6 Budget Blunders We’ve All Been Guilty Of And How To Avoid Them

Friday, September 25, 2015, AM | Leave Comment

Once payday finally arrives, it can be heartbreaking to realize that your check barely covers your expenses. After doing the math, you might decide to make a plan, stick to it, and get things under control.

Unfortunately, if you make a few mistakes, financial problems might plague your future.

Here are six budget blunders we’ve all been guilty of, and how to avoid them:

6 Budget Blunders We've All Been Guilty Of And How To Avoid Them

  1. Using Imaginary Budgets

    Sure, you might decide to cut back on eating out, but if you get hungry enough, you are going to bend that imaginary budget.

    Instead of using willpower to curb your spending, categorize your expenses, write your budget down, and keep track of your transactions.

  2. Not Accounting For Normal Yearly Expenses

    You know when your dad’s birthday is, so why didn’t you save for it? Don’t forget to account for normal yearly expenses when you create your budget.

    Examples of common yearly expenses include things like car registrations, holiday gifts, family vacations, and school tuition.

  3. Creating A Budget That is Too Rigid

    Keep in mind that budgeting is a learned skill that takes practice to perfect.

    At first, you might make a few mistakes, but you can’t let those errors sabotage your new plan.

    Try to avoid creating budgets that are too rigid, or you might get burned out before that careful financial planning makes a difference.

  4. Not Using Coupons

    Wouldn’t it be nice if you could spend less on high-quality, designer merchandise? Don’t be afraid to sign up for promotions or to clip coupons.

    Aliexpress coupons from discountrue.com can save you money on essential items like clothes, electronics, home improvement and more.

    Look for both paper and online coupons to save on nearly everything you purchase throughout the year.

  5. Letting Temptation Get The Best Of You

    Nothing is worse than destroying your monthly budget by a single trip to the store with your best friend.

    To ward off expensive splurges, try to avoid situations where you would be tempted to spend lots of cash.

  6. Waiting Too Long to Review Your Spending Habits

    Your budget might seem like it’s off to a great start, but if you don’t sit down to evaluate things, you might find yourself off-course.

    Try to review your budget and your expenses on a daily basis. It might seem excessive at first, but it will help you to identify daily behaviors that are costing you a fortune.

By creating a realistic budget, you might be able sit back, relax, and enjoy the peace of mind that accompanies a positive checking account balance.

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