Sunday, June 15, 2008

Make Your Household Budget Adjustable

Making your household budget adjustable is very important if you have never really had or stuck with one before, this will be a new experience. Creating a household budget will take time and commitment from both of you, always remember to make this a team effort to remind each other when you are about to stray away from the intended goals.

Don't think you can copy a generic budget from someone else because we are all different in our needs and wants, these are the first things you should evaluate. Take a closer look at the areas where you can cut back in your everyday spending. Remember you can't exceed your monthly income so like I've mention before, don't purchase anything you don't really, really need. Each month you can start looking for new things to go without and Break the Spending Addiction. Does it mean giving up some personal fun things like getting your nails and hair done, or those weekly golf games, going out to eat and other entertainment? Yes, it might mean it's time to look at your habits and what you're over spending on. Soon you will see many of the unnecessary things in your life that you could change to achieve your financial goals, whether they are debt reduction, savings, investing or retirement objectives. Try this method for several months and keep looking for new areas you can adjust and soon you will be happy with your new household budget. You will also be very proud of yourselves for making this commitment to become debt free and living within your means.

I like using a paper and pen to write down ideas and goals, then talk them over. Like I have mentioned before on another blog post, using a financial workbook for writing all these figures in will become very personal to both of you. Make a list of your household expenses to see where your monthly income has been going, now start setting your new goals in writing. This will help you to visualize where your headed.

If you limit yourself too much in certain areas, you won't stick with the new budgeting plan. Budgeting your household expenses equates right along with going on a diet, only we're talking about cutting back on your spending, not starving yourself. Have reasonable goals otherwise the first slip of over spending you'll give up on the whole idea of a budget just like most people do when they are dieting.

Make a plan and check back each month with each other to see how you did and what you could have improved upon. What could or would you change in this new budget to fit your lifestyle better now that you have your new plan and goals in place for your future. Make some simple changes if need be and feel good about yourselves for accomplishing what most people don't want to face. This makes you a stronger couple in your marriage and a much happier family life as well as proving to be responsible human beings.

2 comments:

A GROWN AZZED WOMAN said...

I am constantly trying to perfect my household budget. Basically, my best way to stick with a budget, so far, is to stay home, lol. Only leave the house to go to work and come back, lol. Also, I try to live way underneath my means. Keep my pantry well stocked, so I don't have to eat out on the weekends. I take my yearly vacation, that's my big expenditure.

Sherry said...

A Grown Azzed Woman,
Perfecting the household budget is a challenge and remember we can adjust it as needed. Keeping that pantry stocked and staying out of the stores are a big plus. Putting those extra dollars towards elimination of debt, investments and a well needed vacation is worth it all.

BTW....thanks for stopping by and leaving a comment.