Too many people are breaking their piggy banks, so they can spend more than they’ve budgeted for. Unfortunately, it could lead to problems that nobody wants to deal with. Take a look at the most common areas of overspending and consider some of the ways you can keep your budget intact.
A recent report from the Principal Financial Group found that 71% of employees went over their budget in at least one of the listed areas.
Think about your own budget (or lack thereof). Are you one of the 20% of employees who went over their budget for dining out? Or the 14% that spent too much on entertainment? Like many Americans, you can probably pinpoint a few areas where you like to overindulge. So why is it a big deal? When you spend more on shoes or movies or fancy dinners than you’ve allotted for, you could end up dealing with consequences like…
Instead of breaking the budget, break the cycle before it overtakes you. Here’s how:
It’s also easy to overspend when you have unexpected costs. A way to combat this surprise attack is to set aside savings specifically for surprise expenses, like a housewarming gift or broken cell phone. When you look at the big picture, it’s about fine-tuning the budget to include ALL income and expenses – even the ones that haven’t happened yet. Talk with a personal Money Coach who can help you figure out a budget that works for you and your lifestyle. Your Money Coach can give you worksheets that help you track and categorize your expenses, so you have a better idea of how you’re using your money and how you can improve. Get started today by calling 888-724-2326.
Sometimes having a budget can make you feel squeezed for every last penny instead of giving you the freedom to achieve your financial dreams. Here are some words of wisdom from an MSA Money Coach on how you might approach your budget when the going gets rough. Challenge #1: Turning Surplus into Savings When people […]
It’s no surprise that many Americans experienced financial setbacks in the past year. Now is the time to assess your finances and get prepared, so the next financial setback won’t be a shock but a challenge you can more easily overcome. Here are some of the most commonly reported “financial shocks” and how you might […]
What if you wake up Monday morning to a broken fridge? What if rush hour pushes you into an accident and totals your car? Do you have emergency savings to fix it? Most Americans don’t. Here’s how you can boost your bank account and soften the blow of an emergency. If your savings are lacking, […]