We put out the challenge to our readers to keep a budget for a full month, while keeping in mind the information about why budgets fail and how to get around that.
New York, NY (PRWEB) July 23, 2012
RoadFish.com men’s lifestyle and finance magazine today offered tips on how to stick with a budget and make it work after referencing a recent article by Fox Business which shines a light on why most people fail at keeping a budget. RoadFish.com challenged its readers to keep a budget for one full month using the guidelines set in the article, and urged discipline and
Gary Foreman of Fox Business addressed a question from one reader who asks why do her budgets always seem to fail on her. Foreman reports that the big reasons budgets fail for people are because the budget is either unrealistic, poor in its design, or the budget-keeper gave up on it too soon. The article states that some budgets can be considered poorly designed because they require too many details, or report far more data than most people are willing and able to collect and input each week. Further, much of this information is superfluous and can be left out. So poorly designed budgets make the tracking a tedious and lengthy chore that can obviously lead to frustration and eventually the stopping altogether of keeping the budget.
The above-mentioned article points out that many people have a misunderstanding of what a budget is supposed to do, which is not to prevent someone from spending money, but rather to be used as a tool to find out where the money is being spent and compare it to your plans for your personal finances.
RoadFish.com urges folks who are struggling with keeping a budget to try a streamlined, online version. RoadFish.com’s Senior staff writer is quoted as saying, “I personally like Mint.com, because it keeps track of your spending for you. It’s a totally free program that streamlines your checking and savings accounts—even any loans that you may have—and tells you each week and month which categories you’re spending money on, and how much you’ve spent. It’s perfect for those of us who cannot be bothered with sitting down for even 15 minutes a day to log all of our transactions. It literally does all of the work for you. It even gives updates to let you know things like when service charges were made to your account, or what percent of your available credit you’re using and how it could affect your credit report. I think it’s one of the best financial tools out there.”
In the above-mentioned Fox Business article, Foreman states that another reason that budgets can fail is because they are unrealistic; they might look great on paper, but in reality there is no way the budget-keeper can maintain such spending and savings habits. The troubleshooting for this particular problem is to honestly take into account what a person’s current spending patterns are and not become so idealistic that the budget becomes impractical. Foreman recommends taking into consideration current fixed payments such as car payments, renters insurance, utilities, and loans and putting the real numbers into your budget instead of shooting lower and setting yourself up for failure.
RoadFish.com challenged its readers to keep a one-month budget following the advice from Fox’s article. RoadFish.com’s Senior staff writer is quoted as saying, “We put out the challenge to our readers to keep a budget for a full month, while keeping in mind the information about why budgets fail and how to get around that. People might be really surprised when they find that their obstacle is addressed and that there is a way to make budgeting easier and successful, so with this new material in mind, we want folks to look at their budgets with fresh eyes.”
RoadFish.com also recommends that consumer fall back on the automated transfer tool to keep them on track with savings. RoadFish.com’s Senior staff writer is quoted as saying, “If you have a specific sum of money automatically transferred to your savings each week or month, it leaves your checking account without you even thinking about it. There’s no debate over whether to spend the money on a meal out or to save it—it will always get saved, every time. I highly recommend trying it with a small amount of money to start, and you might be surprised to find that you don’t even miss it.”
The last obstacle to maintaining a budget that Fox Business addresses is people calling it quits too soon, as a result of spending more than what was planned and the frustration that builds when the number doesn’t seem to decrease after a few months. The article states that people need to work “smarter,” not harder to solve financial issues that arise—such as identifying what seems to be the biggest money-suck on their budget, and figuring out a way to decrease their spending in that area. It could be something as simple as downgrading to a more basic cable plan, or as complex as the example that Foreman gives wherein a significant amount of money was being spent on cleaning supplies so making one’s own cleaning solutions at home and switching to cloth rags instead of paper towels will slash that bill.
RoadFish.com is a widely read online men's lifestyle and finance magazine. Its main audience is comprised of men in their 30's and 40's who have already achieved a fairly high level of success in life, and are ready for more. Most men are striving towards a larger goal, whether it be personal, financial, or professional. RoadFish.com men’s lifestyle and finance magazine covers such ground as current events, men's luxury items, riveting adventures, hot chicks, new finance trends like the gamification of personal finances, and ways to make and save more money. It is owned and operated by Purpose Inc.