{"id":3430,"date":"2020-02-03T08:00:46","date_gmt":"2020-02-03T06:00:46","guid":{"rendered":"http:\/\/contattoblogs.timslatter.co.za\/?p=3417"},"modified":"2020-02-03T08:00:46","modified_gmt":"2020-02-03T06:00:46","slug":"whats-the-state-of-your-budget","status":"publish","type":"post","link":"https:\/\/zcp.co.za\/main\/whats-the-state-of-your-budget\/","title":{"rendered":"What\u2019s the state of your budget?"},"content":{"rendered":"

Each year we are presented with our president\u2019s State of the Nation address and the finance minister\u2019s budget speech around the same time. The SONA is closely linked to how money is spent; it\u2019s a powerful reminder for us to consider the close link between our lives and our budgets!<\/span><\/p>\n

Good finances begin and end with good budgeting \u2013 when you have a good budget and stick to it, you\u2019re often 90 percent of the way to wherever you want your money to get you. But what is it about budgets that make it so hard to stick to them?<\/span><\/p>\n

Failed state 1: The fantasy budget<\/b><\/p>\n

This may sound familiar: you decide to work out your new budget, so you write down your income, your monthly expenses are guesstimated and some vague savings goals like \u2018get out of debt this year\u2019 or \u2018save R4000 for retirement every month\u2019 are set.<\/span><\/p>\n

What\u2019s wrong with this picture?<\/span><\/p>\n

It\u2019s not specific enough.<\/span><\/p>\n

Many of us don\u2019t work with an accurate measure of what we are spending day to day. We tell ourselves we spend R250 on our morning cup of coffee at work because that\u2019s an amount we\u2019re subconsciously okay with, when it may be closer to R550 per month. We tell ourselves we\u2019ll \u2018get out of debt\u2019 but haven\u2019t tracked exactly how much is owed on the credit card, or how much our interest is costing us.<\/span><\/p>\n

A budget based on speculation is a fantasy budget.<\/span><\/p>\n

A better budget: Get real about tracking<\/b><\/p>\n

There\u2019s a reason why almost every diet out there insists that you start by tracking exactly what you eat \u2013 reality is hard, but it works.<\/span><\/p>\n

To start creating a budget, take a look at your bank statements for the last 3 months at least to determine your <\/span>real <\/span><\/i>expenses and the exact amount you make monthly. It\u2019s also worth looking at the exact amount of debt outstanding on anything like credit cards or store accounts and, if you have savings goals, the exact amount you\u2019ve saved so far.<\/span><\/p>\n

Not only will you have a clear picture for the first time, you\u2019ll also be inspired by the dose of reality to keep saving and keep an eye on those expenses.<\/span><\/p>\n

Failed state 2: The too-tight budget<\/b><\/p>\n

A super realistic budget shaped by the step above is great, but can sometimes lead to the second most common error in budgeting: a too-tight budget.<\/span><\/p>\n

This may seem contradictory to you, but it is very important not to account for each and every cent with no flexibility. An okay budget works with exactly what you get and spend in your real life, right now. A good budget realises that life is what happens when you\u2019re making other plans.<\/span><\/p>\n

If you have no leeway in your budget for emergency expenses, you\u2019re going to struggle to stick to your budget. Emergencies happen, spontaneous purchases happen and sometimes things cost more than even a carefully-planned budget can account for.<\/span><\/p>\n

A better budget: Set up your own emergency fund<\/b><\/p>\n

Everyone has sudden expenses, everyone has emergencies. Therefore, everyone can benefit from an emergency fund.<\/span><\/p>\n

Whatever you can save to guard against these surprises is good, but a general rule of thumb to aim for is three months\u2019 salary tucked away, which will cover you for many unforeseen, unfortunate events. Also, don\u2019t undervalue the importance of insurance for your household items, income and movable assets \u2013 not just for your property and car.<\/span><\/p>\n

Failed state 3:\u00a0 The emotional budget<\/b><\/p>\n

You\u2019ve set up your budget and are ready to go, but are you looking at your expenses through objective eyes? Many people classify wants as needs, when in fact they could spend less on eating out, cellphone upgrades, new shoes or the work cafeteria.<\/span><\/p>\n

Another instance of being emotional with budgeting is when we are unrealistic about how much we can save for certain goals. If our savings goals are unrealistic, we\u2019ll struggle to achieve them and lose precious momentum we need to keep at it.\u00a0<\/span><\/p>\n

Saving is like brushing your teeth \u2013 it\u2019s the everyday habit that makes it effective, not a once-off effort.<\/span><\/p>\n

A better budget: Cut back what you can<\/b><\/p>\n

Be accurate about what you spend, then evaluate what you can do to cut that down \u2013 you\u2019d be amazed at how small amounts add up.<\/span><\/p>\n

Can\u2019t see your blind spots? Give your budget to someone you trust. They may be able to see with fresh eyes and say: \u2018do you really need a new car every year or a bagel from the canteen every day?\u2019<\/span><\/p>\n

Failed state 4: The solo budget<\/b><\/p>\n

No man is an island, and very few budgets are either. If you\u2019re married and\/or have kids or are living with someone else, you need to take them into account. Why? Because they may well have their own budget ideas that could clash with yours, or you can be assuming something on their part incorrectly. Just because it\u2019s your spouse who always picks up the dry cleaning doesn\u2019t mean that they\u2019ve got it on their budget. And they may well have decided on an aggressive savings plan you know nothing of. It helps to check.<\/span><\/p>\n

A better budget: Talk the talk<\/b><\/p>\n

Sit down together and compare budgets. Also, this could be a great opportunity to plan together for a shared incentive, like a holiday. If you have kids, inviting them into the budget conversation can be invaluable education for them too. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Each year we are presented with our president\u2019s State of the Nation address and the finance minister\u2019s budget speech around the same time. The SONA is closely linked to how money is spent; it\u2019s a powerful reminder for us to consider the close link between our lives and our budgets! Good finances begin and end […]<\/p>\n","protected":false},"author":1,"featured_media":3418,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,28],"tags":[],"class_list":{"0":"post-3430","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-blog","8":"category-market","10":"post-with-thumbnail","11":"post-with-thumbnail-large"},"yoast_head":"\nWhat\u2019s the state of your budget? - ZC PRETORIUS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/zcp.co.za\/main\/whats-the-state-of-your-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s the state of your budget? - ZC PRETORIUS\" \/>\n<meta property=\"og:description\" content=\"Each year we are presented with our president\u2019s State of the Nation address and the finance minister\u2019s budget speech around the same time. 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