Budgeting Tips


This document contains research about the amount of Americans who adhere to a budget each month.

Top Online Resources:

  1. What Americans Say About Budgeting
  2. The Savings Crisis In America A Generation Of Americans Who Can't Save Money
  3. FindLaw.com Survey Finds Most Americans Fail to Set or Follow Budgets

Great ways to plan for Christmas and other expensive holdays.

Christmas and other holidays can be financial problems for many people as they try to meet the expectations that are in place upon society during such events. Many people wonder what they can do to not have these events be so detrimental to their financial well-being, and still be able to feel like they have met the purpose of each individual holiday. There are lots of ways to accomplish this and the most basic is start saving early. Selling off old stuff is also a way to accumulate money that can be used for gift buying. One website suggested focusing on people rather than on gifts, and placing limits on gift expectations. Thus, the holiday would be more focused on wholesome than on wholesale. This would make holidays more about thoughtfulness and less about money. Another website suggested putting dollar amounts next to the name of each person you'll be shopping for, and then only taking in cash the total amount needed to the store. You then have to shop within that amount of money and are less likely to overspend or get suckered into buying things you don't need, even if there is a good deal. Not having enough for gifts is more dependent upon how well you plan your buying, than on how much money you actually have to work with.

Top Online Resources:

  1. The Dollar Stretcher
  2. MSN Money
  3. DaveRamsey.Com

'Super' Tightwad Budgeting

Budgeting beyond balancing your checkbook is a great tool to help control your personal finances. Budgeting can help you see where and how your money is being spent and can help you to regulate your spending. Budgeting is a great habit to have and will help save you money in the long run if done effectively.

To create an effective budget, you need to not only allocate your money to various expenses, but to also eliminate unnecessary expenses. When you start your budget, be sure to note where you spend your money and which of those areas you can afford to do without. The following links will help you to evaluate your budget and help you to identify areas that you can eliminate from your spending in order to help you manage and save your money.

Top Online Resources:

  1. 50 Ways to Trim Your Budget
  2. 13 Ways to Live Well on Less
  3. Big Dreams on a Small Budget

The Latte Factor

The Latte Factor is a name coined by financial man David Bach. The idea is "It's not how much you make, but how much you spend."

Something that David Bach stresses as well is that it's not just saving the 'Latte Factor' costs, but investing that money. By saving less than $6 a day, investing it with 10% annual return, you'll hit a million in 40 years.

A commentary on the Latte Factor suggests not entirely eliminating your Latte Factor, because in effect you'll eliminate your fun factor. One needs to be sure to reduce those expenses that appear in the form of a long-term contract (rent, car payments, etc.)

Due to lack of space below a couple of links are included: "Latte Factor" calculators. (Just copy/paste them in your browser).



Top Online Resources:

  1. Yahoo! Finance
  2. Finding your 'latte factor' for a savings plan
  3. Getting Rid of Your Debt

Tips for husbands and wives "coming together" in personal budgeting

There are many ways to construct and keep a family budget. Some are better than others. The best way is to motivate everyone involved and keep them motivated to be frugal and plan ahead. The websites that have been researched have sought out the best ways for husbands and wives, parents and children, and anyone else who want to save money, to pool together, find motivation and stick to a budget. Each of these websites highlights different things that parents can do to save money and stay strong in family finances.

Top Online Resources:

  1. Living A Better Life: The Free Money Saving Tips Ezine
  2. Personal Finance Budgeting
  3. Say Planning