Simple Solutions to Budgeting Problems

I hear it from all sections of society.  It is a recurring topic: “I don’t have enough money!”

In fact in recent years the cries of having no money have gotten worse.  It is certainly true that things have become harder as the economy struggles. Despite the fact that consumers try to budget they still face many problems.

Here are a few common budgeting problems and their solutions:

Not enough salary paid to cover basic needs

Well this is a hard problem but there is a solution.  Perhaps you need to consider using your resourcefulness to find a way to supplement your income.  For some people this involves using their skills to create something that they can sell or offer services to family and friends for a fee.

Jobs are hard to get but within some jobs there are opportunities for promotional advancement. It is important to explore these options as promotions often come with a pay increase. In this way the salary will be able to accommodate more of your daily needs.

Heavy Debts that have to be repaid

Unfortunately, many persons have faced the problem of debt. This prevents them from being able to budget or save in any meaningful way as they constantly have to repay hefty loans each month. One way to combat this is to negotiate with the lenders and see if you can consolidate the loans.

If that is not practical, perhaps you can asking for the amount to be paid back each month to be reduced. Although this might result in the pay back period being extended it will ease the burden on your finances.

Another thing to consider is to identify where you can cut back in your expenses so that even with a loan you can plan how you will spend your salary wisely.

I can’t stick to a budget

A number of persons are not self disciplined enough to stick to regimented savings plan. However, those who do are usually rewarded with achieving their financial goals. In order for your goals to be realized you must exert some effort so I find it helpful to write down what you want to achieve.

This should then be prominently displayed along with the plan of how you intend to achieve it.  Each time you stick to the budget, you should give yourself a ‘mini’ reward for your efforts. Of course the real reward is when you are able to accomplish your financial goals!

What other problems do you have with setting a budget? Let me hear from you!

Teri Ann Renee Paisley

Gleaner online writer

Tags: budget