Personal Finance News Tuesday 4/30

Phil's Personal Finance Tip of the Day:

5 Critical Budgeting Mistakes to Avoid

By Sabah Karimi | U.S.News & World Report LP

While there's no simple formula for creating a household budget, there are some basic guidelines you can follow to maintain a realistic and accurate monthly spending plan. If you're tired of worrying about money--or just can't seem to meet your savings goals--you'll want to design a budget that accommodates your lifestyle. Avoiding these common budgeting mistakes will make it easier to keep your finances in check and stress less about money matters each month:

1. Setting budget that's too rigid. Most of your expenses likely fluctuate from month to month, so avoid making the mistake of setting a budget that's too strict. For instance, you might spend more over Fourth of July weekend or during the winter holiday season. An inflexible budget will not only make it difficult to save money but could inhibit your ability to maintain an accurate perspective on your finances. Consequently, it's crucial to leave some room to accommodate for unforeseen expenses.


To read the entire article from Sabah Karimi | U.S.News & World Report LP:
http://news.yahoo.com/5-critical-budgeting-mistakes-avoid-145625629.html


Inspirational Quotes@Inspire_Us from Twitter:
If you're not making mistakes, then you're not doing anything. -John Wooden
 

Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com.