Comments on: Don’t Fall Into The Trap Of Not Budgeting When Things Are Going Well

By: Abby

Abby — Mon, 15 Jun 2009 14:37:49 +0000

Thanks for this! We’re in exactly this place right now. I recently went back to work full-time. While we’re mostly saving my entire salary or using it to pay for expenses that would’ve come out of savings (kids’ camp, car insurance renewal, etc.), it is tempting to overspend – especially since the time I used to devote to saving money and tracking our spending is just plain gone!

The other part of the equation, though, is that for more than two years, we didn’t spend a frivolous nickel. Our new budget needs to include some freedom – in part because we’ve deferred major purchases as we built our emergency fund and also because some of our sacrifices were a deliberate part of the strategy. (Like skipping our big vacation and pretty much never eating out.)

But I’m flat out terrified of rewriting a budget that isn’t based on “How can we trim expenses to the bare minimum?” So we’re floating – doing fine, but in danger of going off track. It’s a great problem to have, but it feels like the way we got into trouble in the first place.

By: Best of Money Carnvial #3 - Rolling Stones Edition

Best of Money Carnvial #3 - Rolling Stones Edition — Mon, 15 Jun 2009 05:20:47 +0000

[...] Bible Money Matters wrote about keeping on a budget even when things are going well. This was so good that Wild Horses couldn’t drag me away from reading [...]

By: Friday Links | The Canadian Finance Blog

Friday Links | The Canadian Finance Blog — Fri, 05 Jun 2009 11:01:12 +0000

[...] Bible Money Matters says don’t fall into the trap of not budgeting when things are going well. [...]

By: Sharon Wilson

Sharon Wilson — Fri, 05 Jun 2009 09:32:55 +0000

Great post! Great tips on how to properly budget our finances.

By: Peter

Peter — Thu, 04 Jun 2009 01:45:21 +0000

You caught me JD. This is the second time I’ve been caught by a commenter for this same grammatical error. You’d think I would have learned my lesson by now! Don’t worry, I don’t mind being corrected. I’m man enough to admit that my grammar isn’t always stellar.

My wife and I haven’t had any problems putting together a budget, but when it comes to sticking with it we tend to stumble a bit (hey look, I got the grammar right that time!). It’s a continual process of correction and accountability with each other. Just like with my grammar.. heh.

By: J.D.

J.D. — Wed, 03 Jun 2009 22:46:08 +0000

Peter, I don’t mean to nitpick, but your opening sentence grates on this grammar geek: “The past 6 months have gone extremely well for my wife and I.” It should be “my wife and me” (or “me and my wife”). Remember: for a quick check on which to use, remove the “my wife” part and see how the sentence sounds with just “me” or “I”. That’s the one you should use when you add back in “my wife”.

Grammar complaints aside, I like this post. I’m going through this a little myself right now. I’ve never had a budget — ever. But now that my wife and I are doing well financially, I’m beginning to believe we need one…

J.D.s last blog post..Travel Hacking: Smart Ways to See the World

By: Milestone - BFN Passes 100,000 Page Views | BorrowFromNone.com

Milestone - BFN Passes 100,000 Page Views | BorrowFromNone.com — Wed, 03 Jun 2009 12:24:29 +0000

[...] A great reminder from BibleMoneyMatters of the importance of a budget in fat times as well as lean. [...]

By: Craig

Craig — Wed, 03 Jun 2009 01:16:14 +0000

Great post and great reminder. My family used to live off two incomes and we thought we were "above" budgeting because there is always money left over. Now living off one income with two (soon to be three) kids at home we regret not taking advantage of that additional income. Now we have committed to keeping a budget regardless of our income. It is a great way to tell your money exactly where you want it to go and what you want it to do. Craigs last blog post..Debt as a Theme in the Bible

By: Jason Y

Jason Y — Tue, 02 Jun 2009 17:13:57 +0000

Indeed, budgeting is key to spending how you _really_ want to spend (e.g., you would really prefer to buy a toy than to eat out).

By: FFB

FFB — Tue, 02 Jun 2009 16:53:49 +0000

If the country listened to this sound advice our economy would be very different now! It's always nice when the money is flowing but you always have to remember the hard/lean times and make sure you are prepared. FFBs last blog post..Unbroke - What You Need To Know About Money: Recap