Budgeting Sticking Points

[jmjj215]

I'm an avid weightlifter, and as any weightlifter knows, after a while on a program, you run into sticking points. You just can't seem to add any more weight!

I was curious if all would be willing to share their "sticking points" with a budget. What keeps you from doing one consistently? What is the biggest challenge of your budgeting tasks? What did you find difficult/can't seem to master?

My wife and I have never had a month of not overspending in at least one category - that's our sticking point. We just can't seem to do it! But we roll with the punches and move on.

Thanks in advance for any input!

[ducati]

Re: Budgeting Sticking Points

I'm not sure if you have heard the concept of paying yourself first, but basically the principle is that you take X amount of dollars out of your paycheck and set up an automatic withdrawal to fund a retirement account or savings account or both.

Whatever is left over, you spend at your discretion. It is great to have a budget, but just like a diet in weightlifting, if you aren't able to splurge once in a while, it makes it extremely difficult to stick to.

As long as you are meeting your savings and retirement goals, who cares where the rest of the money goes as long as you are able to pay your bills right? Setting up the automatic withdrawals are key though.

[kashi]

Re: Budgeting Sticking Points

My biggest budgeting issues is definitely "extras." Nights out with friends, extra little things I remember I need from Target or Walmart while I am standing in the store, lunches out, etc. They may not happen every day or every week, but it adds up. My Target/Walmart column in my budget is definitely my weakness. I go over every month. The solution would probably be to not step foot in the store, and not think about things that I need or want!

[jmjj215]

Re: Budgeting Sticking Points

Paying yourself first - definitely a must. I guess I really want to be able to predict my monthly finances in such a way that I can - at least once - nail it.

Maybe I should just set goals for certain percentages points of precision each month . I guess also another reason is that I do care where the rest of my money goes because I still want to make sure the dollar is stretching.

Also, since I'm not yet saving for retirement - maybe that's another reason I haven't found contentment w/ pay myself then live my life!

[Tree0164]

Re: Budgeting Sticking Points

One our main sticking points is my husband's income. He is on commission and his salary varies sometimes by thousands each month. We get too comfortable sometimes living the high life and the budget can go out the door. Then on the lower months-I feel like I am crying poor mouth.

[jmjj215]

Re: Budgeting Sticking Points

Treeo,
I don't want this to sound like a plug or anything, but you might want to parouse my website '4 steps to cash flow management' especially. That variable income problem can be solved very easily with step one! (At least this solution solved it for me and my wife). I've found it easier than Dave Ramsey's 'priority' budget he gives for variable income people. Just my two cents.

[Tree0164]

Re: Budgeting Sticking Points

Jesse I will check it out. Thanks for sharing