Creating a budget is one thing but maintaining a budget is something different. Sometimes it feels like a burden and other times it feels boring. Regardless of how it feels to you, if you want to keep your spending under control you have to stick to your budget.
I admit I’m not always in good budget form. I overspend in the gadget or book department or something unexpected comes up. Fortunately, I often have a cushion to cover the budget-busting activities. Other times I wait it out until I get paid again. I prefer the cushion over the wait any day.
I decided to ask a few of my personal finance friends what they do to make budgeting fun and/or easy. Here are their tips.
1. Surround yourself with people who have similar budgeting goals
Sounds easy enough right? Be clear about your budgeting goals with your circle that way you can all share advice and tips to help one another. You’ll be surprised how much easier it is to reach a goal with some accountability.
2. Take advantage of local resources!
I’m a book junkie, I love buying books to read. I recently calculated how much money I could save by just going to the library. Even better, when I signed up for a library card I found out that some libraries also give you access to books via audio! *Cancels Audible subscription*
One if the ways I stay on budget is to use cash for my discretionary (fun) spending. Using cash makes me second guess if I really need that purchase. I usually have a little left over at the end of the month. Yay!
Leave room in your budget for a bit of freedom and excitement. Achieving a proper balance between spending and saving allows you to do things you enjoy while increasing your control over your finances.
My bank allows me to set up different bank accounts that I can personally name. So I have set up an account for each of my major bills. Then I set up automatic drafts from my primary checking account on payday to put the specific amount I need to pay each bill into the different accounts I set up. What’s left in my checking account is what I have for discretionary spending.
I have the bills paid via electronic draft too so I don’t have to remember to pay a bill or accidentally pay one late. When I have extra money I add some of it to each bill accounts so that I can get a full month ahead. This cushion gives me more flexibility if something comes up.
Here are six more tips to get your mind right about controlling your spending:
1. Keep it Simple
To get your financial life under control develop a simple spending plan to avoid overspending. There is no need to overcomplicate the process. You can create a budget each time you get paid or create a budget ahead of time. Both ways include listing your income and expenses, then subtracting your expenses from your income. Here is a free budget worksheet to get you started.
2. Change your thoughts about budgeting
The word budget conjures up the feeling of restriction and lack; so I like the word spending plan. A spending plan puts you in control of how your money flows into and out of your life. When you are in control you are also responsible for what happens (both good and bad). Your decisions determine how much you get to keep vs. release to the others.
3. Take Control
When you develop a plan you feel more in control and it’s easier to stop overspending. We talked about this in the previous tip. Taking control of every purchase, every bill and every debt gives you a sense of accomplishment.
4. Inventory your needs and wants
Think about and list everything you need, and then assign a dollar amount to each item. Once you have listed everything, including your children’s items, add them to a spreadsheet and review monthly. Some things may stay and other things may fall off because you may find it is more of a want than a need.
5. Study the trends
Look at past spending trends to get an accurate view of how much you spend on bills, food, clothing, car/ transportation, and entertainment. This information will help you see where you can maintain or stop spending in a certain area.
6. Use modern money tools
Review your bank account online for a ready source for seeing where your money goes. Use tools like Mint.com, budgeting apps, or my Google Money Tracker.
If you are dealing with living on a low income you want to watch these single mom budget videos I created. Subscribe to the playlist to come back and watch the videos when you have more time.
#creditchat Single Parenting on a Budget Advice Are you struggling to create or manage a budget? If so click the button above to watch the video of the #CreditChat conversation I had with the Experian team. We discussed everything from creating a stable financial...
Last summer, the New York Times ran a piece about families who can’t afford summer camp or other programs for their kids. It highlights a problem for many working parents: Summertime care for kids is expensive.
This is especially true if your kids are in public school during the year. You suddenly go from paying nothing to have your kids cared for all day to paying a whole lot of money. Many parents may not have much choice but to find summertime childcare.
If this is the boat you’re in, here are a few ways to find a summer camp for your kid and options that may make it more affordable.
1. Check Online for Summer Camp Options
These days most states and major metropolitan areas have parent blogs or magazines devoted to the local area. In my local Indianapolis, for instance, we have Indy’s Child magazine and IndywithKids.com. Both feature a listing of local summer camp options.
Chances are you can find something similar for your area. If you can’t, there are national resources, too. The American Camp Association has a database for finding day and overnight camps in your area. It leans towards ACA accredited camps, though it will list some not accredited. When I ran it for our area, it turned up some but not all the options I know are available. Still, it could be a place to begin your search for a summer camp.
2. Choose a Less Expensive ‘Base Camp’ Option
One thing that makes summer camp expensive is the specialized options. I’ve seen sports camp, Lego camp, technology camp, horse camp and more. If your kid goes to these specialty camps for the summer, you’ll undoubtedly spend more money.
However, many local YMCAs, schools, daycares, churches and city parks programs offer more traditional summer camps. Our daughter’s daycare, for instance, offers a school-aged summer camp program where they hang out at the daycare for much of the day, but also take trips to local parks, libraries, and pools. It’s nothing spectacular, but it’s safe, fun, affordable childcare.
If you can find an option like this, build your summer around it. Then you can splurge on a week or two of more expensive specialty camps for your kid.
Where do you find these less expensive options? Check out the following:
YMCA: The Y runs summer camps all over the U.S., and sometimes offers a sliding scale fee to make things more affordable. While they offer more expensive specialty camps, most local Y’s also offer traditional day camp options.
Churches and religious centers: Many churches and religious community centers offer summer-long day camp options that are quite affordable.
Schools: Local schools with before- and after-care programs may transition those into affordable summer camps with fun activities for kids.
Parks and recreation: City and county parks and rec departments also run summer camps, and these tend to be more affordable than other options.
Boy Scouts and Girl Scouts: If your child is a scout, look into their summer camp options. These are often overnight options, but they tend to be very affordable.
Local businesses: Sometimes local businesses offer summer camp-like programs that are for mentoring older kids who may want to become entrepreneurs. These camps may be based on an application process, so be on the lookout well ahead of time.
Local colleges: Often local colleges and universities provide camps as a way to get their own students teaching, leadership and coaching experience.
3. Consider a Nanny Camp
Can’t find any affordable summer camp options in your area? Consider putting together a “nanny camp” with friends or neighbors. This is basically a summer-long nanny sharing program.
You’ll hire a nanny to take care of a reasonable number of kids — say four or five — and the nanny can do some summer-camp activities, like going to local parks and pools. This works best if the kids in the nanny camp are around the same age, and if you can provide the nanny with a safe way to get the kids around town.
4. Ask for Assistance
If you can’t afford even the least expensive camp option on your list, ask for financial assistance. Many summer camps offer scholarships for enrollment fees. Sometimes the information about these options isn’t easy to find, so ask about it. Even if you feel like you make too much money to qualify, it doesn’t hurt to ask.
You should also check for discounts. Some camps offer early registration discounts, and others will give you a reduced rate if you pay for the whole season at once. Tons of summer camps also have sibling discount options, which is why it often makes sense to enroll your kids in the same summer camp.
Making summer camp fit into your family’s budget can be tough, especially if you’re not already used to paying for full-time childcare. But there are plenty of excellent, affordable options out there if you just know where and how to look.
Cards for Camp?
You may be tempted to apply for a credit card to earn rewards for your summer expenses. If you do, be sure to check the terms and conditions so you know what you’re getting into. Also, make sure to check your credit to make sure you’ll qualify. You can view two of your scores on Credit.com.
It’s hard enough to keep a budget for one, let alone get your entire family on track with their finances. Fortunately, there are plenty of apps out there that can help keep you, your spouse, son, daughter and 11-year-old pug (OK, maybe not that last one) from spending beyond your family’s means.
Here are some choice apps that can help with your household budgeting.
1. Goodbudget
Platforms: iOS and Android
Essentially a digital version of the envelope system — you know, where you put money allotted for a particular spending category in one and then don’t use any dollars beyond that — this app syncs up across household devices. That way, everyone in the family can know exactly what’s left to spend on groceries, entertainment and other categories each month. The free version lets you set up 10 regular envelopes and 10 annual envelopes across two devices. A subscription service with unlimited envelopes and device syncs costs $5 a month or $45 a year.
2. You Need a Budget
Platforms: iOS and Android
You Need a Budget (YNAB) is another app that lets folks sharing finances sync their devices and work together. This app pairs with web software of the same name to help users implement the YNAB four big rules: give every dollar a job, embrace your true expenses, roll with the punches and age your money. You can try the latest version, launched in late 2015 and dubbed “The New YNAB,” for free for 34 days. After that, a subscription costs $5 a month or $50 a year.
3. Home Budget
Platforms: iOS and Android
This digital expense tracker from Anishu includes a feature called Family Sync, which — you guessed it — enables household devices to exchange income and spending information within a single, shared budget. There’s a free version (Home Budget with Sync Lite) which limits your expense and income entries, and a paid version (just plain ol’ Home Budget with Sync) that costs $5.99.
4. Wallet by BudgetBakers
Platforms: iOS and Android
This budgeting app lets your share selected accounts with family members so everyone knows what’s going on with the household budget. You can also choose to connect your bank accounts to the app to get automatic updates about their standing. Wallet has a free version with limited features and several paid subscription versions that vary in cost. Its top tier, called Master plan, allows up to 10 users, unlimited bank connections and customized financial analysis. It costs $5.49 a month or $44.30 a year.
5. EveryDollar
Platforms: iOS and Android
This budgeting app helps people apply the money management principles of budgeting guru Dave Ramsey. It syncs across devices so you can budget from your smartphone or your household desktop. There’s a free version and a Plus subscription, which lets you connect your bank accounts to the app and call for support. It costs $9.99 a month.
Balancing the Family Budget
Remember, you’ll want to read the terms and conditions of any app you’re looking to use so you know what it costs, how your data is protected and whether any information will be shared with third-parties. You can find more information for vetting mobile apps on the Federal Trade Commission’s website.
And, when it comes to maintaining a household budget, it’s also important to keep track of your credit because a bad or even fair credit score can really cost you on everything from mortgage interest to your family’s cell phone plan.
If your credit isn’t in great shape, you can improve your scores by disputing errors on your credit reports, paying down high credit card balances and getting delinquent accounts back in good standing. And, as always, you can maintain good credit by paying all your bills on time, keeping debt levels low and adding a mix of new credit accounts over time.
Through the years I’ve found a shopping deals and hacks that has saved my budget hundreds of dollars. I admit I’m not the biggest shopping fan in the world but I do love a sale. A couple years ago I was named Mobile Shopping Guru by Essence magazine because I knew how to find great deals on my mobile phone. I am still pretty good at finding shopping deals because I simply do not like paying inflated prices for goods and services.
One of the top hacks I have used for years is shopping online at deal sites like Groupon Coupons. That is the first place I turn when I’m looking for a gift or specific item I’ve been wanting.
Whether it’s a holiday, a birthday, a trip, or something I’ve had my eyes on for a while I go to a site like Groupon to see what they have. If you haven’t signed up for this site you go ahead and do it now.
The main idea of the site is to find local deals but now they have added coupons to your favorite stores like Target, Disney, JC Penny or my favorite, Kohl’s. Instead of hunting everywhere or scouring the Sunday paper you can just go to Groupon and grab your coupons. Print them or download them to your phone to use in the store. You can also shop online with a coupon code.
Here are a few stores you can get coupons for on Groupon right now:
6 pm store
aerie
Ashford
Belk
Birchbox
Carter’s
Coldwater Creek
Disney Store
Foot Locker
H&R Block
JCPenney
Joann
Kohl’s
I hope this shopping hack saves you lots of money so you can grow your bank account and have more money at the end of the month
To stay up to date on the latest coupons visit the Goupon Facebook and Twitter feeds.
Hi! Welcome to RichSingleMomma.com. I started this website almost a decade ago because I couldn't find any blogs back then that helped single moms with money. I was having some success in that area so I decided to share what I knew about side hustles, making extra money, and managing money. Read more...
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