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Wednesday, February 22, 2012

Things That are Killing Your Budget


Things That are Killing Your Budget

Many people that create a budget find difficulties sticking to it for one reason — incidental expenses or unexpected expenses. Although incidental expenses are only a small fraction of your expenses, they can have a really big impact on your budget. These tiny expenses often go unaccounted for and can destroy your carefully crafted plans. Here are a few small expenses that are killing your budget.

1. Cell Phone Load Expenses
Too many people underestimate exactly how much money they spend on Cell Phone Load. These expenses can be so small that people fail to keep track of them. Small purchases on cell phone load and spending 10 to 30 Pesos to avail unlimited text or call can really add up over the course of a month.

2. Impulse Buying
Window shopping can be hazardous to your financial health. How many times do you go to the mall just to look and come home with a new shirt, pants or pair of shoes? Impulse buying are budget killers because they are unplanned expenses. It means that you have to borrow money from your budget that was meant for another purpose to cover your impulse buying.

Impulse buying are great for retailers like SM or other supermarket but they are not good for consumers. You can easily spend 500 Pesos or more each month on buying items that you never planned to purchase.

3. Labeling Wants As Needs
It’s important to place all of your expenses in their proper categories when budgeting. Needs are expenses that are necessities such as food, clothing, and transportation. Wants are luxuries that can be eliminated. Individuals often budget around wants and not needs.

4. Wrong Kind Of Friends
Having the right kind of friends can make or break your budget. Are your friends spendthrifts who waste a lot of money and not thinking about their financial future? Or do you have freeloading friends that consistently borrow money from you with only promises of being paid back? Both types of friends can be dangerous to your financial future. 

Most individuals pick up the habits of people that they hang around. The chances are high that if your friends are big spenders that you will eventually become one. Who wants to go out while everyone is having fun and not do the same? 

Freeloading friends can eat up your savings. You will find yourself busy financing their lifestyle that you may neglect to save for your future. So better to know how to protect your money.



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