Budgets for families with recurring regular income need not be formally written;
a scratch pad will do. More importantly, discretionary spending should be
deferred with the understanding that money for recurring essentials must be
reserved. Provide first for all monthly expenses that must be paid; rent or
mortgage, auto, utilities, insurance, loans, personal debt, and food allotment.
Since all the monthly income will probably be spent, there is no compelling
reason to not pay the essentials first, even ahead of schedule. The remainder is
the informal budget for the month, dictating the differentiation of wish-list
spending from necessary spending. An acquaintance complained of having no money
for bus fare to a job interview, but was smoking an $8 cigarette pack. The
defense was that this cigarette spending was not "money money," implying
that if the spending was not a pile of money, the saving was of no consequence.
But she and her husband, even at a minimum of one pack a day between them would
be "money money" in that it multiplies to $240 per month or about $3,000
per year. That is just a single item. Does anybody think anymore?
For me services like mint are a great way to get an instant snapshot of where
all of your accounts are: savings, retirement, house value, mortgage, etc. I
don't use it for anything but that. I do however believe in budgets and am
always surprised when my friends look at me strange when I ask what budgeting
system they use. Most of them say because they can look on line and see their
account balances then they know where they are at. I find that if every dollar
is assigned somewhere I am less likely to overspend and I can pay cash for
Is it any wonder why our Congress fails to do the same? Sigh...
Took a Gallup poll to figure that one out? WE can't even get our
government to budget, let alone the rest of the entitled masses.
I would like to know how not to take 2 steps backwards and 1 step forward.
"....more than two-thirds do not make a budget."------------Well, if nothing else, this certainly helps explain
why so many people seem indifferent to the incredible debts and fiscal
mismanagement of so many governmental agencies, especially on the federal
level.Unfortunately, as so many of those who are indifferent to
fiscal irresponsibility in their own lives eventually find out, we **all**
suffer and will suffer much, much more as a result.Frightening.
Budgets are un-American, they take away freedom to do what you want. A
budget is like making a list and chart for your vacation, it is good to plan
ahead but that’s where the value ends. Just make it and file it away.
People who live by a budget, a code, a strict philosophy or any
fixed notions have given up their freedom to act independently.
Are two thirds of Americans Liberals?