Straightforward budgets aren't always the best solution for people trying to get a handle on their money — the inflexible nature of budgeting can be a frustrating turn-off. Just because you're not one for budgets doesn't mean there isn't hope for following a plan that will get your finances on track. A spending plan is a better solution than a traditional budget for those who want a less rigid method for managing their money.
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During the tough times of the economy, many of us feel down about the way the nation is headed. And for some of us, being upset translates into eating for comfort. Unfortunately, the food we turn to (chips, cookies, ice cream, etc.) tends to not be very healthy and could wind up costing us more (financially and on the scale) in the long run.
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Weddings haven’t halted with the economic slowdown, but couples have been reconsidering the budgets for their big day. Old tricks like hiring local music students to perform as an orchestra, opting for seasonal floral arrangements, and pouring wine but nixing the bar are becoming more common. The New York Times interviewed some budget-conscious brides and grooms that have a few other tricks up their sleeves.
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A busy social calendar is hardly a bad thing, but it can mean an expensive month ahead. Socializing doesn't always involve spending money but often it does. Have you ever said no to an invitation because you either didn't want to spend the money or didn't have it to spend?
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Inspiring stories can be found in the most surprising places, and this one comes from the October issue of Reader's Digest. Like many Americans, the Hochman family (Ruth, David, and four-year old Sebastian) realized they were being weighed down by pointless expenses, but instead of consuming as usual the family formed a drastic plan.
They'd have $100 for 30 days, to be used for what they call essential items like fresh fruit and milk, and of course they'd continue to pay the mortgage, utilities, and preschool tuition.
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Spot budgeting is a solution for people that have a hard time developing and sticking to an overall budget plan. If your finances allow you to spend without following a strict budget, this type of planning says it's OK not to direct how every penny will be spent.
Instead of calculating every little expense, spot budgeting entails choosing a few spending categories that you know can be trimmed and focusing on spending less in those areas.
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Tasty Orange Juliuses and tedious needlepoint are what come to mind whenever somebody brings up the topic of middle school home economics class, and none of the lessons I recall had anything to do with keeping a household budget.
According to The New York Times, home economics was started with the idea of teaching students about pinching pennies but transformed as people worried less about money.
Once upon a time, schools taught survival skills like how to feed a growing family cheaply and run a household on a tight budget.
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With the way things have been going in the economy, more and more folks are starting to let the stress of the news get to their health and mental health facilities are getting more calls than ever.
Don't let it be you. Instead of getting consumed with the media reports, make sure to create a balance between watching the economy and watching your health.
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Not that there's any sign of the economy swinging anywhere but down in the near future, but when 82 percent of you said you've been more mindful of your money recently, it made me wonder if your heightened consciousness would stick around if things improved.
Will your new money habits become permanent, or do you think the purse strings will loosen back up once we have a healthier economy?
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While there's no doubt the heads on Capitol Hill are spinning with what's been happening in our economy, it's not exactly a picnic for those of us feeling like we have a million and one unanswered questions. Watching big banks collapse and listening to what the news tells us was a horrendous day for the market, followed by the worst day ever, doesn't do much for the people anxiously sitting on the sidelines. Here are three things you can do right now to get a grip on your finances.
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