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I Have to Save Money But I Hate Budgets - Money Saving Plan

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Budgets are a real hassle. The irony of a budget is that takes a whole lot of discipline and if you had that much discipline in the first place you wouldn't need a budget.

  • There is an easier way to get a grip on your finances. Here is a step by step process for getting financial matters under control and saving money.
  • The first step is to pick one credit card and only use this credit card only for gas, groceries and car repairs. All other necessities such as rent or mortgage payments and utilities will be paid by check. New clothes are not a necessity; most people have enough clothes to maintain a job.
  • If you already put all of your groceries and gas payments on one credit card, review this card to compute your total monthly gas and grocery spending. If you have no history of gas and grocery spending don't wait a whole month to start this plan, for now just estimate this amount. Make sure you estimate on the high side and review your credit card next month to find the exact amount you spend on groceries and gas.
  • The next thing you need to do is destroy your bank or (MAC) card. You no longer have access to quick cash.

Now take a look at your current bills. Add up the amount you spend on gas, groceries, rent or mortgage and utilities. Make sure you also factor in yearly payments such as insurance policies and figure out what these annual payments cost you on a monthly basis. To determine what an annual bill costs you on a monthly basis simply divide the annual bill amount by twelve.

  • Take a look at your monthly total take home pay. To make it simple just add up the total amount you take home in 4 weeks. Now subtract your total monthly expenses from your monthly take home pay. Decide how much you want to save or pay down debts (Try and save at least 10% of your take home pay if possible for emergencies such as an unexpected car repair) and subtract this amount out as well. Hopefully you have some amount left over. Whatever amount is left over we will call this "Luxury Money".

This "Luxury Money" is the amount that you can spend on entertainment, going out to eat, clothes, shoes or whatever.

  • You now have two options. If your spending is really out of control divide your monthly Luxury Money by 4 and withdraw that amount from the bank once a week. If you spend that amount before the week is up then you have to wait until next week until you spend anymore.
  • If you feel that you have a little more control take out the full monthly "Luxury Money" amount on the first or second day of the month and spend that amount only when you need it throughout the month.

Why this program works:

  • You figure out how much you can spend on nonessential items after you review your income and expenses. You do this while you are in logical state not when you are in the mall shopping deciding if you can afford to buy something or not
  • You pay cash for items like clothes and restaurants. It just hurts more to pay for cash.
  • Credit card is only used for necessities which for the sake of this process are defined as groceries and car and gas expenses. This eliminates the potential for rationalizing a purchase of new clothes.
  • This requires very little maintenance for saving plans .
  • By getting rid of your bank card, cash is not as accessible.
  • Article Source: http://EzineArticles.com/669766

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