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Personal Finance Budgeting

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Budgeting is First Priority in Personal Finance Success

Personal Finance Budgeting – Secrets To Keep Your Budget On Track

Being disciplined when it comes to personal finance budgeting is a key component for anyone seeking financial freedom. Taking control of your finances is the first step to starting down the road to building the life you always wanted and the quickest and easiest way to do this is with a budget. The most critical part of the personal budgeting journey is the emotional and mental side of the equation. Why?

Our behavior with money is the reason most of us get into financial problems in the first place. Our own wants over ride our common sense and before we know it we have a house full of stuff that we end up paying for twice over. Many financial experts say that personal finance is 80 percent behavior and 20 percent math.

This is where the household budget comes into play. In this day and age the great majority of people have no idea how much money they make each month let alone where the money goes once they cash their pay check. Before long this behavior catches up with everyone and they are in perpetual catch up mode when it comes to paying bills and meeting their financial needs. A budget, if done honestly, allows you to see exactly how much money is coming in and not only how much is being spent but also what it is being spent on.
Once you see what you have been spending money on you can come to grips with the bad behavior that has gotten you, and so many others, into a financial mess. Eating out two or three nights a week, going out to lunch everyday, that morning visit to the coffee shop, they all add up and chances are once you look over your written budget you will find many areas where expenditures are a little to high and are breaking the budget.

Here are four personal finance budgeting secrets to help keep a new budget on track.

1. Probably the hardest part of keeping a budget is keeping track of daily expenditures. One way to do this is to keep a small log book or ledger where you can keep track of your daily expenses.

2. Before going grocery shopping it is a good idea to make a list of the things you need. Check the fridge, the cupboards, and the pantry to make sure you aren’t buying stuff you already have. Stick to the list once at the store and do not buy things not on the list.

3. Going to the store just to do some shopping is one of the easiest ways to suffer from an impulse purchase. Nothing will destroy a well thought out budget quite like an impulse purchase.

4. For large purchases over $300 or more it is a good idea to step back and wait a day or two before committing. Once given the chance to think it over chances are you will realize you don’t really need it.

Personal finance budgeting is about taking responsibility for your money and hunting down and killing those behaviors that are costing you money. The beauty of the budget is it shows you exactly how your behavior with your money is affecting your financial situation.

Personal Finance Budgeting Frequently Asked Questions

  1. QUESTION:
    Any good personal finance/budgeting software out there these days?
    Ten years ago I loved microsoft money. Now I need something to help me budget my money and check to see whether I’m right-on for my goals. What is the best personal finance software these days?
    Quicken is worthless

    • ANSWER:
      Quicken is the best. Find it at www.quicken.com
  2. QUESTION:
    Does anyone know of a good website to help with personal finance budgeting?
    My husband is not the best at saving money and it has hurt our bank accounts lately, so I was hoping I could find a decent website to give him some pointers and maybe create a monthly budget for him. It would be useful if the website had some type of budgeting worksheet.

    • ANSWER:
      Here are a couple useful websites:http://www.choosetosave.org/http://elearning.mindyourfinances.com/Calculators/tabid/820/Default.aspxhttp://www.fdic.gov/consumers/consumer/moneysmart/mscbi/mscbi.html

      http://www.mymoney.gov/

      Hope this helps. Good luck!

  3. QUESTION:
    What do you consider the best personal finance/budgeting software?
    MS Money and Quicken onkly budget per month and I need a program that will let me budget on a two week pay structure. Any ideas? Being able to download from my bank is a definite bonus.

    • ANSWER:
      You’ll probably want to avoid MS Money since Microsoft stopped development, and eventually support, of the application. Quicken is pretty much the only game in town as far as desktop software is concerned.
  4. QUESTION:
    What are some good questions for a questionnaire about personal finance and budgeting of a hospital staff?
    My research topic is dealing with personal financing and budgeting – managing one’s own money, and dealing with their personal expenses, etc…. basically the PROBLEMS that they run into, but I am focusing on hospital staff. 10 points goes to the best answer.

    • ANSWER:
      What was the budget last year and compare with this years to see if less or more was spent.What can we do as a team to cut down on the budget and get opitions from drs and nurses.Make a grid chart of some sort and follow with what is being spent diffrent colors for diffrent nurses and drs and compare who is spending less and more.
  5. QUESTION:
    Is there such a thing as Personal Finance as a career?
    And what exactly would it be called and how do I go about doing it? I want to be able to teach personal Finance. Home Budgeting, basic estate planning and basic investing. What is this and do I need a degree to do it? If so, in what?Please help! Managing money is my only talent, and I have a passion for teaching it to others. How can I translate this into a career for myself?
    P.S. I’m a stay-at-home mom, we own or own home, and are raising 4 kids with no government assistance on my husband’s ,000 a year. I’ve been told I have a flair for managing money. ;p

    • ANSWER:
      There are careers in personal finance, if you look at your local universities or community colleges you will see coursework and probably degrees in it. Companies like Prudential, Goldman Sachs, etc hire people to put together investment plans to cover things like children’s education, health care, retirement, housing, and even wealth generation. In many cases you can apply to these companies if you have some degree already for certain entry level positions. Many times fo really advance you will have to take additional classes the company or other groups give on securities as an example so you can be licensed in your state to see products of the company like stocks, insurance, etc.
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About the Author

Rhonda Evans

Rhonda is the founder and editor of MoneyPoint Live. She is a retired Senior Chief from the USN, mother of two, previous small business owner, and entrepreneur.

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