Wednesday, May 14, 2008

How to Fix Our Broken Budget...

Because of the economic situation, everything goes up in price but our wages remains the same. And, I know that many of us has hard time budgeting of the little amount that we got from our source of income.

While I was browsing online, I read an article about steps on fixing our broken budget. And following are the summary:

*First steps, is understand your motivation- The writer said that budget often fails because they lack a sense of purpose.

In other words we need to have motivation on why we are doing the budget, it's not just because somebody told us.

* Know Your Numbers, meaning track all our expenses. And yes, we can not always track our expenses especially if we spend at small amount, like $ 6 here and there. And when we think of $6 is only a small amount but if we will put all we spent together, that would be a lot of money. So, I agree that we missed tracking our expenses that makes us out of budget.

*Get for example, if the budget for our groceries is like $ 200 a week, if we can we will stick to that. But for two of us only in our household, $200 groceries will last as 2 weeks.

*Find a system that works for you---Our budget our lifestyle and personality. Kung sosyal at magastos , and are always going out for party, of course you will be out of budget. And I agree, that even us, We don't go out that much but still we need to have on a budget so we can pay all the bills that we have.

*Stay Flexible---There are times that we like to spend, we like to buy a certain stuff for our self or for our household needs. But, the writer said on "stay flexible", be careful to make sure we have the money somewhere before we spend it.

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