Tuesday, October 25, 2016
Greetings Thrifty Friends,
Only an estimated one in three Americans maintain a detailed monthly budget. If maintained, budgets can help you save money and stay on track with your spending. Most people experience a time when their budget fails due to unexpected expenses, but other people have trouble staying on budget because they don't take the time to adjust and maintain it!
Keep pinchin' those pennies,
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TODAY'S THRIFTY TIP:
Set aside time to work on your budget
A common reason that budgets fail is because people don't make time to update them or change them. You should review your budget at least once a year to account for changes in expenses, income, expenditures and savings.
It is equally important to give yourself time to get used to a budget. If you have never budgeted before (or you recently made large changes to your budget), you can't expect to change overnight.
Budget for emergencies and extra expenses
You have probably heard the importance of an emergency savings. It is an essential part of maintaining a budget. You should have money saved for at least three to six months worth of expenses in order to protect you in an emergency.
Don't make your budget too loose or too restrictive
If you make your budget too restrictive, you are setting yourself up to fail. While it is important to save money, not allowing yourself (or your family) enough money to cover expenses and have a little fun, will put you in a bad rut quickly.
On the other hand, making your budget too generous will prevent you from saving money.