Ballpark Budget or Accountable to the Penny- Tips For Every Budget Type

I fully admit that I am not great at creating a strict budget. Accounting is not my strength. Seems kind of strange since I am careful about spending money- just not so great at tracking it!

Budgets do not have to be strict and certainly should be different for each and every one of us. Some of you will want to account for every penny and others are comfortable with a ballpark budget. No matter what type of budget you prefer, keep these points in mind:

Get Involved: When planning a budget make sure to sit down with your significant other and plan. Each of you needs to be on the same page when it comes to the budget. If you have older children you might want to involve them in some aspects. Not that children need to know the nitty gritty, but if there is a family goal such as a vacation, they can help with savings toward that.

Flexibility: I talk a lot about life being a windy road. You never know what’s around the bend. Make sure your budget has some flexibility for life’s bumpy patches. And of course flexibility for times when things are prosperous. Your budget should ebb and flow with your life’s events.

Evaluation: Monitor your spending to evaluate what cuts can be made. Often times we spend money without even thinking about it. Sit down and evaluate your spending habits. Are there ways you can cut costs? Can you and your family be more efficient? Maybe turn down the heater a notch, plan your errands in a route to spend less gas money, pack a lunch and turn off the lights when leaving a room (BTW, why are the lights always an issue?).

Have a Goal: Some of you will be working towards paying off debt while others may be planning a budget to prepare for the future. Whatever stage you are in, make sure you have a goal. Working towards a goal makes budget planning easier. Make a small and a big goal. We recently paid off a car and our credit card bills. I set goals as to when I wanted to have the bills paid off. Once they were paid, we worked towards our next goal of updating our home. We are in the middle of a small home remodel that we are able to pay cash for.

Whatever your budget type and needs are, take the above points into consideration to make budget planning a success.

This post is part of Women’s Money Week 2012. For more posts about Budgeting see the Budgeting Roundup.

Bio
Latest Posts

Renae Chiovaro

Renae is a married working mom of two handsome boys. She works as a registered dental hygienist by day and blogs here at How to Have it All by night. She enjoys cooking from scratch, working in her vegetable garden and functional training.