Cent$Able Budget Report: Create a Budget & Financial Goals

Welcome to Monday’s Cent$Able Budget Report. Today we are going to get into some real meat of budgeting.  I am referencing from Get Rich Slowly. I have really come to enjoy this blog and all that the writer/author, J.D. Roth, has to offer in the way of financial advice and building a strong and sold financial base .

Mr. Roth has 12 key beliefs that form the core of his Get Rich Slowly philosophy:

1.      1.  Money is more about mind than it is about Math

2.     2.  Goals are Important

3.     3.  Spend Less than you Earn

4.    4.   Pay Yourself First

5.     5.  Do what works for you

6.     6.  Small Amounts Matter

7.      7. Large Amounts Matter , too

8.    8.  Slow and steady wins the race

9.    9.   The perfect is the enemy of good

      10. Failure is ok

11. It’s more important to be happy than it is to be rich

12. Do it NOW

You can read more about his 12 core beliefs HERE. I wanted to throw my own 2 cents into these beliefs, which I think we can all apply to our own financial lives.

It’s easy for us to justify certain expenses, that in reality we probably can’t afford at the time. I know I have fallen victim to my own justifications on numerous occasions. I talk myself into making large purchases without have the finances to really back up what I am buying. I’m sure many of your are familiar with some of the more popular justifications out there: “I’ve worked hard and deserve this.” – “It’s been awhile since we bought something nice, and I really want this. This once won’t hurt” – “I can handle the $50 a month extra bill to pay this off over time” – “If Jane could afford this, then I’m sure we can afford it as well”, and so on and so on.

It’s time to escape from the justifications and begin thinking financially logically, with our heads and not our hearts or emotions. It’s time to set our own financial course and not let the world of debt and poor money management or jealousy control how we spend our money.

Today we are going to set financial goals over the next week, I am too. Next Monday I will begin posting my financial goals and how I expect to achieve my financial dreams. We are all at different financial stages, but all of us can continue to expound upon our financial dreams and grow our net worth even more.

Most experts will tell you, that you should have 3-6 months worth of expenses saved up, in the case of a financial emergency. This is money that you can’t touch unless you lose finances, and need something extra to get you through the rough times.

Another, savings funds you may want to consider is a Backup Savings Fund that has  $1,000-1,500 in an account, for smaller emergencies, such as auto repairs, small home repairs, health emergencies, ect... This account will actually take the place of a credit card. You are building up your own financial resources and not depending on the ‘assistance’ of high credit card interest.

Sit down this week (with your family) and put together your debt goals and your savings goals, more particularly savings for your Emergency Funds.

Next we will discuss how we can find ways to fund these goals.

Cent$Able Budget Report: Budgeting Blogs To Follow

Welcome to Monday’s Cent$Able Budget Report. There are quite a few great budget blogs that you can follow, and that I will be referencing from time to time on this feature of my blog.

Again, my goal for this blog is to marry both couponing and budgeting, which means bringing in some great budgeting blogs, as well.

(These are really in no particular order)

1.      Today’s Budget – “Today’s Budget is the continuing journal of a personal budget revolution.  Many of us are pinching pennies these days but that doesn’t mean we can’t make an adventure out of it!  Share tips, ideas, news, reviews and experiences on how to budget and enjoy the most of what you have.”

2.     My Pretty Pennies – ‘I started My Pretty Pennies in March 2009 to help me journal my way out of $13,800 worth of debt and in the process have made financial management part of my everyday life. Since starting, I have become debt free and my next financial landmark is saving $10,000 in an emergency fund.”

3.     Fabulously Broke in The City – “This is more of a lilfestyle blog with hint of money talk, than something really serious or boring, and I consider myself more of a moneythropologist who talks about money from a social and psychological perspective.”

4.     A Women’s Worth – “Look to A Woman'$ Worth to keep you informed on the world of work, financial news, tips, resources, strategies, expert advice, ways to work and play at the same time and more to help lead you on the path to wealth.”

5.     I Will Teach You to Be Rich – “Today, thousands of readers come to this site to focus on big wins — not to be nagged at for drinking lattes, but to spend money extravagantly on the things they love, while cutting costs mercilessly on the things they don’t.”

6.     Get Rich Slowly – “I share stories about debt elimination, saving money, and practical investing. I also post occasional reviews of books, magazines, and software. And, of course, I scour the web for the latest personal finance tools and articles.”

Starting November 1, 2011 (also the first Monday of the month), I will begin posting my budgeting goals. Paying off debt and Saving for our Emergency Fund.  I hope you will join with me in creating a new budget for your family and learning to become financially independent along the way.

Cent$Able Budget Report: Welcome!

Welcome to the first installation of the Cent$Able Budget Report - every Monday I will have a topic on budgeting and better handling your finances. I have to admit that this isn't just for your enjoyment, but really for me!


I am working hard to get our budget under control. Couponing is HUGE part of that. But I have learned and continue to learn so much since I have started couponing - I have really learned that the possibility of stretching your dollar further, is truly possible. But not just in the area of grocery shopping but in all areas of our budget.


Couponing has gone far past the grocery store for me it has assisted me in learning to be wiser with my money; when, where, what, why, & how I spend my money. 


Thus I am starting new feature on Centsable Stewardship - Cent$Able Budget Report. I hope to bring you lots of great tips on further constructing your home budget, but how to make your budget work for your family (and mine). I will be doing a lot of research and bringing your all the best information I learn about budgets back to you on Mondays (which should also spill into the rest of the content on this site). 


My hope is this site will become a one-stop resource site on all things money & saving. And this new feature is a part of growing this site. 


I plan to make myself pretty vulnerable in sharing with you my personal finances goals, areas where I have failed, and hopefully areas where I will succeed. This next week I will be working hard on putting together a detailed budget, much of which I plan to share with you next Monday on the second installation of the Cent$Able Budget Report.


I hope you follow along and that we can all learn from one another. I am by no means an expert in this area, just someone who is desperate and eager to learn how to make sure that my financial future for both myself, and my family is a bright and successful one. 


So, join me every Monday as we work hard to accomplish our financial dreams, and make them a reality.