Guest Post: 5 Personal Budgeting Tips
- 63 Comment
Everyone has variations in their own budgeting strategies. However, making a budget is one of the best things you can do for your finances. If you already have, these are a few budgeting tips that might just help you push your budget to the next level!
Wait before purchasing.
Never buy large purchase items with out waiting a week to really be sure that it is the best use of your money.
Spend Within Your Budget
You cannot spend more than you earn (like the U.S. Government) permanently. If there is something you need repaired (roof) or would like to have (laptop computer), make sure there is a plan in place. Think ahead several months, and start saving for it!
Do not charge the item and worry about it later. The key should be to get out of debt and stay out of it! This is precisely why Dave Ramsey suggests creating an emergency fund before you do anything. Once you have even a small emergency fund in place, it helps prevent “forced” credit card use.
Set money aside monthly for infrequent bills
Just because a bill isn’t paid monthly doesn’t mean that it can’t be budgeted for monthly. If you pay cheap life insurance every 6 months, just take that bill and divide by 6, viola! Now add that amount to your monthly budget, and when the next bill comes due, the money will be sitting there waiting!
Food and Cars
Food consists of items which always seem to rise in price. Be prepared to cut back on unnecessary purchases of food, when it starts to cut into your budget. You can start by not eating out as much, maybe once a week is enough. Keep in mind, unless there is a deflation (lowering of prices) and the government will never permit that to happen, everything you pay for will rise in price. This coves insurance, taxes and almost everything else.
If your car works, keep it. Paying off a car takes a while – which is why it is so good to get a cheap one and pay cash! Also, living in a city does not really require a large SUV. Your auto Insurance rates will be more expensive because of the required collision and comprehensive coverage that new vehicles require.
Budget for Giving
It makes it a whole heckuva lot more fun to give if you have the money sitting there waiting to be spent. This is such a simple and practical step, but it has completely changed my outlook on giving. Once the money is in the “giving account” it is no longer mine so it becomes so easy to give it away!
Summary
Have fun and splurge once in a while, not forgetting about your budget. Fun is a critical component to your budget that should not be overlooked. So be sure to stay balanced, committed, and determined. Happy budgeting!
This article was written by Bob. He writes for and is the editor of the Christian Personal Finance blog at ChristianPF.com
63 Comments on this post
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Tech Deck Fingerboards said:
Thanks for your post.
We do need these kind of saving money tips …Specially on this times of crisis..
May 6th, 2010 at 9:56 pm -
Randy said:
Henry,
These are very practical. More importantly, they work! Another key, look at your montly expenses from the perspective of PRIORITY: \What’s really necessary, what’s a ‘luxury’, etc.\
Thanks again for these great reminders and advice!
Randy rreddink.blogspot.com
May 8th, 2010 at 11:04 am -
premium finance said:
I agree with Henry… These are practical and effective tips on saving. I also have a budget for giving–this goes to my favorite orphanage sometime around my birthday. It’s my way of sharing the blessings I have been receiving.
May 10th, 2010 at 9:32 pm -
Alex said:
I now practice these 5 things and now my personal finances are improving substantially.
May 13th, 2010 at 11:11 am -
Komodo Dragons said:
So many people make mistakes with their budget, if only this was thought in High School, or perhaps at an early age to us in school… think ho much different the overall usa economy would look.
June 2nd, 2010 at 3:31 am -
book buy back said:
Budgeting has been one of the hardest things for me to do. Especially on limited funds. I just came out of unemployment and believe it or not learning how to live on one thousand dollars a month is not easy, but it did help me learn how to manage my money better. great post. I need to add some of your tactics to mine.
June 2nd, 2010 at 8:06 am -
Linda said:
Great list. Something we don’t do is set aside funds each month for potential up coming bills. We really need to start doing that. Also we need to start giving a little more. It’s always last on the list each month and well we all know what happens when we say we’ll do something with the money that’s “left over” at the end of the month… It’s never there.
June 9th, 2010 at 8:22 am -
Los Angeles Websie Design said:
Off course given tips helpful for maintaining monthly budget but Sometime unexpected raising in cost creates problems.
June 10th, 2010 at 5:07 am -
Escort Rate said:
Personal budgeting is personalized in nature. What works for one person may not work for someone else Work out a budget that suits your requirements.
Nobody wants to be on a budget. But everybody has to be on one, no matter how much money they make.
June 17th, 2010 at 6:41 am -
Galway Accountants said:
The biggest thing I notice when working with clients on personal budgeting is the shock they get when the realise how much there spending on the little things. Like the €4 Latte everyday which ends up costing €1400+ per year
Ralph
June 22nd, 2010 at 11:07 am -
Mackenzie said:
Great list. Something we don’t do is set aside funds each month for potential up coming bills. We really need to start doing that. Also we need to start giving a little more. It’s always last on the list each month and well we all know what happens when we say we’ll do something with the money that’s “left over” at the end of the month… It’s never there.
+1June 28th, 2010 at 8:50 am -
Escort Service London said:
Thanks for this awesome post!
July 5th, 2010 at 5:31 am -
used tires said:
Henry, being a personal advocate of finance, and doing it the right way, I am a huge fan of these posts, I hope you can bring some more enlightening posts like these for us in the future! I feel like if people learn about money, and the right way to deal with it, than in the end it will benefit us all!
Till then,
Jean
July 6th, 2010 at 9:05 pm -
Alex said:
Thanks to your advice I now look at budgeting in a whole new way.
July 10th, 2010 at 2:56 pm -
car battery starters said:
This is one of the better budgeting checklists I’ve come across. I myself keep experimenting with different ways to budget my money ever so often trying to keep optimizing my funds. Before I started doing it, I’d have no idea where half my money went at the end of the month. It’s one area of my life I love to micromanage.
July 17th, 2010 at 1:34 pm -
bankruptcy lawyer said:
These are some great tips that are definitely needed now a days. Unfortunately with the state of the economy and the number of job losses many people need financial advice on how to budget properly to keep afloat. These tips are a great to organize to limit what we spend on unnecessary items and avoid splurge spending to much.
July 18th, 2010 at 10:04 am -
Bidet said:
This is great advice, its always important to budget, before you buy something. You might something and then be left with nothing. Its very important to budget. Thanks for these great tips.
July 25th, 2010 at 5:58 am -
chapter 13 bankruptcy information said:
Thanks for the advice. But in reality it is not always possible to follow these rules. While we are having fun with family and friends we simply forget about money and budgeting.
July 26th, 2010 at 6:13 am -
Escort Agency London said:
Those are indeed helpful tips. Please keep those posts coming about how to manager our money wisely and spend accordingly within our budget.
August 2nd, 2010 at 5:59 am -
book buy back said:
Spending wisely is hard. but these are good tips. I also try and use layaway when i can.
August 2nd, 2010 at 8:59 am -
sell things on ebay said:
Sensible advice, and I like the fact that you’ve included giving in the budget calculation. I’m a big believer in tithing and I now try to give at least 10% of my earnings every month. It’s funny, once you’ve been doing it for a couple of months, your budget seems to adjust itself around the amount you give away, so you don’t really miss it – maybe I should give more?
August 3rd, 2010 at 7:42 am -
car battery starters said:
That is why you must always allocate an overhead into your budget, chapter. So that you can account for the expenses you may incur at events or occasions where you’re not really counting or keeping track while spending.
August 4th, 2010 at 5:41 am -
top rated electronic cigarette said:
One of the best blog post I read in recent past. This post have great content. I can stand up and say superb. Personal budgeting is personalized in nature. What works for one person may not work for someone else Work out a budget that suits your requirements.
August 8th, 2010 at 3:22 am -
top rated electronic cigarette said:
Very informative post really. This is great advice, its always important to budget, before you buy something. You might something and then be left with nothing. Its very important to budget. Thanks for these great tips. Keep on updating like that with informative posts.
August 9th, 2010 at 9:18 am -
top rated electronic cigarette said:
I appreciate your knowledge. Myself keep experimenting with different ways to budget my money ever so often trying to keep optimizing my funds. Before I started doing it, I’d have no idea where half my money went at the end of the month. Awaiting for next..
August 11th, 2010 at 4:21 am -
2nd chance checking account said:
The most important thing about budgeting is putting away your savings first and foremost before anything else THEN go and spend.
August 20th, 2010 at 3:38 am -
Lisabeth@Cheap Loans said:
I know this might seem overly prudent, but I usually wait a month before making a large purchase. After a month, if I’m still feeling the love, I buy it. If not, then nothing’s been lost.
Here’s another thing I do: every month, I abstain from something for a week and put aside the money I would have spent. So, for example, I might decide not to buy any chocolate for a week. Doesn’t seem like much at the outset, but when you add up the savings over a year, that’s money saved I could use towards buying a Christmas present.
Love the tips you shared.
August 24th, 2010 at 6:08 am -
Taxi Sales said:
One of the best blog post I read in recent past. This post have great content. I can stand up and say superb! There is sufficient reason why you got more visitors to your article.
August 25th, 2010 at 10:18 am -
Web Design Los Angeles Spinx said:
Budgeting is really needed in today’s scenario. Without it you cannot pass your month.
September 1st, 2010 at 4:45 am -
Taxi Sales said:
Great advice for all! Its always important to budget, before you buy something. You might something and then be left with nothing. Its very important to budget. Awaiting for your next good one.
September 3rd, 2010 at 5:26 am -
top rated electronic cigarette said:
Amazing tips! I admire those writers who share the best of their knowledge in writing such articles. Keep up the good work and continue inspiring readers.Thank you so much.
September 4th, 2010 at 3:43 am -
Web Design Los Angeles Spinx said:
Budget always helps in saving the money for future. As in today’s scenario you have to have some savings for future.
September 6th, 2010 at 5:51 am -
rent textbooks said:
This is a great article, thanks for sharing all this info.
September 9th, 2010 at 3:21 pm -
Web Design Los Angeles Spinx said:
Really Great article shared. Thanks a lot.
October 1st, 2010 at 3:53 am -
Gurgaon property said:
Never spent beyond limit, it is intelligence. Very nice article of finance topic……….
October 1st, 2010 at 5:31 am -
Gurgaon property said:
facing money crunch at the end of the month..how about have a self made saving plan to spend not more what you earn. Then see the money getting under your skin
October 1st, 2010 at 5:49 am -
Taxi Sales said:
Great budgeting ideas. Always keep one thing in my that spent money in limit. Don’t be over limit ever and keep doing savings side by side..
October 3rd, 2010 at 3:28 am -
top rated electronic cigarette said:
All the budgeting tips are awesome. Thanks for sharing your great thoughts..
October 4th, 2010 at 10:38 am -
book buy back said:
Planning ahead for a bill you don’t pay every month is a great idea. Thanks
October 22nd, 2010 at 7:55 am -
Gurgaon property said:
No doubt if you want to live a smooth life, you should use money according your budget. As well as try to save some amount for further time. No one know when rainy time come. So if you have your proper balance, you can face that catch 22 situation…..
November 1st, 2010 at 12:47 am -
textbook rental said:
I would add: use the tools at your disposal, like Mint.com. There are a ton of services out there that can help you with personal budgeting!
November 1st, 2010 at 3:12 pm -
Gurgaon property said:
For personal budget first set your priorities. do first what you think needs urgent results. always remember your deadlines. think of the consequences that will affect you the moment you have undo any thing at your plan list.
November 1st, 2010 at 10:35 pm -
Web Design Los Angeles Spinx said:
I would like to add that wherever possible people should try and avoid the use of credit cards, store cards, etc, as many have high interest rates. If finance is needed, then try and use another source.
November 23rd, 2010 at 7:10 am -
Taxi Sales said:
All the tips are awesome and i feel that such thoughts came from a skilled person’s side. Thank you for your great post! It has been very insightful. I hope that you will continue sharing your knowledge with us.
November 28th, 2010 at 10:59 am -
Jiang Endi@Personal finance said:
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December 1st, 2010 at 12:27 am -
Jiang Endi@Personal finance said:
Wow what a great article! i have read this similar article too. But its on another personal finance website! HAHA great stuff!
December 1st, 2010 at 12:27 am -
Jiang Endi@Personal finance said:
Wow what a great article! i have read this similar article too. But its on another personal finance website! HAHA great stuff! we should all start saving money for a better tml!
December 1st, 2010 at 12:27 am -
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December 1st, 2010 at 2:10 am -
book buy back said:
These should all be standard practice for anyone out there on a budget. I have also had help from my insurance company USAA who helped me find problem areas and how to get a grip on my debt while still staying afloat.
December 1st, 2010 at 8:10 am -
Taxi Sales said:
It is always good to share the innovative ideas with others on our demand.That is the main way for the people to know about the useful types of techniques to equip it. It will really gives the crucial moments for others to know about it. It is a useful passion for the people to select the beneficial categories of the stories on the requirements of using it…..
December 3rd, 2010 at 10:34 am -
raisingchristianboys.com said:
Making a budget is important. Sticking to a budget is more important. These 5 steps are a great jumping off point.
December 3rd, 2010 at 9:16 pm -
Websudasa said:
Thanks for this useful information. I go through your post yeah i agree, saving money is very important in present scenario when influence rate is too high. We should spend money within the budget. If you earning 30k per month then try to save atleast 10k.
December 4th, 2010 at 11:15 pm -
R4 said:
Where can I get a complete wedding planner including tips for making budget of expenses?
December 6th, 2010 at 4:21 am -
BibleBob said:
I agree with waiting on a big purchase decision. It helps take the emotion out of the buy. You get better results.
January 2nd, 2011 at 2:51 pm -
Gurgaon property said:
First of all I wanna to wish all of you Happy New Year 2011.
Happy New Year wish for you
Is for your best year yet,
A year where life is peaceful,
And what you want, you get.
A year in which you cherish
The past year’s memories,
And live your life each new day,
Full of bright expectancies.January 2nd, 2011 at 10:04 pm -
Gurgaon property said:
On this Occasion Each one take resolution to avoid evils of past year and adept new best thing for new year. What did you you decide?
January 2nd, 2011 at 10:07 pm -
Taxi Finance said:
The practical part is always the most difficult to do. But it does get better overtime as you said.
January 4th, 2011 at 10:13 am -
book buy back said:
These are all great budgeting tips. Lets hope we will have a better year in 2011. I am sure many people are ready to start anew.
January 7th, 2011 at 3:01 pm -
Certified Translation said:
just came out of unemployment and feel it or not learning the best way to reside on 1 thousand bucks a month isn’t simple, however it did support me understand the best way to deal with my money far better. excellent post.
January 12th, 2011 at 11:06 am -
Certified Translation said:
Thanks for this beneficial information. I undergo your publish yeah i concur, saving funds is quite essential in existing situation when influence rate is too large.
January 12th, 2011 at 11:08 am -
Download24 said:
It’s always nice to read an interesting article about personal budgeting. Nice info.
January 24th, 2011 at 5:46 am -
Atlanta Home Remodeling said:
Great article. The wife and I just completed a Dave Ramsey course on getting out of debt and budgeting. This article would make him proud, perhaps you could put a link in it to his material? I’m about to send the link to this post to my brother and sister-in-law, hoping it encourages them to make some changes as well. As a Christian, makes me smile to see good stuff like this site out there…will bookmark your site and be checking out the other posts. Thanks!
January 24th, 2011 at 4:15 pm