Posted on 27 August 2009
Many people don’t think of budgeting as a good measure to solve their problems. They think that doing such a thing basically means that they are admitting that they’re poor. But this couldn’t be any further from the truth.
Budgeting is something that can help you to utilize your money in a wise and conservative manner, which is something that anyone can benefit from, regardless of their income level.
It is extremely important to be aware of your financial situation and how you manage your expenses on a day-to-day basis. By analyzing your expenses and your income, you can figure out the extra expenditures and cut them down in order to save money.
Benefits of Budgeting
Budgeting enables you to prepare in advance for any future expenses. Whether it is a new addition to the family, purchase of a new vehicle, refinancing, or moving to a new place. Any new expense can take on a huge part of your income and upset the way you are paying your bills.
A good budget will enable you to put money aside for future or unforeseen expenses, giving you some flexibility so that you are comfortable when an unanticipated expense comes up.
Having to fulfill any unexpected expense, without any budget, may necessitate the use a credit card for the costs. Or you may have to take funds that have been put aside for other interests or needs.
A budget will help you keep your finances in line, and offers the opportunity to save money on a long-term basis, which can be used to purchase any new item, or save up for the future.
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Budgeting is the first step in deciding which debt relief option is best for you. Even with bankruptcy, budgeting is a requirement. Once you emerge from bankruptcy a plan to stay out of debt must be established and approved by the courts. So you may as well start looking at your spending habits first. One place I suggest looking is at food purchases.
Meal planning is a powerful tool that can generate on average an additional $300 per month for the average 4 member family. How? Using ingredients to the max. Below is an example of one week’s menu that was based upon chicken, fish, ground beef, and pork chops all being on sale. So as you may have guessed, menu planning first begins with identifying what’s on sale. This is usually done Sunday morning over coffee and takes about half an hour to create the shopping list. Note how ingredients are used for various dishes to stretch the dollar. –Rick Perry myzerobalance.com
Day 1:
Herb Roasted Chicken
Boiled New Potatoes (Cook 3-4lbs to include Smashed New Potatoes)
Corn on the Cob
Day 2:
Make Chicken Stock Today
Baked Tilapia (Bake 2 1/2-3lbs)
Smashed New Potatoes
Garden Salad
Day 3:
Chicken Divan (Use leftover chicken. Add leftover corn to sauce if desired)
Rice Pilaf
Garden Salad
Day 4:
Fish Cakes (use leftover fish)
Steamed Asparagus
Chopped Avocado Salad
Day 5:
Ground Beef Tacos (Using on-hand lettuce)
Spanish Rice (Using leftover Rice Pilaf)
Refried Beans (Soak extra cup for Boston Baked Beans)
Day 6:
American Goulash (Use leftover ground beef. Cook 1# extra pasta for future casserole)
Parker House Rolls
Garden Salad
Day 7:
Brined & Grilled Pork Chops
Marinated Grilled Zucchini
Boston Baked Beans (Use leftover soaked beans)