Keeping your budget on track isn’t always easy. Sometimes, though, you can be your own worst enemy. There are a few ways you can ruin your budget — whether you mean to or not. Check out these surefire ways to blow up your budget, then try to avoid igniting these particular explosions.
Spend Everything You Earn
Spending every penny you earn is an easy way to ruin your budget. Just because you have money in your bank account doesn’t mean you should take free reign to spend every bit of it. If you regularly spend freely and your paycheck has financed spending sprees instead of paying bills, then you can certainly expect a blown budget.
Don’t Keep Track of Your Bills
Are you in a habit of throwing your bills aside instead of organizing them when they come in the mail? If so, it can be especially easy to miss one or two or pay your bills late. Missed bills or late bills can result in late fees and other overages. Failing to keep track of what is due and when can set you up for a major budget blowout when you have several bills due at the same time and haven’t budgeted accordingly.
Don’t Plan for the Unexpected
Does your budget allow for unexpected expenses? If you don’t have a plan for those unplanned things that always seem to come up, then don’t be surprised when your budget goes to pot. Even the tightest budget needs to have a little wiggle room in it. There are always unexpected things like a blown tire or a prescription refill that can send your budget reeling.
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Don’t Save Anything
Do you have a nest egg or any type of savings put back for emergencies? Failure to save any money — even the smallest amount — can certainly blow your budget. It might seem like an impossibility to squeeze the smallest amount for savings out of your tight budget, but just a few dollars out of every paycheck can help you create a cushion that will help you make it through those little (or big) financial emergencies.
Don’t Allow for Overages
Do you have a plan to deal with that utility bill that shoots up to double the normal amount? If your budget doesn’t have a little wiggle room built into it to allow for some overages on your normal expenses, then you may be ripe for a budget blowing incident.
Nobody really wants to blow their budget, but like the old adage says — failure to plan is planning to fail. Planning ahead and preparing for the unexpected as well as keeping your spending under control can be the difference between a budget that stays right on track or runs off the rails.
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