Skip to main content

Over Controlling Budget

 


Certainly! Over-controlling budgeting, or micromanagement of finances, can be counterproductive in the long run, but there are situations or periods when someone might want to have a tighter grip on their finances. Here are some ideas and considerations about over-controlling budgeting:

1. Detailed Categories: Keep it simple! A general idea is ok, avoid over stressing with perfection or over detail categories.

2. Daily Tracking: I am all for tracking your expenses daily, however you can chose a day of the week to do so, and one day of the month to match with your bank statements (don’t worry you have a year to dispute a transaction, it’s not life or death situation) 

3. Cash Envelope System: If you have no control when using debit card or uses credit card often, this idea could be best for you, but it’s not for everyone (like for me, I love me some cash but this system is not for me)

4. Zero-Based Budgeting: This is my favorite and I have used it ALWAYS! Every penny has a name to use, weather savings, invest or expense, it has a name, except the ones found on the street they go straight to the piggy bank not to my budget plan 

5. Frequent Reviews: Once again, the point is to avoid over controlling, trust and believe it’s taking care for, once a month, or biweekly you are fine! Stop the perfectionism! It will bring more stress and anxiety around your money 

6. Limit Discretionary Spending: if you find yourself in a position where your liabilities have been increasing, or you have a major purchase (home, car, dream vacation) definitely use this tool, it requires discipline but it’s soooo much worth it!

7. Automate Savings: Set automatic transfers to savings or investment accounts, some banks offer round ups, if you purchase something for $4.75 the bank will take .25 cents from your checking account and put it on your savings account, these add ups are golden!

8. Find your best budgeting tool: Some people think I use spreadsheets, and I do for reference and esthetic purpose, but not to over control, just to have an idea how my budget looks like per pay period, and then I print it out and I track on paper (I’m old school) check out my budget journal with expenses tracker, subscriptions tracker, debt snowball, and savings challenge from my website Mindful Tasks Academy

9. Avoid Impulse Purchases: Make it a rule to wait 24 to 48 hours before making any unplanned purchases. Always listen to your intuition, and ask yourself “is this item in alignment with my higher purpose in life? What value could I get in return?” Sometimes you will find your intuition saying “go ahead you deserve it and you are taken care of” even if you don’t understand it, TRUST IT!

10. Limit Credit Card Usage: Unless you are making a big purchase that you get cash rewards or mileage in return and you have the cash in hand (just as reference you can have the same amount sitting in a savings or investments that grows for you) to pay it off in the next billing cycle. If not, avoid it at all costs! 

11. Educate Yourself: Regularly read books, articles, or attend workshops on budgeting and personal finance to continuously refine your approach.

12. Seek Feedback: Talk to trusted friends or family about your budget. They might offer insights or catch something you missed. If you have no trust to your family or friends, go ahead and hire a Financial Coach, or join a budget class (I will soon bring this)

While these ideas can be effective, it's important to remember that being too strict with budgeting can lead to burnout or resentment towards the process. It’s key to find a balance that allows you to meet your financial goals while still enjoying life. I always will suggest to have faith! Check out my podcast and YouTube channel coming soon for more insights. 

Much love BumbleVee
And Remember: Its a VeVe Thing You Wouldn't Understand


Labels:

Comments

Post a Comment

Popular posts from this blog

Ordinary Woman making Extraordinary tiny steps

An Ordinary Woman making Extraordinary tiny steps. From the Instagram Post on Mindful Tasks Academy I remember sitting in my class on the last semester, and the teacher shared the information about the potential career we can expect ahead, on the board he wrote two columns, the financial advisor and the financial planner option, the next line under each career he wrote the numbers that, potentially, these careers can have in return, on financial advisor he wrote 100k a year, and under financial planner 50k a year, he also explain the reason why financial advisor was potentially higher than financial planner, most kids in the classroom, I said kids because I was a woman in my late 30s and early 40s when I return to a classroom, and the kids were mid 20s or even some early 20s.  Ok, so the kids were very enthusiastic about making 100k a year, at this point I had already put on my vision board 90k a year. My military career had just ended, and I was more towards Financial Planner bec...
Post a Comment
Read more

Gratitude when you do not feel grateful

  Gratitude when you do not feel grateful Few years ago I had a good life, and yet I found myself complaining and complaining about all the small insignificant details. I knew I was supposed to practice gratitude, but when you are in a role of complaining, there are no feelings of gratitude coming to you, or so you think, because you start seeing everything from a filter, a dark filter. From time to time, even though I realized what happened then (lost everything I had), I find myself not “feeling” the motivation or whatever you want to call it, to just sit down and feel grateful, let alone write it down. So if you have those moments, how can you shift, and practice gratitude when you do not feel like it? Let me start by saying that you have to understand something, it's ok to have human feelings, even the negative ones!  Most likely, when you do not feel grateful, or even feeling like practicing gratitude, and especially if you are a good person, this can happen, and there ar...
Post a Comment
Read more

Scam vs Fraud: Understanding the Key Differences

  Scam vs Fraud: Understanding the Key Differences In the world of finance and banking, the terms 'scam' and 'fraud' are often used interchangeably, but they hold distinct meanings and implications. As a banker with a keen interest in protecting consumers, I find it crucial to clarify these concepts. Understanding the differences can help individuals and businesses safeguard themselves against these deceptive practices. What is a Scam? A scam refers to a deceptive scheme or trick designed to cheat someone out of something, typically money. Scams are characterized by: Deception : The scammer presents false information or creates a misleading situation. Motivation for Personal Gain : The primary goal is to benefit the scammer at the expense of the victim. Voluntary Participation : Often, the victim is lured into the scheme through promises of unrealistic returns or rewards. Examples of Scams: Lottery Scams : Where victims receive messages claiming they've won a large ...
Post a Comment
Read more