Staying the course!

Have you ever tried to diet? I find that the hardest thing about diets is to avoid temptations that would undo all your hard work. It’s the same way when you have a budget. Although you try hard there are some temptations that threaten to derail all your good intentions.

Temptations

So you’ve decided to stick to a budget! That’s great and you are to be congratulated! However there are so many temptations to avoid. The main problem that can dent your budget is careless spending.

Sales and discounts.

You might not really need the item that is on sale, but you just can’t pass up on it because of the cost. Actually the cost of the item might not be significantly decreased but consumers often respond to the fact they are saving money. Is it really saving though if you are buying things that you do not need?

Impulse Shopping

There are other occasions when the item is not on sale but you simply want to have it even though you really don’t need it. That eye catching item that you just had to buy can seriously make a difference in a carefully crafted budget.

When budgeting, one of the most common tactics is to break every expense down into a particular category. This allows you to determine how much you spend on groceries, entertainment and restaurant meals.

However, one of the most difficult issues is deciding exactly how much money to allocate to each category. This requires skillful planning but it pays off!

Unexpected Expenses

One of the most common budgeting problems that everyone faces is dealing with unexpected expenses. The truth is no one can see the future and so there will always be those days when you spend more because you have to.  Health or family issues are important and can punch huge holes in your budget if you are not prepared.

There are other expenses that can creep up on you too such as small car repairs that balloon into huge pay outs. A good way to prepare for these types of situations is to always have an emergency stash  of money. This fund would only be for emergencies and so if it used you will need to replenish it quickly.

So what are your views? How do you stay the course? Let me hear from you.

Teri Ann Renee Paisley

Gleaner Online writer

Tags: budget, emergency fund