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Financial Literacy 2007 - Budgeting
Part 1 of 18
TAKE ACTION
Budget bombs
Your best intentions for wise saving and spending are easily sabotaged by any of these budget blunders.
 The simple art of budgeting » Notify me of the next issue 

6 budget bombs
 
Cut out all the fun stuff.
Be hit or miss with savings.
Overuse debit card.
Pay only the minimums on cards.
Live without emergency savings.
Spend more than you earn.
 6 budget bombs
Cut out all the fun stuff.

All budgets should allow for entertainment. Think about where your recreation priorities lie and add up how much you spend each month on those activities. If the total is more than 10 percent (5 percent is ideal) of your total household budget, it's time to scale back. But don't blunder by eliminating recreation altogether or your best-laid plans will eventually self-destruct.

 
  What's your experience with budgeting? Are you struggling?
Successful? Share your story.
-- Posted: Jan. 31, 2007
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