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Financial Bliss- More money than month? Really?
Back today with another Financial Bliss post- check the sidebar- click on Financial Bliss under categories to get caught up if need be. We've discussed the importance of having a balanced budget and how to trim your budget when your expenses are higher than your income. But what if you do the math and you come out on the plus side- you've got more money than month? Well, let's talk about that . . . .Now, let’s say you’ve subtracted your expenses from your income and you actually come out with money left over--- wow! Now- go and check those figures again to make sure you really have that money. Did you write down every expense?
Next question: Did you make allowances for expenses that are incurred quarterly, bi-yearly or yearly (such as taxes, car/house insurance, license tabs and fees, trash removal, oil changes, car maintenance/repair, home maintenance/repair, possible doctor visits)?
I’m going to use that “R” word again- were you realistic in the amounts you placed in each expense category? You can’t realistically have a monthly budget of $0 for clothing- what happens when the elastic on your tighty-whities goes bust? I also guarantee that if you have children you will have a monthly clothing expense.
Dave Ramsey suggests that you have some “blow money” calculated in your monthly expenses- a little bit of money that you can use each month to blow as you please. Such as buying a pizza or taking the kids out for ice cream or renting a movie or even taking your spouse out on a date. Biting the budget bullet is a hard thing and if you make your budget too constricting it will choke you. You need a teensy tiny, itty-bitty amount for “blowing”- it will keep you sane and it will keep you on track.
Still have money left over? WOW! If you don’t have any money at the end of the month where does it go? Check again. You must balance your budget- income minus expense must equal zero.
Still have money left over? Do you have credit cards or loans? Take that money- I don’t care if it’s only $5- take that money and put it towards paying down your debt.
[I’ll share which debt you should put it on in the next post.]
There- that’s done. Right now you should be at the point where you have a written balanced budget. Save it, make copies, post it where you can be reminded but NO MATTER WHAT follow through with your budget- stick to it!
DISCLAIMER: I know I said no matter what—BUT: I don’t want you to fret or get discouraged if you can’t stick to your budget right away- it may take a couple of months to really get it to work for you. Be encouraged. Be willing to make necessary adjustments.
*** Also- I have been remiss in mentioning- make sure you and your spouse agree on your budget- put it all down on paper and sign it together if you need the affirmation- just make sure you are both “on the same page”. Please don’t go and cancel the direct TV if your spouse isn’t in agreement with you! Yikes!
Congratulations! You have a budget!
Next Post: Where to put that extra $5.
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3:34 PM, 2008-Feb-4 .. Posted by gabbie427Recently started our budget in January, but February will be the first whole month being on one....wish me luck.
For anyone who has not bought the Dave Ramsey book.....what are you thinking??? Go out and by it today!!!
God's Blessings,
Amy Jo
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