10 Ideas For Creating A Better Budget

If you are working to create an effective budget, consider the following:

Be realistic.

When estimating monthly projections, consider typical monthly amounts.  Underestimating will get you in trouble and lead to frustration.

Be patient.

If you have never lived on a budget, it may take you (and your family) some time to adjust. Give yourself a break and spend the first six months tracking your expenses and then fine-tune your budget categories.

Be informed.

Gather information related to the business and companies with which you do business.  Understand available discounts.  The more you know, the more you can prepare, the more you can save.

Be communicative.

If you are married, talk to your spouse about weekly goals, monthly goals, yearly goals, and future goals. Talk to your kids about their responsibilities around the house. Get everyone in the family involved in decision making, goal creation, and plan implementation.

Be consistent.

Find a budgeting system that suits your lifestyle and stick with it. Set aside a specific night of the week / month to create / tweak your budget.

Be stubborn.

Your friends and extended family will might think that you are “crazy” for choosing to live on a budget.  Resist the urge to abandon your budget, especially in the face of negative comments from friends and family. Seriously, don’t let broke people boss you around.

Be generous.

Every budget should include a designated amount for giving. Personally, we budget an amount for giving, charity, and gifts.

Be responsible.

Take ownership of the choices you are making and learn to thrive – while maintaining your focus and determination.

Be aware.

Pay close attention to how you deal with budget busting situations.  Learn to deal with situations which might lead to overspending.

Be different.

You may be the one person on your block, in your family, or at your office who is different.  That’s cool.  Set yourself apart by being responsible.  Stick with your budget and make a better future for yourself and for your family.  Rock on.

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12 thoughts on “10 Ideas For Creating A Better Budget

  1. I especially like #8. I never buy girl scout cookies, candy bars or any of the other ‘gifts’ some non-for-profits may sell. For tax purposes, you have to deduct the value of the item from the amount donated in order to get the write off, if you want it. That being said, if I like the cause I just donate money and skip the sales item.
    Same holds true for PBS television stations. I just send them $100 (I watch PBS shows all the time) tell them to keep the item and then log onto either Amazon or my local library and get/rent the item for pennies.
    Just my two cents and what works for me.

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