Mistake No. 3: Living on Borrowed Money
Using credit cards to buy essentials has become somewhat normal. But even if an ever-increasing number of consumers are willing to pay double-digit interest rates on fuel, groceries and a host of other items that are gone long before the bill is paid in full, don't be one of them. Credit card interest rates make the price of the charged items a great deal more expensive. Depending on credit also makes it more likely that you'll spend more than you earn.
Have you been wondering how to prepare the budget for the next fiscal year? Here’s how it’s done: * The board appoints a budget committee to help with some or all of the following tasks. * The board and manager work together to gather all financial information you’ll need to project expenses for the coming year. This could be a reserve analysis, bids for contracts, projections for utility or service increases, comparisons of past years’ budget trends and many other details. * The board also examines all sources of income-assessments, interest on investments, proceeds from concession or club operation and other types of miscellaneous income. * The board creates a working draft by adjusting the expenses and income until they balance. This may be accomplished by foregoing certain expenses to avoid raising assessments. Or it may be necessary to raise assessments to cover increased expenses such as utilities that the board cannot control. * When the board has developed the best possible draft budget, the association sends it to every member for review and comment. One of the reasons we start the process early is to allow you plenty of time to study the budget, ask questions and offer comments. * Based on member comments, the board revises the draft budget as needed. * At the annual meeting, you have the opportunity to vote to approve the final budget.
With 24 Editions we have a lot to talk about! Our Piedmont Triad book is one of our first editions. It features businesses in Greensboro, High Point and the surround communities. In a hustling and bustling place like Greensboro there is no better way to get to know your city and the surrounding area! Pick up and Attractions Dining and Value Guide today and see what savings we can give you!
A Budget is telling your money what to do, instead of wondering where it all goes. A budget is your ability to spend guilt free. A budget is a plan you create for the upcoming month. A budget is a goal. A budget prevents you from going into debt. A budget helps you to cash flow your life. A budget can also help you cash flow an emergency. A budget helps you to get out of debt, pay for fun, and give on purpose. .
Story Time: Our dog had developed a very bad bacterial infection which caused him to need a Vet Visit and medication. We needed to use our emergency fund to pay for the visit and medications. The amazing news is that within the same month we were able to look at our budget and bring our emergency fund back to $1,000.00. This is why a budget is so important!
Do you know what your total net worth is?? We haven't calculated ours in a long time because it was negative. 🤦🏽 We were BOTH surprised by the number we came up with though.
This just goes to show that you won't ALWAYS be at your worst.
Better days are definitely coming!
Got this from the library and unfortunately had to return it before i was finished 🙄⠀
But so far this has been quite interesting as it presents a different picture of millionaires than you would expect. They are hard working individuals who spend less than they make and save and invest over long periods of time. They stick to a budget and know where their money's going. They are the kind of people you dont think are rich, because you think rich people drive around in Rolls Royces and buy designer handbags, but they are driving Fords and they dress just like you. ⠀
So I got about halfway through and now I'm waiting to get it again from the library 😂⠀
The first 15 months of our debt free journey we followed the Dave Ramsey baby steps to a TEE. We made so much progress. Then we got to a point where we learned some new things, some fresh ideas, other perspectives, and we changed a few things up (e.g. contributing to our 401k match again). We’ve personalized our financial journey because as simple as Dave’s baby steps are, LIFE is not a one size fits all deal. We are not one size fits all people, families.. we don’t have the same desires, plans, or futures. So here’s my point today- you do you! I kinda hate that overused saying, but it’s true here!
Want to stick to the baby steps 100% and kick debts butt? DO IT. Want to save and invest? DO IT. Need to be less gazelle intense? Sounds good! Want to use credit cards responsibly to get the travel points? Enjoy responsibly! There’s no shame in paving your OWN WAY while also watching and observing others doing THEIR own thing. Whatever you do, follow a plan. Be intentional. Be purposeful. Keep moving forward. We are all trying to succeed, and there are many different ways of doing that!
When you pick a gorgeous venue and suddenly realize you are already trending to go over your wedding budget 🙋♀️⠀
Click the link in my bio about how I realized I was going off the deep end with my wedding budget and what I did to readjust.⠀
After all, it's not how you start but how you finish😅😅😘😘
👏👏👏 If my last post about what you’ve accomplished in the last 12 months, or the comments on it, discouraged you.. know this.. surviving for another year is an accomplishment too. Not adding additional debt in the face of an emergency is an accomplishment. Cash flowing education is an accomplishment. Getting caught up on outstanding bills is an accomplishment. Treading water while you deal with more pressing things is an accomplishment. Be proud of yourself for making it this far, and get re-energized to move forward.
Today, I'm stuffing envelopes. I decided this morning to rollover any extra cash that was leftover in my last paycheck's envelopes.
One of the questions I get asked is, "Do you use new cash envelopes with every paycheck?" My answer = yes.
When it comes to budgeting, you have to make your process fun. For me, I'm a very creative person. Being able to design my own envelopes adds that level of excitement and fun to my budgeting process. I actually look forward to working on my finances and my budget.
Here is what I have to spend until my next paycheck on October 5th
PET = $41
BEAUTY = $140
GAS = $75
FUN = $77
MISC = $90
This includes any rollover cash that I added to my new envelopes.
I will be giving you an updated savings total tomorrow morning where I'm going to show you my savings process for holidays and events.
Guess how much our wagon of food & bag of kitty litter cost? Food was our biggest expense. Before our #debtfreejourney we bought whatever whenever & were always going to the store + eating out more than we should. 8 months into my written #budget & I feel like we are crushing the goals. Family of 4 & I now spend $325-$475 a month (average) just at the grocery store compared to $600+ there on top of eating out. By tweaking the way I shop I find $200 minimum more a month to put else where. You can look back at past posts to see/read numbers & how they’ve changed. Swipe to see my top 10 tips/tweaks. The #babysteps work #debtfreecommunity#groceryshopping#budgetingtips#momwifelife#crushinggoals#goaldigger#thepersonalfinanceplanner#financialfreedom PS: we don’t buy red meat so our budget is naturally a bit lower than those that do