Make more than monthly minimum payments to credit accounts, including credit cards, mortgage, and auto loans. Prevent many of the arguments spouses have with regards to spending and finances. Understand your personal spending habits and eliminate wasteful expenditures.īe in a position to take advantage of financial opportunities, whether it’s for something on sale at the store or a chance to greatly improve your investment portfolio. Take care of financial priorities such as housing, food, and transportation, rather than disproportionate spending on entertainment and dining out.Įstablish regular investing habits in preparation for retirement. “If You Don’t Control Your Money, It Will Control You” If You Live Within Your Budget, You Will be Much More Likely to:īuild emergency and long-term savings accounts. If you still have difficulties budgeting, remember this: If you identify with one or more of the above myths, then make a personal decision to implement the “realities” into your thoughts. Reality: Following a budget increases the likelihood that I’ll take care of my financial priorities first, such as housing, food, savings, and transportation.
Myth # 4: Following a budget inhibits my freedom of choice.
Reality: The checkbook can’t help me prepare for unexpected expenses like car repairs or doctor visits. Myth # 3: If I balance my checkbook, that’s as good as budgeting. Reality: Budgets are for anyone seeking to stabilize their finances and avoid debt. Myth # 2: Budgeting is for people who are in debt. Reality: Actually, spending less than I earn may solve many of my money problems. Myth # 1: If I had more money, all of my problems would be solved. The following are a few such myths and their corresponding realities that may help us overcome our own resistance to budgeting. Many of these reasons are based on false assumptions or myths. There are a number of reasons why many of us do not create or live by a budget. The Myths & Realities of Household Budgeting Let’s begin by looking at what a budget is and what it isn’t. If you want to build wealth and get money fit with your personal finances you must live by a budget. Nottingham Building Society, Nottingham House, 3 Fulforth Street, Nottingham, NG1 3DL.First, let’s take an in-depth look into why maintaining a household budget is so important to the financial success of you and your family. Registered Office: Capital House, Pride Place, Derby DE24 8QR Registered in England number: 6003803 (FCA FRN 466154).īeehive Money is a trading name of Nottingham Building Society which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered Office: Capital House, Pride Place, Derby DE24 8QR Registered in England number: 3368205 (FCA FRN 455545). Mortgage Advice Bureau is a trading name of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.
The fee is up to 1.00% but a typical fee is 0.30% of the amount borrowed.īeehive Money is an introducer to Mortgage Advice Bureau for mortgage advice and protection. The actual amount you pay will depend upon your circumstances. Your home may be repossessed if you do not keep up repayments on your mortgage.
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