Comments on: Reasons We Fail To Stick To Our Budget – With Twitter Input!

By: bocachica

bocachica — Thu, 02 Apr 2009 15:40:43 +0000

Credit is fine for business and great when there’s an ongoing cash flow but for individuals and families, pay as you go makes much more sense.

I saved for a car and got a good used one from a wholesaler. I got rid of as many credits cards as I could and don’t carry a balance.

I use my debit card and keep track of the balance; if I don’t have it I don’t spend it.

I also dumped my contract cell phone and went prepaid with Net 10, which is better and less expensive than Sprint.

There are a lot of things that you can save on if you try zero-based budgeting and don’t assume anything.

By: Finance

Finance — Tue, 31 Mar 2009 23:14:34 +0000

Americans have lived on credit way to long, budgets have not been needed because credit cards were always a backup. There is a major adjustment on how we spend and save needed, it will be painful but necessary.

By: Slinky

Slinky — Mon, 30 Mar 2009 20:25:06 +0000

“And think of the frustration if two savers – two math-nerds- happen to live in the same house!” – Lol. My fiance and I are both budget nerds. Our solution was to not mess with what works and just each keep our own systems. I can’t imagine trying to merge our budgets. He’s biweekly, I’m monthly. He’s current, I use last month’s income. The only similarity is that we both use a zero based system.

By: Jason Brasskey

Jason Brasskey — Mon, 30 Mar 2009 17:49:10 +0000

Very helpful, thank you. I recently instituted the “envelope system” for cash management in my house. I’ve also found CheckingFinder.com very helpful in finding recent bank rates…
Updated bank rates:

Rates with a * signifies this bank rate is available nationwide.

Florida Central Credit Union

6.01

First Robinson Savings Bank*

6.01*

Connexus Credit Union*

5.15*

Keystone Bank*

5.15*

Community Bank of Pleasant Hill*

5.01*

Three Rivers FCU

5.01

Union State Bank/Bank of Atchison*

5.01*

Beacon Federal Credit Union

4.51

Communications Federal Credit Union*

4.25*

First New England Federal Credit Union

4.15

By: Bill

Bill — Sun, 29 Mar 2009 19:08:59 +0000

Absolutely fantastic post! You can tell by the brief nature of the comments. I can’t think of a thing to add except, “Well done!”

By: RAJEEV @SAVINGS TIPS

RAJEEV @SAVINGS TIPS — Sun, 29 Mar 2009 18:20:21 +0000

I think the most important aspect of successful budget management is to
1. Have a budget that works i.e. have a realistic budget.
2. Most imporatnt aspect is to allocate roughly 10% of the total budget under miscellaneous exp head to ensure that you do stay within budget. Will help the motivation factor as well which is so crucial
3. Never give up. Like any other habit it works well when you stick to it.

By: Tina

Tina — Sat, 28 Mar 2009 21:25:42 +0000

I put my budget on a flipchart and have it stuck beside my computer. Online banking helps and the envelope system takes care of the rest… A lot of what you wrote goes along with the Dave Ramsey total money makeover which is what has gotten me started…

By: Rich Lykyu

Rich Lykyu — Sat, 28 Mar 2009 17:17:27 +0000

I think you bring up some great points. I especially agree with making a budget with too many categories, setting to high of expectations and then when we fail one month we are ready to give up. I have taken the approach now that my budget is a PLAN, and sometimes plans need modified to work. If I don’t hit my budget one month the next month I make some adjustments, hopefully eventually I will get a great working plan. My income and expenses are variable right now, which adds an interesting dynamic.

By: Michelle

Michelle — Sat, 28 Mar 2009 14:24:56 +0000

I fall into several of these failure categories at one time or another – I tried cash & could keep good track, my DH and I don’t always communicate well enough, etc…BUT we’re committed and treat these instances of budget failure as bumps in the road rather than road blocks! We’ve been using YNAB, too for 3 months and seeing it all laid out (not quite printable, yet – I think they’re working on this!) has been pretty helpful. In the past 8 months, we’ve paid off $6K in debts and have committed to a credit-free life.

One aspect in the article that I think is VITAL is that for a lot of us, we are truly learning to live this way – we’ve had decades to get into our bad money habits, and taking a few months to ingrain budgeting behavior modifications is not unreasonable. IMHO, o’course!

By: Credit Equity

Credit Equity — Fri, 27 Mar 2009 23:30:04 +0000

Many thanks for well researched article. Absolutely give me sense about topic. Keep great posted.