Tag Archives: budget

Boost Your Income

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“I’ve done my budget and I as much as I try, I can’t cut back on any expenses. I have one child that is not being supported by his father and I find it really hard to make ends meet on my salary. I would love to be able to earn more money, but I don’t know how to start. Any advice?”

Last week we looked at ways to find more money to save by creatively reducing expenses. However, if you aren’t making enough money even for your basic needs, then the only option is to increase your income.

Once again, the first step is to assess your income and expenditure to find out how much your monthly deficit is. Write down all your monthly expenses, including a savings amount, on your budget planner and subtract the total from your earnings.

If you’re not making ends meet, then your budget should show a shortfall. This figure is the targeted amount which you need to increase your income each month. Continue reading Boost Your Income →

Debt Distress

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“I am engaged to be married to a great guy. Problem is, he doesn’t know that I’m up to my ears in debt. I was made redundant two years ago, and I had to max out three credit cards and take out two credit union loans to survive.

“Now that I’m working, my salary can barely pay the minimum required to pay off these debts. I’m too ashamed to tell my fiancé, as he may think I’m not financially stable and reconsider our wedding.”

Don’t be so hard on yourself. Being without a job for an extended period can send practically anyone into debt overdrive. Give thanks that you’re back into the world of a steady paycheck!

However, your past financial woes are not going to disappear by pretending that they never existed.

Continue reading Debt Distress →

Planning for Education

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“I have three children ages 4, 8 and 11.  I’m worried that I have not been saving any money towards sending them to university. Right now it’s sometimes hard to find the school fees and money for extra activities, but I don’t want them to have to struggle to afford university.

“What can I do with my limited budget?”

The high cost of raising children is a reality that is never going to get easier. Sometimes it’s not that the money isn’t there to pay the school fees, but that parents didn’t start saving early enough to take care of the costs.

The saying “If you fail to plan, you plan to fail“ is really applicable in this case. I think that sometimes we look at the word ‘plan‘ as a bad four-letter word. We live from day to day without a clue for the future, hoping that some happy coincidence will provide us with what we need to survive.

It’s one thing to adopt this attitude when we’re only thinking of ourselves, but when children come into the picture, we owe it to them to plan for their future. Continue reading Planning for Education →

Budget Wise

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“I read last week’s column about budgeting and I’ve decided to  give it a try, one more time.  My problem isn’t making a budget,  it’s sticking to it.  I can’t seem to get my good intentions off the  page and into the real world.  As soon as I’m depressed or tempted to spend I give up.  How can bring the budget to life?”

Last week we looked at budgeting as the foundation to building a solid financial future. Unless you have an unlimited source of income, (if you do, please let me in on that secret!) you’re not going to achieve all your big financial goals without taking control over your income and expenses.

When you live without a clue as to how your money is spent, you cannot plan from one month to the next. Little expenses come as big surprises. The budget is the blueprint that shows you exactly what costs to expect, and helps you to know beforehand if your income will be enough to cover them. Continue reading Budget Wise →

Budget Blues

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“All the financial advice I read says that setting a budget is important. Every month I try to make a realistic budget, but it just doesn’t work. The figures never seem to match what I end up spending. I’m frustrated with budgeting and ready to give up. Am I doing something wrong?”

Relax. You’re not alone in your budget blues. Most people start budgeting with lots of promise, but within two weeks their plans get dumped like yesterday’s newspaper. As month-end approaches, they desperately await the next paycheck, sadly resolving once again to set their finances right. Then they get paid and the cycle continues.

Why bother with budgeting? Why not just spend as you go and hope for the best? Who really wants to have their lives dictated by the figures on a piece of paper, anyway?

This thinking is fine if you’re only living for today, but if you’ve ever dreamed about financial security and freedom from worrying about money, then a proper budget is the key that will open that door for you. Continue reading Budget Blues →