John G D asked:

I made over 100k last year and my wife blew threw it as quick as I made it...I worked over 500 hrs overtime! I need a budget that is practical. Does anyone know of a good book or ideas?

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Little Man asked:

I make good money, but I honestly don't budget appropriately. I always get my bills paid, but tend to have very little left over. Are there resources available to show people how to budget?

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Matthew H asked:

We recently bought a house, and have a combined income of 100K. Yet my wife still spends as though we have no mortgage. How can i talk to her about a budget without getting in a fight. As i would rather invest in the home than non essential items that she buys.
I just want her to see that we can save as we can pay the bills but little goes into savings. I would much rather us spend the money reinvesting in the house, new windows, and paint. It's just hard to keep her attention when discussing a budget.

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andrea20bbw asked:

I'm looking to start a budget and stick to it. Does anyone know of good budgeting website? Thanks

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julianna76301 asked:

I am not a wealthy woman, but maintain an above average salary, but seem to always be living from pay check to pay check. I understand that I have to stop impulse buying etc... but is there a sound equation that I could apply to my budget and follow it? Any help would be appreciated.

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dancer19 asked:

I know that this is a ridiculous question but I just cannot seem to stick to my budget. Any advice would be helpful!

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Path Finder asked:

I am doing a project on 'budgeting' & i need some articles, documents & even pdf files...etc basically i need anything talking about budgeting. Some basic information will be useful like what is budget? how its being done? its importance?...etc please guide. Thanks
Well its general budgeting, basically for companies only
Please guide me theought budget defination, types,...etc the basics of budgeting, litrature review

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Rhys Campbell asked:

I don't think there are many people who enjoy budgeting. As a matter of fact, for some people, budgeting is probably as much fun as doing your taxes. The good news is that budgeting, whilst not much fun is definitely worthwhile, leading to more savings, less debt and best of all less stress about your finances.

People often do not budget because they find it to be an easy process. Where do you start? What tools do I use? What do I budget for? These are very common questions and when you sit down and don't know the answers to these questions, the easiest thing to do is nothing. Then come the usual excuses, budgeting, it's too hard or budgeting, I'll get around to that another time. Let me tell you, if you get past the initial hurdles and understand how to budget, your finance fortunes will be better off.

It would far to say, that people do not fully understand how much they spend until they understand how much they spend. That may sound a little strange but if you read it again and think about it, it does make sense.

If you don't sit down and complete a budget, how do you really know where your money is going every pay period? Do you really know how much you're saving or more importantly whether you're spending more than you earn? Nowadays, it is common place for people to live beyond their means because they have credit cards which allows it.....then the banks charge big interest rates for the privilege of letting you get deeper and deeper into debt.

How many people get to the end of their pay period, "hanging out" for their next pay day - this is not a good way to live your life and will mean you will continue to be controlled by your finances instead of controlling your finances.

People who are financially successful in life usually have strong control over their finances and understand how they spend their well earned money. People who are able to save are usually able to reduce their mortgages quicker, don't have high credit cards debts and enjoy a higher level of disposable income and definitely less stress.

Imagine reducing the time in takes to pay off your mortgage by 5 years - what would that mean to you? Here are a couple of examples to illustrate how you can reduce the term of your mortgage by 5 years and the amount of interest you'll save in the process:

Example 1

Loan amount $300,000

Interest rate 7.99%

Term of loan 25 years

Weekly repayment $533

Total interest payable $393,482

Additional weekly payment to reduce loan by 5 years $45

Interest payable on 20 year loan $301,165

Interest saved $92,317

Example 2

Loan amount $400,000

Interest rate 7.99%

Term of loan 25 years

Weekly repayment $711

Total interest payable $524,642

Additional weekly payment to reduce loan by 5 years $60

Interest payable on 20 year loan $401,554

Interest saved $123,088

Example 3

Loan amount $500,000

Interest rate 7.99%

Term of loan 25 years

Weekly repayment $889

Total interest payable $655,803

Additional weekly payment to reduce loan by 5 years $74

Interest payable on 20 year loan $501,942

Interest saved $153,861

If you sat down a made a budget, I'm sure you could find a way to reduce your spending on certain items by $45 or $60 or $74 to ensure you reduce your loan term by 5 years and save $92,317 or $123,088 or $153,861 in interest.

Savings money each week doesn't happen by itself and until you understand exactly what you spend your money on, you won't have the opportunity to cut back. Listing all your income and expenses can actually be a scary process and something you may not entirely enjoy (it may indicate you are currently living outside your means!) but as you can see from the interest savings listed above, it is definitely worth it.

If you're struggling with budgeting and need some assistance, www.easy-budgeting.com has an easy to use budget planner available for downloading and provides tips, guidance on budgeting to assist with the budget process.

Remember, budgeting is the first step towards taking control of your finances.

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Kent Irwin asked:

Key Reasons for Managing Your Budget

- You Have Limited Income: Virtually everyone has limited or fixed income. Without budgeting you are being controlled by your environment. If you have a plan, you are more in control of your money. Without a budget, you may not really know you are spending more money than you are earning.

- So That You Know Your Limits: Knowing what your monthly expenses are projected to be and what they actually are will help you keep track of how much money you have left over for future goals and needs.

- You Have Unlimited Demands: There is an endless demand on your finances. Our commercial capitalistic society is constantly calling out for you to buy. If you have minor children, the demands are greatly increased by the things that they want, the activities they are in, and the schools they attend.

- You Want Freedom Not Bondage: Budgeting seems to be restrictive to some people. The reality is that we have to make choices between what we want at the moment and our regular bills and goals for the future. However, there is freedom in knowing what your limits are. Many people find this liberating, because it creates the opportunities to grow and mature.

- You Have Future Goals: If you are sacrificing today, it helps to know what you are saving for in the future. Obtain a financial plan so that you will know what your goals are and for what you are saving.

- You Want to be More Aware of Where Money is Going: If you do not have a budget, you may have no idea where your money is going. Knowing where you money is going will help you identify if you are spending too much money in specific areas.

- You Want Less Stress: Spending without a plan and a budget increases your stress because you do not have a well thought out plan for paying your bills and you may spend more money for fun than you can afford. Planning and budgeting will give you the peace of mind that you are on the right track.

Contract with Yourself (and between Spouse)

Budgeting is very hard for many people; therefore, it helps to have a contract with yourself. If you are married, this agreement should include your spouse. If you work together, you will usually accomplish more than you could on your own.

I hereby resolve to:

1. Start a budget, and pay attention to it weekly and monthly

2. Not spend more money than I make

3. Be in financial partnership with my spouse with no secrets between us

4. Not borrow to purchase items that depreciate in value

5. Not let my emotions make me purchase anything, including gifts

6. Not purchase something over budget unless it was unavoidable

7. Not purchase anything that I don't really need, no matter how good the sale is

8. Not purchase something to keep up with the Joneses

9. Not apply for any new credit cards, unless lowering interest rates

10. Pay off all credit cards monthly (I will work toward paying them off)

11. Not spend money on fun things unless I have paid my monthly bills

12. My spouse and I will both be the "fun police"

13. Include children in the budgeting exercise to teach restraint

14. Not obtain high maintenance items like a pet or hobby if I can't afford the expenses.

15. Not buy something that costs over $50 without consulting each other and the budget

Cash Flow Management Checklist

In addition to having good budgetary habits, it also helps to take advantage of money-saving measures. The following are many of the things you can do to help you save thousands of dollars per year.

- Employ tax advisors to you avoid overpaying taxes

- Use low cost investments that have low to no commissions, fees and expenses

- Shop your loans to find lowest interest rates

- Shop your insurance for the lowest prices possible.

- Buy smaller homes and cars since they require less money to maintain and insure

- Go on cheaper vacations

- Frugal travel to lower the already large consumption of your income for gasoline

- Eat out cheap, less often and at less expensive establishments and cafes

- Spend less on food by shopping at low price grocery stores and pack your lunch

- Lower home energy consumption by employing easy to find and low cost solutions

- Break smoking and excessive eating habits to save on tobacco and fast foods

- Monitor emotions to avoid depression or stress related purchases

- Obtain from the library resources about budgeting, financial planning and spending

- Go to the library for entertainment books and DVDs

- Reduce or eliminate cable TV

Budgeting Tips

Use technology or spreadsheets:

Obtain software (or use spreadsheets) that will help you pay bills and make and monitor a budget. Devote time to it by keeping track of all expenses and enter them into your software program or monthly spreadsheets each week.

Save all receipts, bills, household documents, and tax documents:

Organize these items by category into an accordion file or drawer: e.g., auto, bank, business, credit cards, dental, medical, grocery, income, insurance, mortgage, utilities, general receipts, school information, and taxes.

Balance your checkbook:

Many people don't balance their checkbooks each month. Budgeting software makes reconciling simple, but you can read the back of your statement or make an appointment with your banker if you need to learn this skill manually.

Tax Time:

If you use budgeting software, you can run a tax summary report before you work on your taxes. If not, and if you itemize your taxes (Sched.A), you must total the appropriate columns in your spreadsheets, e.g., Medical expenses (Your accountant may provide you with an organizer to help you get ready for tax time.) Remember to place quarterly and yearly expenses on the appropriate month in your budget so that you do not overspend. For example, annual insurance payments, quarterly tax estimated payments, annual homeowners association dues, etc.

Summary

Good cash flow management is key to implementing any financial plan; commit to doing this well. No one likes self-discipline, but it is actually good for us. With proper management of your finances, you will become more confident and less stressed about your future. Remember, one bad financial decision can sometimes take years to undo. Be very careful with all decisions you make.

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Fred Waters asked:

So you want to get back into shape and lose those unwanted pounds.  The problem is you have a limited budget, so a commercial grade model is out of the question.  In fact, your limited to models under $1,000. 

This puts you in the budget treadmill category. Although they may not be a sturdy as high-end treadmills, there are some budget models that can help you acheive your fitness goals without requiring a second mortgage.

There are several considerations before purchasing a budget treadmill. 

Budget treadmills have some limitations.  They are not designed to train for marathons, and they are not built to withstand hours of usage per day.  Budget treadmills are best designed for walkers, although certain models in the  $800+ range can handle joggers.

Budget treadmill are not as durable as more expensive models. They are built with budget parts. Your chances of needing service increase in comparison to higher priced machines.

Budget treadmills come with budget warranties.  Some have coverage for only 90 days.  I recommend you get an extended warranty that covers you for at least two years.  If the machine breaks it is not your problem. 

Usually the specified user weight limited is too high. It is absurd to suggest a treadmill for under $1,000 can handle a 300+ lbs user.  

Here are some recommendations regarding the features of a budget treadmill. 

Motor - You need a motor that is sufficient enough to work without straining at higher speeds or steeper inclines.  I recommend at least a 2.5 continuous duty HP motor. 

Treadbelt Length - You want a length that is adequate for your height.  For an average individual a 54" treadbelt is sufficient.  If you are over 6'3" you may need to upgrade to a model that has a 60" treadbelt.

Stability - Budget treadmills are often lightweight treadmills.  You want a model that is stable when walking or jogging.  Some models under $600 may bounce around when you use them. The heavier you are the heavier you need your treadmill.

User Programs - Some people prefer manually adjusting their treadmill.  However, a selection of challenging programs can be very motivating.   You want to get a treadmill that has at least 6 workout programs.  User defined functions can also be a plus. 

Brand Recognition - There are countless brands of treadmills, some are decent while others are junk.  Check out both expert and customer reviews.  Learn which brands have the best track record.  Equally important, find manufacturers that have a good customer service reputation.  Go to the Treadmill Buyer's Guide to learn more about treadmill features.)  

Here are some recommendations.  Icon Fitness, which builds ProForm and NordicTrack treadmills, dominate the budget market.  They tend to offer some of the best value and pack their models with impressive features, considering what you pay for them. Focus on their models that are on sale.

On the high-end of the budget category, both Smooth and Sole have an entry model that starts at $1,000.  Both offer a lifetime warranty on the motor and 3-year parts coverage. 

In general I would caution on buying a treadmill below $600.  Considering the abuse a treadmill takes in order to function, you want to avoid a cheap treadmill with cheap parts.  And you are not going to get into shape or lose weight when your treadmill is an oversize clothes hanger that doesn't work. 

When buying a budget treadmill do your research and use some common sense and you will end up with a machine that will help you achieve your fitness goals. 

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