I’ve really been challenged with my budget recently, specifically in terms of lending money. I’m trying to reconcile my bank account and categorize every cent that I spend but I don’t have a category for “lending” and I don’t know when I’ll get the money back. Do you have a budgeting weakness? Something that just isn’t working for you?
#MoneyMonday – short to-the-point money thought every Monday to give you motivation, perspective or action for the week.
Know your budgeting weakness and find a solution
Here’s my interview on Cape Talk Radio about my budget weakness – we went off topic a bit but it was a fun chat
My budgeting weakness
So in my own budget I am challenged with how I manage money that is not usual spending and which will be paid back in a few weeks time. The simple solution is to stop lending money but that is unfortunately not so easy.
My three big challenges recently have been spur of the moment tickets for Sam Smith (I bought 6 but haven’t yet confirmed which friends are joining), purchasing goods for a Scout fundraiser (I’ve claimed the money back but need to wait a few days), and assisting my partner with his small business venture. Despite my best efforts of explaining cash flow, insisting on being paid deposits before buying stock, budgeting, etc; it’s all still a work in progress with the business and I find myself struggling to reconcile things.
So, as you can see, I have a budgeting challenge to deal with. However, I’m sure I’m not alone! What’s your challenge, issue or weakness? Is it one of these or perhaps something else:
- Increasing living expenses
- Dealing with small expenses like coffees, chocolates or treats
- Being pressured by your kids
- Unexpected (and high) costs relating to school events
- Recurring car maintenance
- Increased expectations on gifts
- Managing grocery budget vs take-outs (or overspending on take-outs)
Work on a solution
No matter the challenge, you need to find a way to manage your money without it leaving you feeling out of control. Think of a way to manage the situation and put some concerted effort into implementing your plan. Don’t get over stressed about it if it doesn’t work though as you may just need to reassess every now and then and adapt the plan as things unfold.
The great thing about a budget and money management plan is that it’s a “working” document and simply adapts as circumstances change. There’s no right or wrong and you make up the rules!
So instead of thinking that there’s nothing that can be done, make a plan, try it out and solve those budgeting issues!