It is the time of year again when everyone is making a new year's resolution. But instead of making a resolution, I say we make a change. I don't like using the word resolution, by February they have been forgotten.
The 4th of July is upon us this weekend, and lots of you will be heading home today for a three day weekend. Have you lined out all your plans for the cookouts? Maybe even planned a vacation for this weekend. Did you do your July budget and include the festivities for this weekend? This weekend can be a costly weekend for folks if you don't go about it with a plan. It can come with expenses that you forget about until it gets here.
Budgeting and getting control of your finances is essential. One of the biggest budget busters in households is the weekly trip to the grocery store. As the one that would usually be the cause of the budget bust on the grocery trips. My wife would tell you taking me to the grocery was liking having to take one of the kids. Something was going to get added to the cart during the trip. This was during a time of our life that we did not pay as close attention to our budget and we did not think about how much we were going to spend at the grocery.
Some you may still be kicking the idea around and not sure if this whole getting out of debt thing is for you. Not going to lie, getting out of debt and staying out of debt is not easy. It takes work, making a monthly budget and sticking to it. For some staying in debt is easier and don't believe it is possible. Will it is possible, it is about getting over the hurdle of living on less than you make and telling yourself no and taking responsibility for your actions.
With the holiday season approaching it is very important to stay on track during this time of year. Not only do you need to have a normal monthly budget, but you also need to include other items in your budget that you may typically not budget for, such as Thanksgiving dinner. Do you need to adapt your grocery budget to handle this event? Then we move into December, how many different Christmas dinners and parties do you plan on attending or having? Does this need a separate line on the budget or can this just be added to your grocery budget? Now let’s not forget about Christmas gifts, have you established a budget for presents? And let's not forget about all the decorations that may be involved, has the Christmas tree been put into your plan this year or is this going to be what will bust your budget? Yes, this is a very overwhelming time of year. But it can be easier; it starts by developing a plan. One of the tools that I recommend when preparing a budget is incorporating the envelope system. Month to month you would have your normal budgeting envelopes. During this time of year, you can add additional envelopes needed for the Christmas season. Not only does it help you track your cash spending but keeps you sticking to your budgeting. Now notice I said easier not easy, living on a budget and getting out of debt takes hard word work and discipline. Not to mention there is no 100% cure for dealing with in-laws during the holiday season.