Budgeting issues?
It can be really frustrating when your budget works on paper, but not in reality. Chances are that it’s not working for one of two reasons: either you haven’t budgeted enough for certain items (maybe you’re spending more on eating out than you’ve estimated), or you’re missing items altogether from your budget. It could also be a combination of the two.
Unfortunately, it can be really easy to overlook things when setting up a budget (especially the bigger things that happen infrequently or only a few times a year – like car registration, insurance, Christmas, a roof repair, dental visits, etc.) I’ve found two ways that work to help eliminate this issue.
Either recognize that every month is likely to be an unusual month and add the average amount that you’re typically short each month into the budget, or track expenses and then spread them out over the course of a year by adding a smaller line item for each irregular expense. For example, if your car insurance is paid twice a year to the tune of $400, that $400 could be quite an ouch in those months. But it’s a lot easier to put $67 a month into savings for car insurance. Saving for specific expenses each month is especially useful because it prevents you from seeing an extra $100 in your account and figuring “hey, I’ve got an extra $100, I can shop/eat out/whatever”, and then realizing the next month that you needed that money after all.
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