How To Know If You Desperately Need A Family Budget?
I know not everyone is fond of numbers.
Since you landed here, it tells me that you are trying to justify every possible reason not to budget. The budget may feel restrictive to you, or you may think budgeting is outside your blood. But, after all, it is your money, and you want to enjoy every bit of it without any constraint!
I get it!
But tell me one thing if all you want is to blow your money, why are you even here? You are here because you have that little fear of "Have I blown it all away?" You are here because that panic is settling in. "Am I doing the right thing by not caring for my money?"
Before we move ahead, let me assure you no matter how bad your situation is, you can always bounce back financially if you put in the effort and employ some solid strategies along the way.
>> 7 Reasons why you should budget your money effectively
What if I tell you that budget is not about restrictions but a plan to spend money on something meaningful? So you can enjoy your life and have peace of mind simultaneously? It is not a punishment for you where you never get to spend money on what you want. Instead, it is a step-by-step plan to get you everything you want.
A budget is just a way to take control of your finances. It does not necessarily mean you can't ever spend your money on what you want. It just means you spend your money smarter rather than on impulse. If you constantly deny yourself and never buy anything you want because of fear that 'you can't afford it,' a budget could be very liberating and therapeutic.
Dealing with real numbers is usually less stressful than dealing with vague impressions of your income and expenses.
1. You always need to catch up on your Credit card payments.
Most of the time, you pay off your credit cards only partially. If you are paying only the minimum balance on your credit card or using one credit card to pay off another, you are already deep into this rabbit hole. It's time to work out a budget to get out of that rabbit hole.
2. Money "burns a hole" in your pocket
Do you feel like you have money for a while, then it's gone? Or is there more of the month than the money in your pocket? That could mean you have too many expenses or are too quick to spend on wants rather than needs. So it's high time to have a budget for your 'WANTS.'
>> 12 Keys to the successful family budget
3. You need to put more money into your savings / investments.
Having a savings and investment plan is an essential aspect of financial management. Do you have any concrete plan for putting money away? Let us say the first 10% of your net income always goes to savings, or all bonuses from your workplace go straight to investing. If not, your savings and investing will languish as you keep spending on things you want.
4. You don't have any emergency funds
If you don't have emergency funds, it may be a sign that you need a budget. A reasonable family budget can help you save for an emergency fund a priority
5. You're always saying, "I can't afford it"
When your children want something, your first thought is, "we can't afford it." For example, do friends ask you to go out to lunch or an event, and you say you "can't afford it" all the time? It may be true; forming a budget will help you know what you can and can't afford.
>> Top Tips for easily sticking with Your Family Budget
6. You always seem to need more
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