3 reasons most budgets don’t work and how to fix them (a.k.a. How to create a budget that works)

Written by Sam on August 1, 2006 – 9:57 pm -

Let’s face it, budgeting can be a pain. Most people get too discouraged trying to get a budget to work. They spend hours trying to figure out how much to budget in each category and may even track every penny spent during the month only to find out that reality didn’t match what was budgeted. In these instances budgeting just seems like a futile theoretical exercise. There’s no follow up or reconciliation to tie one month’s budget to the next. Add to this the emotional issues that budgeting can trigger and your chances of maintaining a budget dive bomb. Many people who get to this point just give up and quit.

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Posted in Budget, Budgeting, Budgets, Cash, Finance, Finances, Money, Personal Finance, Processes, Spending, Tools | 19 Comments »

Want to know your values? Follow the money.

Written by Sam on July 18, 2006 – 8:48 pm -

Where you spend money reflects your values.

Steve Pavlina recently posted on his blog asking people’s opinions about what he should do with excess money (my term, not his). Congratulations to Steve for achieving such financial abundance. Steve is in the wonderful position of making significantly more money than he needs to live. We’re not just talking living below your means, but rather living below your means with a lot to spare. Once you’re in this position you can really use money to build a legacy. His question brings up an interesting point that applies not only to people with financial abundance but to even those buried in debt; where you spend money is a reflection of your values.

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Posted in Budget, Budgeting, Budgets, Finance, Finances, Money, Personal Finance, Spending | 4 Comments »

How to control and track your spending effortlessly

Written by Sam on July 11, 2006 – 7:10 pm -

Occasionally a family member or friend will ask me how I manage my finances and how they can get started down a path of financial control and peace. Getting control of your finances can be a daunting task. Finances are one of the biggest sources of stress and can cause deep rifts in relationships. The fact is, there’s no quick fix when it comes to managing your finances. It takes time and must be done step by step.

One of the first steps of sound financial management is tracking your spending. Once you track your spending and are able to see where the money goes, it’s easier to attempt to control your spending. How can you control something when you have no idea what it is you need to control? The bottom line is, tracking your spending goes hand in hand with controlling it.

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Posted in Budget, Budgeting, Budgets, Cash, Credit Cards, Debit Cards, Finance, Finances, Money, Personal Finance, Spending | 19 Comments »

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