Say No To Budget Destroyers

IBDs

Avoid Budget Killers

Some situations like in the example scenario on money decisions in the previous post are really easy to determine the right  answer.  However, in the real world, some decisions to spend or not to spend your hard earned money can be a bit more difficult, especially when confronted by IBDs—Insidious Budget Destroyers (IBDs).

What is an IBD?  Read more

Couples Budget: An Equitable Approach

All you need is balance

Perhaps a happy money relationship isn’t about being equal, just equitable! 

My wife and I long ago decided to split our expenses 50/50, right down the middle for things like rent, food, electricity, etc.

We maintained our finances separately and any money left over to spend after the 50% split was discretionary.

Read more

How to Build a Better Budget in 3-steps

A budget is your financial compass!

How do you decide who to pay after you get paid? 

Some may say: “Well, I have a budget.”

Sure, a budget may be the obvious answer.

Before that, though, what was your thought process leading up to creating your budget?

If you don’t have a budget, the same question still applies: How do you decide who gets your hard earned income and why?

Whether you have a formal process or a simple flexible mental exercise (aka no process), the only right answer is the process that works for you.

Just the thought of doing a budget can seem tedious. The goal is try different methods until you find one that sticks, and eventually make your own.

Read more

Cut the Slack, Pocket the Savings

Cut the Slack, Pocket the Savings!

So here’s how I put $3,380 back into my pocket this year and forever with minimal work.

Let’s talk about ‘bills’ for a second. I’m talking about those pesky periodic bills.  Yes, everyone has them. Some bills are necessary and to some degree inevitable and an unavoidable part of life (i.e. utility, taxes, insurance, etc.). On the other hand, we all have those often unnecessary bills that siphon away our hard earned cash like clock-work, often paid automatically and forgotten.

In the past, I didn’t mind paying for certain creature-features that I perceived to bring me comfort: like cable, cell phone, internet, car, dining, memberships to this or that, you name it. I worked hard so I wanted to enjoy it. Comfort, however, comes at a price in the form of a monthly bill.

Shortly after the time I nearly inflated my lifestyle, I took a good hard look at my monthly spending. I reviewed every bill I paid to see where I can reduce or eliminate.  I knew that if I want financial independence I had to shift my priorities. I had to reduce my level of consumption. It was simple math. Read more