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The Most Costly Expense of AllBy Terry RiggDo you think you have a lot of bills? If so, you are probablyright. But have you considered the bill that costs you themost each month?On average your housing costs probably run about 30% of yourtake home pay. Your other bills which include utilities,credit cards, etc. also run about 30% of your take home pay.It probably takes another 30% to run your household and ifyou are lucky you can stash the remaining 10% in a savingsaccount.What are your percentages? Do you know? That's the problem.Most people run their budget out of their wallet.There is that hideous word "Budget". Many people compareoperating their finances with a budget to having a ball andchain attached to their wallet. They won't be able to getanything they want for the rest of their lives.Let's see if the following scenario fits you:You get paid. You write out your bills. You give your spouse some money.You wait for next payday to get some more money so you cando the same thing.You may not realize it but if you are doing this you arespending a lot more money than you need to.Most of the people I work with have no idea how muchmoney they make or how much they owe. While money may beimportant to them it is way to much trouble to learn howto manage it. This is the very reason there were $1.5 million bankruptcies in this country last year.I can almost guarantee that if you are trying to run yourfinances like the scenario above at some point you are goingto run into problems. It simply can't work.The main reason for this is that you never get a broad picture ofwhere you are financially. You pay the bills and hope youhave enough money to buy your groceries and put gas in thecar until next payday.Most people can add and subtract. That's all there is toa budget. If you aren't willing to take the time thenliving paycheck to paycheck will be with you the rest ofyour life.I call this "Financial Complacency" which simply means thatyou know you need to manage your money better but aren't willing to do what's necessary. Here are a few excuses Ihear to justify this:I don't make enough money.I owe too much to set up a budget.I'm not good with numbers.I just don't have the time to keep up with a budget.I can't get my spouse to work with me.Do any of these sound familiar?Well, that's the problem but what about a solution. Thesolution is simple no matter what your financial situationis.First, you must find out where you stand now. That couldbe as simple as writing down your income and bills andexpenses on a piece of notebook paper. Then subtract yourexpenses from your income. Make sure to include yourhousehold expenses (groceries, car gas, etc.) in yourexpenses.Now look at the numbers. Do you have anything left over?If so what are you going to do with it? That's the nextstep. If you don't then you need to consider cutting someof those expenses.Now you need to decide what you really want your money todo for you. Set your goals! This could be saving for yourretirement, buying a home, college for the kids, gettinga new car or any number of things. That's why you have todecide for yourself. There are just too many variables forsomeone else to help you. My first suggestion is that if you have credit card debt you look for a way to pay them off and stop using them. Realizingthat goal could make your other goals more likely to succeed.Now it's time to set up that dreaded budget. Where are yougoing to find the time and desire to write everything downthat you spend and all the other stuff that goes along withkeeping a budget? The answer is that you don't have to!One of the biggest myths about budgeting is that you needto keep up with it everyday. That's the reason so many peoplerefuse to try.It does take a little time to get your budget setup. Thereare a lot of things that need to be considered. But onceyour finances are down on paper there is no reason to workon it except on payday. You will find a link to a free budgetlike this in the bio of this article.If you believe that managing your money is to difficult orjust too much trouble consider the alternative. Not managingyour money is probably robbing you of thousands of dollars ayear and could lead to financial disaster. Article Tags: Most Costly Expense, Most Costly, Costly Expense
The,Most,Costly,Expense,All,Th