Budgeting, Part 1: Budgeting as a Friend and not a Foe

Posted on: September 26th, 2013
Budgets do control spending behavior. However, budgets also allocate resources to the areas of highest impact or interest. When a budget is structured based on priorities and values, much of the controlling element is removed.

Using budgets at work is understood and expected. A company has a limited amount of money and so must allocate that money based on priorities--by budgeting. But often the discipline workers use at work does not carry over at home. The result is often overspending, debt, arguments between spouses/partners, loss of control, and unrealized dreams and goals.

The Key Takeaways
o Using a budget helps to allocate limited resources to the areas that matter the most.
o The same discipline used to follow budgets at work can be used for budgets at home.

Making a Budget Your Friend
Creating and staying on budget can empower you and help you feel in control of your earnings, your spending and your future. When you and your spouse/partner are in agreement about spending priorities and have shared goals, your relationship is likely to be more harmonious and less stressful.

What You Need to Know
You probably already have the skills needed to set and follow a budget. Use your common sense to create a budget that helps you.

Actions to Consider
o Draw upon your work experience with budgets.
o Determine spending priorities with your spouse or partner.
o Include dreams or goals to save toward together.
o Include fun in your budget. Everyone needs some fun, even if your budget is tight. Having separate fun money for each spouse/partner (with no questions or accountability) provides a little freedom and independence for both of you.
o Look for ways to reign in impulse spending and unnecessary expenses to fund your spending priorities.
o Don't spend more than you bring in. If you cannot cut your budget enough to live within your means, think of ways to earn extra money.
o Start saving. Even small amounts saved consistently will grow into larger amounts.
o Review your budget and finances periodically to see how you are doing. Seeing progress toward your goals will make you proud of your accomplishment!
o Reward yourself for staying on or under budget. Think of inexpensive or free ways to celebrate.
Share |

Comments (0)

Post a comment
You have to login or register in order to post comments
Forgot Password? Enter Login Email


Your Email:
Remember me

Read Other Blogs

Estate and Elder Law Solutions

WELCOME to my Estate & Elder Law Solutions BLOG! My goal is to Point You In The Right Direction in your estate planning and elder planning areas. There is so much mis-information and mythology in the marketplace today that I spend a great deal of my time educating the public through my speaking engagements to the public and professional groups and in counseling my clients as to how the many estate and elder planning tools really work as well as the pros and cons; and costs and benefits of each option so you can make a wise and informed decision for yourself and your loved ones as to which planning options are best for you. Planning is a very personal process and must be carefully crafted to your individual situation. There are no one size fits all estate plans. I repeatedly see estate plans that are technically correct and "legal" but are so far afield from what the individual wanted or understood their plan to be that their plan causes more harm than good. When you plan does not properly communicate your goals and objectives the "law of unintended consequences" will rear its ugly head and you and your loved ones will not receive the benefits you had hoped for.

Read Posts at

Family Law For You

Family law encompasses the rights and duties among married couples or domestic partners, husbands and wives, mothers and fathers and children. Many areas of family law invoke significant emotional distress and financial uncertainty. It is important for individuals to work with attorneys who are sensitive to the emotional nature of the representation and will assist each client to work through those difficulties.

Common family law issues include dissolution (divorce), child custody, pre-marital (prenuptial) agreements, post-marital agreements, community property, paternity matters, and restraining orders.

Because the topics addressed under family law are extremely personal and often impact multiple lives, it is critical to seek counsel from a qualified family law attorney for your case. Establishing a trusting relationship with your lawyer will help guide you to the best possible resolution.

We have helped many families find solutions to very difficult problems. Our attorneys care about our clients and give each client the attention and personal investment they deserve. To find out how we can help you with your family law matters, contact Gregorek and Associates, PLLC today, or 877-284-3450. We're here for you.

Read Posts at

Today's Business Lawyer

A solid legal structure is the foundation of a successful business. Articulating the details of your business relationships with contracts for partners, shareholders, or outside vendors is critical to the success of any business venture, no matter the size.

Much of business law is precautionary in nature. Legal agreements protect the business owner, employees, and all other parties involved. Sharp and insightful business law representation can help eliminate potential future disputes and improve workflow.

Unfortunately, sometimes litigation is necessary. Disputes between partners, shareholders, or employees can require court intervention if they cannot be resolved internally. Having an experienced business lawyer assist you with handling business litigation is critical to achieving your goals. It is the only way to best protect your assets and your business.

Haven't you always wanted a lawyer for your business? At Gregorek and Associates, PLLC our team of attorneys stand ready to assist you in all of your business matters beginning with the choice of the best entity so that you get the best available asset protection and tax treatment for your particular situation. Our skilled team will address your most critical business issues with prompt and professional attention. Our goal for your business is simple - SUCCESS!

Read Posts at
© 2014 Gregorek and Associates, PLLC. All rights reserved