THE LIFE

January 12th, 2011

Building a Budget that Won’t Buckle Part 1

piggy

Like many others, I am setting financial goals and budgeting to ensure that by Dec 31, 2011 I will be in better shape than I was at the close of 2010. Some of us come up with new budgets and financial plans as new year’s resolutions, but we see them fall apart before the middle of the year. Here are a few things I do each year that may also help you build a budget that wont buckle in 2011.

Identify the Budget Buster of 2010

We are each guilty of having the one vice that always seems to bust the budget. As for me, breaking out the debit card for fast food was the financial termite. Going forward, I will budget $50 a week (cash) for eating out an that will help slow the bleeding of popping out the debit card.

To help you identify your budget buster, review your debit and credit card purchases over the last few months.  Look for items, excluding utilities and groceries, that makes up more than 5% of your purchases. Review those options and identify the issue, so you can rectify.

Budget Fun

Budgeting is not fun if you cannot enjoy your money. We all work hard for our income, so playing hard should be included in your financial plan. In your new budget, be sure to allocate enough money for your entertainment fund. This could include trips to the movies, date nights or even partying with your friends. You should have fun, but make sure you plan ahead of time.

Look for deals

I am always looking for ways to save money and move it to other places like loan payments. Call the cable company and check with your apartment complex for specials they may be running for the month.  Applying $15 or $20  of extra income a month to your car payment or student loan can be the difference in hundreds of dollars in loan interest payments.

Build a Reasonable Buffer

Conservative budgets are always best, however be sure not to be too strict in areas that fluctuate often. Be sure to budget an additional 5% in your utility and grocery funds, because you just never know.

Budget to the Last Penny

In practicing what I preach, I like to budget to the last penny. Never leave one unspent. Anything extra, just move it to savings!

I hope these few items help you build a stronger budget for 2011. Look for Part 2 of Building a Budget that won’t Buckle, where I will share with you tools and websites that will help you build the type of budget that works best for you.


About the Author

Corey Phillips
Born and raised in Queens, NY, Corey is a working finance professional in Indianapolis, IN. A graduate of the University of South Carolina, Corey obtained a dual degree in Finance and Management. In addition to his corporate career, Corey possesses a passion for helping others realize their potential and authority.




 
 

 
OLYMPUS DIGITAL CAMERA

Creating a Personal Finance Statement

If you own a small business or are self-employed, this guide will help you track income and expenses on a regular basis. Entrepreneurs tend to create personal financial statements for one of two reasons. Either they love number...
by DeAndra Harrison
74

 
 
BETSEY-JOHNSON-FALL-2011-RTW-PODIUM-013_runway

Runway Looks on For Less – Betsey Johnson 2011 Collection

When you think wild and crazy runway looks, Betsey Johnson is probably the first name to pop into your head.Betsey Johnson has made her name in fashion by creating fantastical, over-the-top, inspired looks. This season, John...
by Socialtik Mag
26

 
 
new-car-wrapped-with-a-bow-300x213

Why Buy New Things When You Can Share Them?

The American dream typically centers around ownership. We dream about buying our first car or our first home. More ambitious dreamers target a second home for holiday getaways, or a private jet to whisk them away at a moment...
by Socialtik Mag
25

 

 
Money-Cash-Black-Enterprise-Business-Large-300x232

How to use Coupons for Big Savings

Do you see people in line at the supermarket handing over a wad of coupons and saving a ton of cash at the register? Does a little twinge of envy and wonder well up in your chest? Well, there’s no need to be jealous. You, too...
by Socialtik Mag
24

 
 
raise-300x187

How to Successfully Ask for a Raise

If it’s been a long time since your last promotion or raise, it might be time for you to speak up and ask for that raise. Here are some approaches you may want to consider when planning how you’ll ask for your raise. The di...
by Socialtik Mag
12

 



5 Comments


  1. Starting the year with a bang and a great article. I will post this to twitter and facebook.

    Question: How much would you budget weekly for entertainment?


  2. AAINo Gravatar

    great advice! definitely using this. thanks


  3. great advice! definitely using this. thanks


  4. construction ensures that the double-breasted and


  5. Once you begin your thesis composing, it’s essential to understand the first objective it’s meant to produce. If you’ll be able to comprehend the larger objective of your thesis, you’ll be able to build your papers to additional properly show that you simply have accomplished your set objective.



Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Twitter Users
Enter your personal information in the form or sign in with your Twitter account by clicking the button below.


thru 9/26 - Fall Sale. 30% Off select styles. Disc