Comments on: 3 Quick Budgets Do’s and Don’ts http://frugalhacks.com/2008/11/06/3-quick-budgets-dos-and-donts/ Good stewardship in action. How do you do it? Sat, 11 Feb 2012 00:10:21 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Bryan http://frugalhacks.com/2008/11/06/3-quick-budgets-dos-and-donts/comment-page-1/#comment-3877 Bryan Tue, 25 Nov 2008 00:49:55 +0000 http://frugalhacks.com/?p=714#comment-3877 I think point number 1 is very important. It is important to have some 'mad money' set aside each week, fortnight or month. This 'mad money' should be a small amount, but an amount that accumulates month by month if it isn't spent. This encourages you to save for larger and more worthwhile 'mad' items, rather than spending it on smaller items of little value i.e. buy coffees versus a MP3 player. I personally dislike spending money on consumable items, as I have nothing of value left after the item is consumed. I think point number 1 is very important. It is important to have some ‘mad money’ set aside each week, fortnight or month. This ‘mad money’ should be a small amount, but an amount that accumulates month by month if it isn’t spent. This encourages you to save for larger and more worthwhile ‘mad’ items, rather than spending it on smaller items of little value i.e. buy coffees versus a MP3 player.

I personally dislike spending money on consumable items, as I have nothing of value left after the item is consumed.

]]> By: Steph http://frugalhacks.com/2008/11/06/3-quick-budgets-dos-and-donts/comment-page-1/#comment-3687 Steph Fri, 07 Nov 2008 19:17:26 +0000 http://frugalhacks.com/?p=714#comment-3687 I'd add one more: DO: Leave room for the unexpected! Even if you're committed to sticking to a budget, the Universe can throw you a curve ball. Don't get so caught up in adhering strictly to a budget that you feel like you have to scrap the whole project as a failure if something unexpected puts a temporary wrench in your plans. (I'm still learning this one, as I realize I'm going to have to buy lunch for a 2nd, unbudgeted day this week because we were informed that our cafe area (where we can store and heat food) was going to be off-limits today. Whoops. But there's nothing I can do about it!) I’d add one more:

DO: Leave room for the unexpected! Even if you’re committed to sticking to a budget, the Universe can throw you a curve ball. Don’t get so caught up in adhering strictly to a budget that you feel like you have to scrap the whole project as a failure if something unexpected puts a temporary wrench in your plans.

(I’m still learning this one, as I realize I’m going to have to buy lunch for a 2nd, unbudgeted day this week because we were informed that our cafe area (where we can store and heat food) was going to be off-limits today. Whoops. But there’s nothing I can do about it!)

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