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Budgeting and Why People Hate It

I recently did some random surveys, where I ask people questions about budgeting.  Budgeting is a necessary evil but no one wants to do it and I couldn’t figure out why?  Because it’s a very simple process.  I even share some simple steps in my post titled How To Create a Budget in 3 Easy Steps.  So I said to myself, “when in doubt – ask.”  So I asked people everywhere I come in contact with, friends and family, clients and social media connections, these three questions:

  • What frustrates you about budgeting?
  • What challenges do you face with budgeting?
  • What would make budgeting easier?

I received a lot of different responses.  One response was even “trying to get my husband on board.”  I had to laughed at that one.  Wouldn’t you know sometimes I have that same problem.  So I asked around and the most common responses I got were: Not having enough money; Having to create the budget; and Sticking to the budget.

Well let me tell you that last one resonates with me in a big way.  When I graduated college and started getting a real paycheck I moved out of my parents house within six months.  And I haven’t been back yet! One of things I realized very quickly was I needed to make sure all my bills for paid before I could spend money on what I wanted to.  I already knew I had a shopping problem.  Big secret right? So I created a budget for each paycheck.  I would budget six to eight months at a time so I would know when I would have the money to go holiday shopping or shopping for myself, on trips and even which months I could make lump sum payments to get out of debt.  This little schedule was great .  In fact, I still use it to this day.

As time went on, I could never figure out why I didn’t have enough money.  Then I would get a new job with a higher salary but the same thing would happen.  It was years before I realized that I was good at creating a budget but I sucked at following the budget.

So to help you avoid or to stop having the same problems I had, here are solutions to the top three responses.

  1. Not having enough money. This is a terrible excuse.  You don’t have enough money because you don’t have a budget to begin with.  You need to create a budget so that you can know where you need to spend money, including saving or paying yourself first.  Whether you are getting paid $5,000 a week or $5,000 a month, you need to ensure that all your costs are covered.  And if all your costs are not covered, that’s when you will know it’s time to ask for that raise or move on to other things.  But my guess, you will be just fine when you see all of the unnecessary things you spend your hard earned dollars on.  It’s just going to take  a little self control.
  2. Having to create the budget.  Not sure why people have such a hard time with this one.  If you do, then you are definitely over thinking things.  Here is the link again for How To Create a Budget in 3 Easy Steps.  Doesn’t matter if you’re doing a budget for a business or for your household, the same rules apply.  The only difference is for a household, you may not need to budget a full year.  Six months will do just fine.
  3. Sticking to the budget.  Now this I get.  It’s the shiny toy syndrome.  Every time you see something shiny and new you just have to have it, right? WRONG? You don’t need to be a walking model with all the hottest clothing trends.  And you don’t need to buy a new cell phone every time they come out with a new version.  You need to develop a system for tracking your costs.  A system you can stick to.  And try and make it fun.  Enlist a friend, turn it into a game or reward yourself.  When you have a prize waiting for you, you are more inclined to follow through.

Now it’s your turn. What frustrates you about budgeting? What challenges do you face with budgeting? What would make budgeting easier?

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Dear Fellow Business Partners:Motivated Artist Making Records would like to first thank all of you for your help. With what you've done for our company in the past it has helped us progress tremendously each year.In efforts to help needy families across the Baltimore City area, we would like for your company to help us answer the call of the recession. M.A.M. Records know we are in a tough economy, but in order to make it through we need to help our community that buy into our business. We’re doing an event for the Thanksgiving season where we want to set up visual displays in your store front if you have one. Also by sponsoring $100.00 donation the goal is to pack up a box truck full of food and deliver to Baltimore City families and shelters. Also, if you have one or two people from your company to help pass out food it would be greatly appreciated. All sponsored donations will be needed no later then November 1, 2009. If you have a store front we need to know right away. Let’s make this the best event ever!P.S. Your co sponsorship will be noted on banners, The City Paper and Baltimore Sun. Once again thanks for helping us help the community.Jose McGraw CEOSingleton Newman A&RMotivated Artist Making RecordsOffice number: 443-468-9841www.myspace.com/mamrecords410We Will Not Lose!
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Call for Presenters!

The planning committee for Heal a Woman to Heal a Nation Conference is currently looking for workshop presentations for our 6th Annual Conference with the theme of Rejuvenating Sisterhood. We are requesting workshops that are informative, interactive and appropriate for women 16 and up. We are seeking presenters who are passionate about helping women to empower themselves and understand the relevance of each woman being a part of the cure needed in our communities. The conference will be held on Saturday, April 18, 2009 from 9:00am- 6pm at Coppin State University. Our expected audience participation is 200 plus women from the Baltimore, Virginia, Washington, D.C., New York and Pennsylvania areas.The purpose of this conference is to help perpetuate a nation-wide movement of healing for our families and communities, in order to generate a vibrant future. Heal a Woman to Heal a Nation, Inc. is a movement to gather, educate and encourage women from all cultures and backgrounds to utilize each other for the common goals of personal, community and nation-wide advancement.We invite you to submit a proposal detailing your workshop via email at conference@partofthecure.org, no later than November 14, 2008 by 5pm. Hard copy submissions will not be accepted.Presenters will be notified of accepted proposals by January 5, 2009.For more details about the submission criteria, please visit our group page or our website at www.partofthecure.org.Questions can be submitted to conference@partofthecure.org or call 443-927-7805.Blessings,HWHN Conference Committee
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Quarter Auctions

Good Afternoon ladies. I would just like to take the time to invite you all to one of the many quarter auctions that are running around Maryland. the quarter auction is an event where multiple vendors such as Mary Kay, Home Interiors, Cookie Lee, Tastefully Simple, Avon, and many more auction merchandise for as low as a quarter! The maximum bid for an item can be $1.00 dependong on the retail value of the item up for bid. for Example, a package from Home Interiors worth $100.00 will be put on the auction block for $1.00. If you would like to bid on that particular item, all you have to do is place 4 quarters in the container, and hope that the auctioneer calls the number on your auction paddle! It's that easy, and its FUN! If you are interested in attending, or of you would like to become a vendor, feel free to send me an email!
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