Donell Edwards, Blogger
About Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service. He is also a professional speaker, freelance writer, and entrepreneur.
We’re Celebrating Financial Literacy Month
Know Your Money
Thursday – April 9, 2015
Financial Literacy Month 2015
Stick Rigidly To Your Budget
By Donell Edwards
Before getting into today’s post, I forgot to include an article that I recommend about converting to a cash budget in yesterday’s post. It is entitled Does Switching To A Cash-Only Budget Make Sense?, written by Rebecca Lake for SmartAsset.com. Ms. Lake is an experienced personal finance writer whose work has appeared on a number of popular finance sites including the Quickbooks/Intuit small business blog and Money Crashers.
Ms. Lake elaborates on some of the information in yesterday’s post, How To Create A Monthly Budget, and discusses, How Cash-Only Budgeting Works, The Benefits of Switching to Cash-Only, and Why It May Not Work for Everyone. Click here to read the full article.
So after creating a budget, learning how the 50/20/30 Rule works and the advantages of a cash only budget, the big question is how to stick rigidly to the budget you have developed. Instead of writing about this topic myself, there is an article on Kiplinger.com entitled, The Trouble With Budgets, written by Erin Burt, a Contributing Editor for the site, that offers some very insightful reasons why it is so difficult to stay on a budget, and some helpful and practical advise to overcome this problem.
Here are the eight reasons Ms. Burt provides for why it is difficult to stay on a budget:
- You have the wrong impression
- You’ve been trying to fit into someone else’s shoes
- You’re making this harder than it needs to be
- Your budget is too rigid
- You have no clear priorities
- You’ve set unrealistic targets
- You don’t have a safety net
- You quit too soon
Here is the link to the article:
http://www.kiplinger.com/article/saving/T007-C006-S001-the-trouble-with-budgets.html
Here is today’s step to financial wellness from Thirty Steps to Financial Wellness developed by Money Management International:
Step 9 – Do You Pass The Debt Test?
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Disclaimer: I have a Bachelor of Business Administration degree but I am not a financial adviser. However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money. The Know Your Money Blog posts written by me are my own common sense observations and opinions and are for informational use only. Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.
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