Comments on: Day 27) Turning Your Spending Report Into a Budget

By: Abbie

Abbie — Wed, 15 Jul 2009 17:03:05 +0000

I stumbled here via Carrie's It's Frugal Being Green blog. I really like that you touched upon opportunity cost, i.e. which purchase items are you going to give up to attain your credit card debt paydown goal? I think this is a wonderful approach for people like me who have always spent what they have. I realize for some it is divying up the numbers, fixed vs. variable expenses, but for me it was more of a paradigm shift about what kind of a financial future I'd like to create for my kids, and how that goal will affect my purchases today. Thanks for a really great post! Abbie Abbie’s last blog post: Giveaway – Rubbermaid 20-pc Food Saver Set

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By: Cath Lawson

Cath Lawson — Fri, 27 Feb 2009 21:47:32 +0000

Hi Mrs M – Help – I’ve missed almost a sixth of the whole year through illness. I didn’t realise it was almost March. Now I really am panicking.

I definitely need to do this budget tracking this month. I’m guessing we’re spending a whole lot more than we need to on buying stuff when we need it, at more expensive shops, rather than planning out what we need in advance.

By: Maureen

Maureen — Fri, 27 Feb 2009 15:34:31 +0000

I definitely think that tracking spending is the best way to recognize a realistic budget for yourself however certain months won’t take into account special occasions.

I think it’s important to work out an annual budget too just to make sure you’re not going to left short one month.

I think what this experience really gives you is a sense of balance and control. It means you don’t have to worry if the boiler suddenly breaks over christmas as an example. It also means you’re on the road to financial recovery (if you’ve been stung by debts).

It’s really underestimated how much time and effort goes into personal finance but as I’m sure we’ve all seen it has wonderful results!

I’m sad this month is coming to an end as I think it was a really clever communal activity. Just like Alcoholics Anonymous this is a great place to share experiences and learn from others.

Even after all the finance articles I read I am still surprised to find new tips. In the way that we eat and drink throughout life I think the learning process is constant.

Well done everyone! Just one day to go!