The Finance Blogger


Spending within our Budget

Spending within our BudgetMany people complain that the 1 percent are too rich and should share their wealth more.The real issue is not the wealth of the 1 per cent, but the difficulty the 99 per cent is having in raising its own standard of living. Why are young people having so much trouble landing career-building jobs? Why are pensions disappearing? Why are more companies offering contract work instead of full-time jobs? Why is it so hard for laid off middle-aged workers to find new employment? These are the real issues which stop people from spending within their budget assuming they have one. As much as we want to blame it on the 1 percent of the population who control a large share of the wealth, we need to keep our own spending within our budget. We need to take responsibility for our own well being and work to achieve not only the things we need in life, but also our wants.

Spending within our Budget – Avoid Interest Charges

Many people get in trouble when they over spend their budgets charging whatever to their credit cards. When the bill comes due, they are unable to repay the balance and then are charged high interest rates on the unpaid balance.

Buy what you need, not what you want and only make purchases when you can afford to repay the balance and avoid paying interest. Needs are items that are basic to our well being, food, clothing and shelter. Wants are things we can without including expensive food, clothing and shelter. If the house you are living in is too expensive for your income, it is time to move to something less expensive. Buying the best steaks is nice and enjoyable, but sometimes you need to cut back and eat less expensive food.Same applies to the expensive clothing. We all want to look great but sometimes you need to cut back and only purchase the clothing you really need. Can those shoes last a little longer etc?

 

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