Five Outdated Ways You’re Still Thinking About Your Budget

Monday, March 9, 2015, 6:00 AM | Leave Comment

Just as the financial world updates itself publicly every time it needs to, you need to update your personal financial thinking and knowledge when the old ways no longer suit you or your wallet.

Here are just a few outdated ways you might still be thinking about your personal budget.

Five Outdated Ways You're Still Thinking About Your Budget

  1. Having Proper Insurance

    With updated measures in place for medical insurance as well as auto insurance, business insurance, and personal insurance, you must now have insurance for all large expenses in your life. This cost should be considered for any and all major purchases before those purchases are made. Think about the things you really need to protect. Your life, retirement and car, and only spend on what you need.

  2. Not Purchasing in Bulk

    There are far too many discounts for bulk items for you to be purchasing in retail all of the time. Items such as rice, water, and bread are much cheaper when you get everything you need upfront for the month. This will also give your budget more room for the luxuries that you love!

  3. Not Thinking About Inflation

    The day to day cost of living expenses of the average person are going up every year. Life necessities such as food, education, and housing are moving up at such a rapid pace that it is foolish not to incorporate inflation into your own calculations. Just as you cannot avoid taxes, inflation is a part of society for the near future. Consider it as you look into retirement savings and future goals you have financially.

  4. Your Communication Costs

    Having a smartphone or a tablet is a virtual necessity for anyone who needs to be hooked in for professional or social purposes. This is a cost that must be considered. With all of the major telecommunications providers trying to close ranks and charge more, you must compare and contrast very closely in order to squeeze the most out of your dollar today!

  5. Budgeting for Vacations

    In your quest to make more money, many people run themselves ragged. Your monthly budget needs to include money you use for recreation as well. Your productivity will actually go up, not down, if you take the time to smell the roses every once in a while. If you schedule the money to be there, you won’t have to feel guilty about recharging!

Thinking in an antiquated fashion can cost you. Make sure that you take the above tips into consideration when you are making your monthly budget. Financial learning and looking at new parts of budgeting can save you a great deal of money.

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