Budgeting No's No's
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Budgeting is an important part of managing your finances. It can help you to set and reach financial goals, save for the future, and make sure you have enough money to cover your expenses. When you create a budget, you are taking control of your finances and putting yourself in a better financial position. Let's talk about what NOT to do when it comes to budgeting.
5 budgeting no no's to avoid:
1. One of the biggest budgeting no nos is not knowing your total monthly expenses. You should know right away how much your monthly expenses are. This is why having a budget is so important because it forces you to know this. Even if you don't have a lot of money to work with, it's important to know what your income and expenses will be so you can make the most of the money you have.
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2. Impulse buying. Impulse purchases can quickly add up and put a strain on your finances. Try to wait 24 hours before making a large purchase. Shopping for your groceries online and scheduling to pick up your groceries and other items can help with this because most impulse purchases happen in the store while you are walking around. ESPECIALLY in Target! We are all guilty.
3. Not looking at your budget weekly. If you wait until the end of the month, then it's too late to make adjustments. Check out this simple Weekly Expense Tracker!
4. Not budgeting for a rainy day. Things happen to all of us; nail in a tire, medical emergency, laid off, etc. It's important to budget for this and set aside a certain amount each week or month. If you don't have this rainy day fund then you will dip into your weekly funds which will completely butcher your budget. This is exactly why people live paycheck to paycheck. They have no savings so when something comes up they use their weekly funds and then they are left with no extra money.
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5. Not budgeting for retirement. We all think "I'll start that later when I have money" or you think you'll be fine and make plenty of money when you are older. I think it's great to be positive and believe you will be a millionaire when you are older and won't have to worry about it. That could certainly be the case, BUT if that's not the case you are screwed, and you'll be working in your 60s and 70s. Now which is worse, saving a little each month now, or working in your 70s?