Why your budget just doesn't work
By Gordon Powers, Sympatico / MSN Finance
Got that nagging feeling that you’re just not doing enough to manage your money? You’re probably right, which leaves you with two options. Keep writing cheques and melting plastic until your money runs out, or get a handle on things right now by establishing specific savings goals, blogger FiveCentNickel suggests.
Instead of setting up a detailed budget, complete with projections of how much his family is likely to spend in particular categories, he works towards predetermined savings goals and let's everything else unfold accordingly.
But it's hard to see how you can get there without at least a little bit of budgeting.
There's no shortage of free personal finance sites you can consult to monitor your money and set budgets, among them Justbudget, Wesabe, Easybudget, Mint, and Rudder.
Mint, for instance, is great site for those looking to take the tedium out of budgeting. Although only available in the U.S. right now, a move to Canada is in the works.
The service logs into your bank and credit card accounts to get updated information on existing balances and transactions. Mint updates all your accounts at least once a day and automatically labels each expense with a category -- groceries, utilities, gas and so on. It then organizes the data in a series of colourful pie charts so you can spot if you’re over budget on those spa costs.
It’s not as intrusive as it sounds. Mint starts with the same encryption banks use, but the difference is that on Mint, you’re anonymous – no account numbers, just a user name and password. Still, even that might be too much access for some.
In that case, you’ll probably prefer spreadsheets over their online cousins. If so, there are several free budget templates available from Microsoft. They include personal and family budgets as well as event budgets for weddings or golf tournaments.
Looking for more of a group solution? Buxfer is a site that specializes in group budgeting and IOUs among friends. Perfect for college roommates or group vacations, you can invite contacts to join and track shared bills with little hassle.
Posted by: John Doe | May 16, 2021 10:24:11 PM
Budgeting in this day and age doesn't work for one factor! Recession - Depression, Families find it hard to earn decent salary, living paycheck to paycheck, overdrawn accounts, lines of credit that the credit agencies take advantage of by billing you twice in a one month period because 1. you have not paid the minimum payment on time and 2. once you made that payment they knock you for an additional 30 to 40 overdrawn fee.
The rich get greedy and the poor get dirty. That's why when you live in the ghettos people like us tend to help each other out, and in fact our lives are more harmonious then the rich ding-dongs on the block.
I think the world is gone to ruin, governments are corrupt, and nothing is going to get any better, but I sit back watch the view and laugh at all the suckers who make 100 grand a year because you know what CARMA comes around and ain't life sweet!
Just wait till one day you wind up with no job, get sick, live on assistance you probably wouldn't survive because your heads are too far up your butts.
So with all due respect long live the poor, keep happy and keep on living the NOW! Oh and one thing for collection agencies - you're working for the devil!!! there are better jobs out there then harassing disabled people for money jerks!!!!
Posted by: daytimedolphin | May 17, 2021 1:22:22 AM
I agree with John Doe. Come down to reality people. How can we budget anything when prices keep going up. Exept our paychecks.
Posted by: philippe | May 17, 2021 10:27:39 AM
Budgeting is nice because it gives you an idea where to cut... however you do not need to put any info on your computer, hackers, Bill and uncle Sam are everywhere... a good old notepad that you have with you when you buy a cofee is all you need... organise it.
But to be able to cut, you need to understand that you have the same value, as a person, even if you consume less... build your self esteem on something else than consumption like John Doe is doing... but be carefull... the rich people wants you to live of love and forget consumption... and their eyes are on your wifes and hands will soon follow... what I tell you is not to need consumption, but enjoy it, as part of enjoying life...
Henri Paul Rousseau, at the caisse de dépot, seems to have used budgeting for an other purpose (according to a new book at Carte Blanche) top executive have a yearly bonus when the value goes up but no penality when it goes down... so they try to push all expense in the same very bad year, and then enjoy of few years of bonus... this is the value that these guys bring to our community...
Do not withdraw cash on a credit card... they charge huge interest from the moment you take the money, pay the bill on time or not.
Posted by: Dr. J Lindon | May 17, 2021 10:59:42 PM
John Doe, I make 190 grand per year and you are calling me the sucker? I work hard for this and I do honest work. I have no worry whatsoever of ever losing my job. I have spent years developing my technical skills and my work is in high demand and recognized world wide, especially now with the focus on energy and green house gasses.
What is this nonsense about Karma (with a "K")? I don't believe in that crap. I don't screw other people and I am well respected in my profession. Furthermore, I don't sit around complaining about how bad everything is. I do something about it. I didn't come from a rich family. My parents came here after WWII with absolutely nothing. They built a wonderful life here and allowed me to achieve the highest level of education a person can achieve anywhere. This was all done from hard work and no belly-aching about how bad things are.
You seem to have a lot of anger. You should consider channeling into something constructive. The choice is all yours.
Posted by: J Lee | May 19, 2021 1:53:40 PM
I totally agree with Dr. J Lindon, although I'm a college student, I work hard for what I want to achieve and good things will come to positive people. I don't make anything close to what Dr does, but I am happy with the choices I make with the money I have and budgeting has everything to do with it, if you keep track of your money and where you're spending it, with smart choices you'll be able to pay off that debt and live a prosperous life no matter what amount of money you're making.