Wednesday, February 4, 2015

Budgeting!

So many have asked if the Bee Organized challenge can continue and I said it surely can!!! YAYYY!! Our next challenge is BUDGETING!!!

Budgeting can be a tricky subject in marriages because it can cause either hurt or joy. Many couples don't like to discuss finances in the marriage because 1) they either don't want to tell the truth of how much they make; 2) someone is a shopaholic; 3) a lot of debt that you have not mentioned; 4) afraid to know and see the shortage amount; or 5) you just don't want to face it. It doesn't have to be a bad thing but a great thing.

Tips on budgeting!

1) Gather your most recent bank statements. I personally like to go back 3 months. Why 3 months? To basically see how much came in; if it is steady or a roller coaster. If you have multiple accounts, print those statements as well and compare.

2) Write down ways to cut costs and save! This is somewhat of a task. We like to eat out. Go out for entertainment. Buy new clothes. Salons. Spas, Trips. If you are spending more on these types of things, find ways to cut back on them. Going out to eat...make that at home. Spend family time in the kitchen. Watching movies...go through your DVD collection or catch it on television. Buying new clothes? Go through your closet and wear some of the things you already have. You can switch up tops, pants, and skirts to make it look and feel different every time you wear them. Salons...wash and style your own hair. Spas...enjoy a nice bubble bath with candles and soft music at the comfort of your own home. I personally put my robe in my dryer to soften it and when I get out the tube, boy that feels good. Trips...set a side a travel fund so this money won't take away from your regular income coming in.

3) Debt
Some like to call a debt agency to assist in paying it off. It may seems easier for someone else to battle with your problem than you BUT did you know that 90% of those companies charge a fee that is either collected monthly or quarterly. That's a lot and we are trying to save remember. Print out a copy of your credit report and try to get it with the scores listed on. Review it. See if there are any counts that you can maybe set up a payment plan with directly with the creditor and clear some debt. Cut out the middle man and set it up where you will be comfortable in making the payment and it won't be a hinder to your budget

4) Monthly budgeting
You can either review your bank statements monthly or quarterly and find ways to make sure the amounts coming and going out are steady. We know things like mortgage/rent, car note, and insurance are amounts that stay the same monthly. So you can keep those amounts listed. But things such as cable, cell phone, gas, electric, etc. are amounts that go up and down. Contact your local electric and heating company to get on budget billing. This will help in ways to help with a steady amount monthly.

5) Extras
Cable, cell phone, home phone, internet  are considered as luxury items. Check with the company to see if maybe they have better deals to cut down on the costs. Also, check out Nextflix, Amazon, Hulu, and others to watch some of your prime time favorites and movies.

6) Goals
What are your goals for your finances? Better with saving? Planning a big trip in a couple of years? Have an emergency account? Just watch the savings grow over the years? You can have many other goals for your finances. Write them down and post them so you can see them often and watch the money pour in and you save!

Our budget planner can help you start with your budgeting. Don't be afraid to face it because if you do, it will become overwhelming and harder to control.

Let's start saving and until next time...


SMOOCHES!!!


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