Last night we had our 3rd Financial Peace University class. This one was really interesting; we talked about how to do the cash flow plan, allocated spending plan and what to do with irregular income. It was really good. I think this is the real meat and potatoes of FPU. I think besides being held accountable this will also be my biggest struggle. I can make budgets no problem, but constantly re-evaluating them and actually sticking to them is another story. I think this will really help.
I will be working with my accountability partner to establish my cash flow plan, my allocated spending plan and any irregular income plan. With all these plans it should be pretty bulletproof. I say that and this weekend I’m going to be putting about $200 into my car for maintenance. Oh joy, 100,000 miles. But I’m really excited that I have the money on hand to do the maintenance, I don’t need to borrow and I don’t need to put it on a credit card. That’s such a relief in my eyes. Thank goodness.
Anyway, I think having a plan for all my dollars will really help me to stick to my budget and really evaluate my spending. I’m hoping it becomes like a game, how much money can I have left at the end of the month to put towards debt and getting to be debt free? I’m really trying to stay motivated and the accountability partner will really help with that as well.
I started April without a plan. Since I’ve been working on the plan it’s opening my eyes to the ridiculous amount of spending I’ve been doing. Things that I didn’t even realize were happening. Now that my eyes are opened I’m thinking about what I’m spending my money on more than ever. Every purchase is evaluated with scrutiny. I will be using cash envelopes for my food, entertainment, and clothing budgets. I think this will be really helpful to keep things in perspective. We shall see how this goes. I’m really excited to begin learning the process to get out of debt.
What are your guys’ biggest struggles when it comes to a budget? What tools and strategies have you found to help you through those struggles?
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