![]() The foundation of a successful budget is a thorough understanding of what ALL your expenses are. While you will never be able to budget for every eventuation it my experience as a budget coach that most ‘unexpected expenses’ really aren’t unexpected they were simply just ‘forgotten’ when we set up our budget. You have finally managed to tuck some money away in savings, only to find that the car needs a new set of tyres or that your little darlings have grown 5 inches over summer and need a new school uniform! It can be so frustrating to have to pull that money back of savings just when you felt like you were getting ahead. Nothing undermines a budget more than ‘unexpected expenses’, you know those big bills that turn up just as you were starting to feel on top of things. Pitfall # 1 – Failing to take enough time to understand your expenses So what I want to share with you now is three most common reasons peoples household budgets fail and what you can do to avoid these pitfalls. BUT!īut you need to commit to doing it properly!! We all know we should budget, in fact most people have tried budgeting at some stage in their life and failed because they didn’t take the time to get in set up thoroughly. You have been thinking about it for a while, you have been putting it off but desperate times call for desperate measures (deep breath) – it is time to set up a household budget!Įxcellent decision, if you do it properly a household budget will rock your financial world, you will always have the money to pay your bills as they turn up, you will be able to pay off your debt, save consistently and achieve important financial goals…. So your finances aren’t going quite as well as you had hoped, the bills are rolling in and despite earning an okay income you never seem to save us much as you would like.
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