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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Saturday, August 19, 2006

Personal Budgets

For several months we have discussed budgets. There is no time like the present for examining how your budget is coming.

  • What have you learned so far?
  • Have you been able to apply what you learned?
  • Have you been able to make cuts in your spending?
  • Are you staying within your budget
  • Does keeping a budget make you more conscious of the money you spend?

Budgets can create discipline. You know that the end of the month is coming and you will need to explain to your spouse (or yourself) what money went where and why. There are consequences that you will be able to see. If it was a good month you might be able to save, invest, payback debt, etc. more than before. If it was not so good of a month then you will not be able to pay as much down on your credit card as you wanted. Maybe that means you will be paying it back another several months or you have to pay more in interest.

So take some time out and see how your budget is coming and try to see how it is helping you.

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