What to Do If Your Budget Isn’t Working

Frankly Speaking

An Australian study that followed the eating habits of 12,000 people found that those who added eight portions of fruit and vegetables a day experienced an
increase in overall mood, health, and life satisfaction- the equivalent of moving from being unemployed to being employed. – The University of Warwick

Spain and Italy relaxed more restrictions, though Russia hit a new daily high for COVID-19 cases. – Morning Brew, May 4, 2020

“It ain’t over til the fat lady sings.” -Yogi Berra

Global greenhouse gas emissions are on track to fall nearly 8 percent this year, the largest drop ever recorded, the International Energy Agency reported today. But the group’s executive director warned, “The only way to sustainably reduce emissions is not through painful lockdowns, but by putting the right energy and climate policies in place.” – NY Times, April 30, 2020

Some feel that recent events will encourage, if not require investors to consider the impact of their decisions both on their own portfolios and on the far more reaching effects over time, far more than just the next quarterly report. Called Socially Responsible Investing (SRI), Sustainable Investing or Green Investing it seems to make sense to help preserve natural resources, reduce pollution, and have a positive impact according to proponents.

If you would like more information or to discuss the topic with me,
please call me at 973-515-5184  TODAY.

If you find that you’re not living within your budget every month, it’s time to take a step back to understand why. The following questions can help you find the issues that may be wreaking havoc on your budget and figure
out how to fix them.

Is Your Budget Realistic?

If your budget is not realistic, then you are immediately setting yourself up for failure. If you are underestimating your expenses based on your current lifestyle, then you are repeatedly going to fail. Develop a realistic budget, including your fixed monthly costs as well as your discretionary spending to get a true understanding of your monthly spending.

Did You Slash the Fun?

If you cut out all the fun, you may be feeling deprived, which can lead to overspending. It’s important to have a little fun each month, so set a dollar amount for entertainment.

Is Self-Control an Issue?

For many people, self-control is the main reason their budget isn’t working. It’s all right to splurge once in a while, but if it’s happening often, you need

to find ways to live within your means. One strategy is to write down the financial goals you are trying to achieve and keep them next to your cash, debit, or credit cards. As you go to make purchases, look at your goals to decide if this purchase is worth it.

Is Budgeting Too Much Work?

If you feel you don’t have the time to track your expenses and evaluate your spending, your budget is not going to be helpful. There are many good budget apps you can use that will make this process simple and less time-consuming.

Do Your Financial Goals Seems Unattainable?

If you feel like you’re never going to meet your goals, you may find that you
give up trying. While your goals may seem daunting, try setting up milestones along the way, so you can see the progress you are making. Take the time to celebrate those milestones to help you stick to your budget.

If you would like more information or to discuss your financial concerns

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Copyright © 2020. Some articles in this newsletter were prepared by Integrated Concepts, a separate, non-affiliated business entity. This newsletter intends to offer factual and up-to-date information on the subjects discussed but should not be regarded as a complete analysis of these subjects. Professional advisers should be consulted before implementing any options presented. No party assumes liability for any loss or damage resulting from errors or omissions or reliance on or use of this material.