Guest Post: 5 Personal Budgeting Tips

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

59 thoughts on “Guest Post: 5 Personal Budgeting Tips”

  1. Thanks for your post.
    We do need these kind of saving money tips …Specially on this times of crisis..
    🙂

  2. 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

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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

  9. 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.
    +1

  10. 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

  11. 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.

  12. 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.

  13. 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.

  14. Those are indeed helpful tips. Please keep those posts coming about how to manager our money wisely and spend accordingly within our budget.

  15. 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? 🙂

  16. 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.

  17. 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.

  18. 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.

  19. 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..

  20. 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.

  21. 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.

  22. 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.

  23. 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…..

  24. 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.

  25. 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.

  26. 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.

  27. 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…..

  28. Making a budget is important. Sticking to a budget is more important. These 5 steps are a great jumping off point.

  29. 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.

  30. I am not a professional in the field and I am greatful for your advice. Thank you very much. I was happy to read this, sure got me thinking!

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