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Budgeting Tips

If you are a single parent living below the living wage, you are not alone.

Those who make below a living wage "make insufficient income to live locally given the local cost of living," according to Poverty in America.

Use this living wage calculator to determine if you fit into this group. You can also see which professions you should aim for in order to rise above the living wage for your state.

Of course, the long-term plan for most below the living wage is to work toward raising one's wage and to make it to a point where you are no longer struggling. Meanwhile, you must still survive day-to-day life while working towards that goal.

That's where things become difficult...

Ben, a blogger at Money Smart Life asks “Who’s in your personal finance support group?” 

I have to admit that until I ran across this headline, I had never considered using a support group to help me meet my financial goals.

Apparently, a number of personal finance blog writers have banded together to support and encourage each other into financial health and beyond. 

If you're not a personal finance blog writer with a circle of friends that includes personal finance blog writers, you can always rely on other people in your life.  For example, Ben also added, “I had my own personal network of friends, family, and co-workers that I discussed money topics with offline long before I started writing about personal finance.”
 
Personally, I have always thought of money as a very personal thing.  I was taught that it was rude to discuss salary and finances in finite terms.  Sure, you could talk about cutting costs, and buying insurance, and saving for the future, but to discuss your own personal issues in detail or to share your financial woes with others was not something you should do. As you can tell, I have gotten over these taboos. 

A financial planner is a business professional who helps people make plans to be financially secure in their future. 

Services include:

cash flow management

education planning

retirement planning

tax planning

estate planning

While many people may be perfectly capable of managing their own finances, they may not be educated in all aspects, or may not have the time to keep an eye on their money and financial plans.  Those are the times when it makes the most sense to hire a financial planner.

Can you get through a month with only $250?

I could not.  I know for a fact that my family spends at the least $100 a week on food and non necessities.  At worst, we might spend $200 a week.  This does not include housing expenses, savings, and insurance payments. 

Monthly Budget Experiment #1

I just read an article at Small Notebook where they spent the month of July (both this year and last) with a budget of only $250.

Of course, that $250 did not include money spent on tithes and other gifts, rent, insurance, bills, health expenses, work expenses, savings, and investments. 

The items that were being limited were food, gas, clothing, coffee, household necessities, and entertainment. 

The goal of the experiment turned yearly tradition was “to stretch ourselves to become more mindful and disciplined about the money we spend, and to save some extra money in the process.”

In the end, the bulk of the money was spent on food and gasoline.  They managed to splurge a bit at the end of the month on coffee.  So basically, they were able to do without buying new items for the home and clothing for a month.  They also forced themselves to eat foods they already had in the pantry and freezer.  Writing about their progress has inspired many others to do the same. 

This group was not alone...

Cutting back on expenses and saving a little money here & there doesn't mean sucking all of the enjoyment from your life. 

You can still get ice cream treats with your family.  You can still have the occasional shopping spree. 

On those days when I feel that I will burst if I cannot spend some money, here's what I do...

You've made a budget and stuck to it.  You've clipped store coupons, purchased food in bulk, and bought store brands.  You feel a little squeezed, but overall, you are proud of the fact that you actually managed to put a few dollars into savings this month. 

Then the phone rings.  A loved one needs money. 
 
This loved one is the type that spends every dollar as soon as it comes in.  They call you foolish for passing up that new outfit in order to pay off your credit cards.  They refuse food in your home because it is not name brand.  Still, they want some of your money because they did not manage their own well enough. 

What do you do?

Sure, you could yell, scream, bang your head on the table, or visualize smacking them in the head.  Chances are however, you will write them a check, and start your savings account all over again. 
 
If any of this sounds familiar, here are some steps you can take when dealing with a loved one who cannot or will not save money, or at least manage their money better.

If you are currently planning a wedding, there are a few things you can do to make sure you don't spend too much money on your wedding and stay within a budget -- keeping your wedding expenses in check.

Some simple wedding budget tips...