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10 Jul 11
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How many of you have tried budgeting and think it's a waste of time?
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My approach to budgeting was to carefully track my spending during the month and to adjust my budget targets up and down in each category, so that my total expenses never exceeded my income.
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I realized that it wasn't the little luxuries here and there that got me in trouble. It was the large, irregular expenses, like vacations, major repairs and the holidays that did all the damage. To avoid overspending, I had to do a better job of planning for those.
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After analyzing our spending patterns over a couple of years using our Microsoft Money data file, I determined that we needed to keep our committed expenses at or below 60% of our gross income to come out ahead at the end of the month.
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Seb PaquetTwenty years of complicated budget calculations have led me to this one simple conclusion: By limiting all essential spending to 60% of total income, savings will soar.
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mohamad al afghaniHow many of you have tried budgeting and think it's a waste of time? Come on, let's see those hands.
Finance personal lifehacks money transparency information economics
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Angela KilleBy limiting all essential spending to 60% of total income, savings will soar.
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Now, let's take the really hard case: Even excluding debt payments, reducing your committed expenses to 60% still seems like an impossible goal. If that describes your situation, the odds are good that you're facing one of the following problems: * You have a more expensive home than you can afford. * You've committed to car or boat payments that are larger than you can afford. * Your children are in a private school that you can't really afford. * There's just a big, ugly gap between your income and your lifestyle.
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Now, let's take the really hard case: Even excluding debt payments, reducing your committed expenses to 60% still seems like an impossible goal. If that describes your situation, the odds are good that you're facing one of the following problems: * You have a more expensive home than you can afford. * You've committed to car or boat payments that are larger than you can afford. * Your children are in a private school that you can't really afford. * There's just a big, ugly gap between your income and your lifestyle.
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Now, let's take the really hard case: Even excluding debt payments, reducing your committed expenses to 60% still seems like an impossible goal. If that describes your situation, the odds are good that you're facing one of the following problems: * You have a more expensive home than you can afford. * You've committed to car or boat payments that are larger than you can afford. * Your children are in a private school that you can't really afford. * There's just a big, ugly gap between your income and your lifestyle.
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