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Have you ever noticed how hard it can be to save? Maybe you really want to get that car but just can’t afford it? When was the last time you went on a family vacation? Unfortunately, money does not grow on trees, but there is a way to make your money last. It is called a budget.
Creating a budget is easy, but sticking to a budget is the tricky part. Here is something to think about… All businesses, organizations and governments operate on a budget, so maybe it is time for you to join the movement.
What is a budget? If you want to get technical it is an “estimate of income and expenditure for a set period of time” but what does this mean for you? When you create a budget, it is a way for you to plan your future expenses. It allows you to track your expenses, see where you are spending money, and an overall better way to track your finances. A budget is a tool to get you to the financial grace-land.
How do you budget? A budget has multiple categories, such as mortgage/rent, car payments, gas, groceries, and maybe a rainy day fund. Initially you will want to sit down and spend time figuring out how much you spend on each category. Have a vacation fund or a rainy day fund? It is good to have these funds in case any unforeseeable circumstances happen…which they usually do. You want to make sure if and when you tap into these funds for any reason that you have a plan to replenish them.
Can you keep to the budget? The hardest part about a budget is not making it. It is keeping to the budget. It is easy to tap into that money you have been saving with the thought of “oh just this one time.” That is the type of thinking that will get you in trouble. Once you have a budget you have to fully commit to it. Now if you have a rainy day fund and you car breaks down, that’s when you tap into it. You need your car to get to work, to get your kids to school and so forth. If the ends justify the means then go for it, but at the same time you want to remember that you need to put the money back in that fund.
At first having and keeping to a budget might be intimidating, but you can do this. Think of the end game…Are you saving for a house or a new car? If you stick to your budget, you will get there.
When did you decide it was time to set a budget? What motivates you to budget and save money?
Creating a budget is easy, but sticking to a budget is the tricky part. Here is something to think about… All businesses, organizations and governments operate on a budget, so maybe it is time for you to join the movement.
What is a budget? If you want to get technical it is an “estimate of income and expenditure for a set period of time” but what does this mean for you? When you create a budget, it is a way for you to plan your future expenses. It allows you to track your expenses, see where you are spending money, and an overall better way to track your finances. A budget is a tool to get you to the financial grace-land.
How do you budget? A budget has multiple categories, such as mortgage/rent, car payments, gas, groceries, and maybe a rainy day fund. Initially you will want to sit down and spend time figuring out how much you spend on each category. Have a vacation fund or a rainy day fund? It is good to have these funds in case any unforeseeable circumstances happen…which they usually do. You want to make sure if and when you tap into these funds for any reason that you have a plan to replenish them.
Can you keep to the budget? The hardest part about a budget is not making it. It is keeping to the budget. It is easy to tap into that money you have been saving with the thought of “oh just this one time.” That is the type of thinking that will get you in trouble. Once you have a budget you have to fully commit to it. Now if you have a rainy day fund and you car breaks down, that’s when you tap into it. You need your car to get to work, to get your kids to school and so forth. If the ends justify the means then go for it, but at the same time you want to remember that you need to put the money back in that fund.
At first having and keeping to a budget might be intimidating, but you can do this. Think of the end game…Are you saving for a house or a new car? If you stick to your budget, you will get there.
When did you decide it was time to set a budget? What motivates you to budget and save money?
Posted in these groups: 
Budget
Budget
Posted 10 y ago
Responses: 2
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It's not as important how much you make, but rather how little you spend that determines how well you do financially.
Never live beyond your means. The way to have a lot of money is to spend less than you make and keep doing that for a very long time. Defer your gratification till later and in the end you will be sooooo thankful you did.
So what kind of things can you defer? One of the biggest places people waste money is on dining out. Those who travel overseas, will discover that most people there cook for themselves, and they rarely eat out with their families. They make gardens and grow a lot of their own vegetables. These are things they do out of necessity, but for us it's just a smart thing to do in order to live more frugally.
Those who are inclined to not cook for themselves and instead go out to eat several days/week probably don't realize how much money they waste on food that is not that good for them. You can eat healthier at home, but YOU have to make the effort to do that.
Did you ever hear people say, "If I work, I have money and no time to do anything with it; If I don't work, I have plenty of time to do things, but no money to do it with." ??
So if you want to not spend so much, keep yourself busy. One way you can do that is by taking classes. You will find that you spend more time studying, and this will keep you from going out and dropping money at places like the movie theater [filling the pockets of Hollyweird narcissists, some of whom believe they have tougher jobs acting than you do fighting our wars.]
Limit how much you drink. Avoid the club scene. Alcohol is expensive. Save it for special occasions and entertaining company (in moderation of course).
Find things to do that don't cost a lot of money. It doesn't cost much money to go to the gym and work out. For entertainment, go tour national parks and museums with your family. Go hunting, camping or fishing. You may have had enough of that being in Uncle Sam's rod and gun club, but do it for your family. Your kids will like it and it's best they learn to like the outdoors. Volunteer at a school to help kids with their math or reading...
If you can discipline yourself to live a more Spartan lifestyle, while you are in the service, by the time you retire, you will have a nice nest egg set aside to buy some land and build your dream home. FWIW.
Never live beyond your means. The way to have a lot of money is to spend less than you make and keep doing that for a very long time. Defer your gratification till later and in the end you will be sooooo thankful you did.
So what kind of things can you defer? One of the biggest places people waste money is on dining out. Those who travel overseas, will discover that most people there cook for themselves, and they rarely eat out with their families. They make gardens and grow a lot of their own vegetables. These are things they do out of necessity, but for us it's just a smart thing to do in order to live more frugally.
Those who are inclined to not cook for themselves and instead go out to eat several days/week probably don't realize how much money they waste on food that is not that good for them. You can eat healthier at home, but YOU have to make the effort to do that.
Did you ever hear people say, "If I work, I have money and no time to do anything with it; If I don't work, I have plenty of time to do things, but no money to do it with." ??
So if you want to not spend so much, keep yourself busy. One way you can do that is by taking classes. You will find that you spend more time studying, and this will keep you from going out and dropping money at places like the movie theater [filling the pockets of Hollyweird narcissists, some of whom believe they have tougher jobs acting than you do fighting our wars.]
Limit how much you drink. Avoid the club scene. Alcohol is expensive. Save it for special occasions and entertaining company (in moderation of course).
Find things to do that don't cost a lot of money. It doesn't cost much money to go to the gym and work out. For entertainment, go tour national parks and museums with your family. Go hunting, camping or fishing. You may have had enough of that being in Uncle Sam's rod and gun club, but do it for your family. Your kids will like it and it's best they learn to like the outdoors. Volunteer at a school to help kids with their math or reading...
If you can discipline yourself to live a more Spartan lifestyle, while you are in the service, by the time you retire, you will have a nice nest egg set aside to buy some land and build your dream home. FWIW.
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Sgt (Join to see)
Could not agree more. Everyone is always talking about the money wasted on tobacco products (which is bad also) but hardly any one talks about the money wasted on out of the home food.
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Excellent topic for service members. It will never be easier to start budgeting than while in the military.
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Capt Jeff S.
Here's some things you can do to save when you're just getting started:
100 Great Ways to Save Money - The Simple Dollar
No matter where you are on your financial journey, you need to know that it's possible for anyone to turn their financial life around. Sometimes all it tak
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CPO Jon Campbell
One thing I did when was save my imminent danger pay. I put it in a CD and didn't touch it for 8 years. I found that it was better to put money into a fund (CD, stock, etc.) that would grow and wasn't easy to get to very quickly. That keeps the money from burning a hole in your pocket and makes it harder to spend on impulse. DRIP funds are great for this.
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PO3 (Join to see)
CDs are a good way to "not spend money" but they are not a good way to save for a rainy day. The interest rates earned in a CD do not keep up with the cost of inflation, and therefore with CDs you actually LOSE money.
A better alternative would be to invest in growth stock mutual funds.
A better alternative would be to invest in growth stock mutual funds.
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