CareOne Debt Discussions

The employees of CareOne Services, Inc. understand debt, many have experienced their own personal debt challenges. Learn more about why the employees of CareOne understand what it is like to struggle financially.

Rebalance Your Budget in 2009

  • Comments 4

cutting cardsSo far, I’ve been very successful at tracking my spending habits in 2009!  Not that I don’t hate collecting all those little receipts, but I try to record them in my little notebook as so as I get home then shred, shred, shred those receipts.

This tracking exercise has really provided a needed wake-up call on how I’m spending my money– especially when it comes to eating out.  So far, Dear Hubby and I have spent a grand total of $406 at local restaurants.  This is so embarrassing it makes me cringe.  It’s not even January 20, and we have 12 days to go to ride out the month.

All is not lost!  I know that rebalancing my budget is going help me become a more conscientious consumer.   Even though I pride myself on being super savvy when it comes to spending and saving, everyone needs a refresher now and then to stay focused on positive money management practices! As I rebalance my budget, I’m following the “Four Rs” of money management.

  1. Responsibility:  Be responsible in writing down all of your expenses. Prioritize your spending starting with your fixed expenses (housing, auto, insurance, debt, etc…) then your variable expenses (food, utilities, transportation, medical, entertainment, etc…) and lastly your flexible or discretionary expenses (things that occur once or twice a year.)

2.      Reality:  We all have to realize that, in this current economy, our buying and saving power has changed. When rebalancing your budget, write down your salary. Knowing how much money you actually earn is a great guideline for your determining what you can spend.

  1. Restraint:  Look at your newly rebalanced budget and see how much money you actually have to spend on each item. When you reach the limit, you should distinguish the difference between your wants and your needs before buying more.

4.      Reward:  Smart money habits are rewards that “pay off” in the future. I know it can seem overwhelming when you write it all out, but the short discomfort of living on a tight budget is definitely worth it when you reach your goal. Believe me, I know.  

My goal is to cut our restaurant spending by half in February and put that money saved in our emergency savings fund.  As you reexamine your spending and budget in 2009, try out these “Four Rs.” Let me know how you’re tracking your spending by posting a response in the comment section of my blog!

 

Your comment has been posted.   Close
Thank you, your comment requires moderation so it may take a while to appear.   Close
Leave a Comment
  • * Please enter your name
  • * Please enter a comment
  • Share
  • I have a bi weekly budget spreadsheet and "I have a name for every dollar I spend" this keeps me in check.

  • I have also begun to track my expenses beginning January 2009, it should be interesting to see how much we spend without thinking about it.  

  • I Saundra Pryor thought that this organzation was free the 25.00 that you are charging should be on my debt. please contact me so Iwill know my balance. Thank you

  • I thought that I could not "afford" to live on a budget, but boy was I wrong.  I committed 2009 to be the year I do something about the debt I was so ashamed of!  First step: CareOne.  Second step: budget.  I prioritized all the payments I had to make, which was CareOne, utilities, gas and groceries.  I set an amount to spend on gas and groceries.  This forces me to come up with meal plans and make lists accordingly to take with me to the grocery store.  ONLY buy what you need and make the list in order of top Priority, leaving the items you really don't need at the bottom of the list.  If the budget start getting tight and you haven't gotten all the items on the list yet, then start marking off the bottoms one first.  I don't go to stores unless I need to so I don't buy things I really don't need.  I have not had to use credit for over a month now and I have survived.  It's been tight, but do-able!  CareOne has really help me get everything in perspective.

Page 1 of 1 (4 items)
Your comment has been posted.   Close
Thank you, your comment requires moderation so it may take a while to appear.   Close
Leave a Comment
  • * Please enter your name
  • * Please enter a comment
  • Share