you for your feedback stacyje! :) Good luck with your budgeting! I know it can be a challenge, but hang in there! How awesome that your coworker is so precise with her budget! It'd be great if we all had that mind set! :) Thanks again for your reply!
     
  6. alfonso

    alfonsoMember

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    Great post. I think its very important to look for the best prices for things that you buy. For example, if you can get a pack of smokes or toilet paper for a dollar less by walking a bit further, you should, you'll get more exercise too. Buying wholesale can save you a lot too. I'm also a sucker for eating at restaurants, even if there's perfectly good food at home. I think it has a lot to do with discipline. One good thing I noticed, at least with myself is when you get used to saving money on things like eating out, its not so hard to do.