Should I Start Keeping A Budget?

I know what you’re thinking. Why am I even asking this if I’ve blogged this long about my personal finance? What have I been doing all this time? I remember when I first started this blog I did create a budget. I didn’t exactly share what I was doing. That’s because we cut down our spending by becoming conscious spenders.

I knew what was coming in or out and I knew what we can do and not do per month. I stopped spending 600-800 in inventory ( in the process I because more pickier with what I bought), and we also realized the “essentials” grocery list. Still we did things we enjoyed such as road trips, watch movies in our favorite theater, and we finally funded our 401K through my husband’s work. 2014 we had a routine and we lived frugal by not spending more than we make and still saved. We knew where our money was going. We figured by becoming “conscious spenders” we will be ok, and we are to be honest. So why am I contemplating again about changing the way we manage our finances?

Well, I decided to drop my biggest account from my part time job. The stress wasn’t worth it and I didn’t see myself climbing the corporate ladder. I want to start doing online business as my main source of income as I have planned to. I have gained new knowledge from this job but I’m ready to move on. Someone else would be happy to take my place. Of course this means I won’t be getting a definite income coming in. Now I’m back to depending on my online sales. It’s a little scary but I know I would be happier doing that. Especially since we now have at least 3 months worth of savings.

Another reason why I’m thinking of keeping a detailed monthly/weekly budget is because I feel my husband and I could do better. We want to make a couple of big purchases this year and I know consciously it’s not going to happen if we do not improve. We want to get new smartphones this year, have our floors done, and maybe go on a cruise. So like what Ramit Sethi said, “Cut spending on things you don’t like, to spend on things you love.”

I’m not totally unfamiliar with a monthly/weekly budget. At one point in my life in my early twenties I kept a detailed budget. For 3 years I was able to save $10,000. Those little check transaction books was a daily thing for me. It drove me batty though and eventually I stopped doing it because I became a conscious spender. Life because less stressful and I was even able to buy a townhome and pay off my car.

I guess we do need to do it. This blog has helped me personally with the monthly savings progress. Yet I just need…to…start. Ok I will start….even if I dread having to look at both our accounts. Since we are in the process of listing our townhome, me leaving my biggest account, I will have to monitor what’s coming in and out for a month then that will help me set another reasonable budget.

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One thought on “Should I Start Keeping A Budget?

  1. Howto$tuffYourPig June 4, 2015 at 5:49 pm Reply

    I have a confession to make. I don’t keep a budget either! The point of a budget is to draw financial awareness. I think it can be an important tool for most, but if you already know how to live within your financial perimeters then a budget is not needed.

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