Oh No he didn't put me on a Budget!

By : The Fabulous Mariah HuQ 

I love to spend money what woman doesn't? Shoe shopping, fine dining and purses are my weaknesses, I'll admit, but not so bad where I need to be put on a darn budget! So yesterday after looking thru our bank statements  (dam the person that came up with online banking!) The hubby begins to tell me how much I had spent in one week. He hesistated of course, after seeing the I know you didn't look on my face, but he did not bite his tongue..

His words were stern but very clear. "I'm not saying you can't shop or have a good time but I am saying you don't have to buy everything you like, know what your going to spend when you go in the store and only take that amount of money in" is what he said.

I was a little taken back, but I understood his point. I guess I just felt like I don't tell him when and what to buy, sooooo why is he telling me? But I quickly snapped out of that childish attitude and looked at the big picture. He was right! People are loosing their houses, jobs and other valuables at the expense of endless spending and bad budgeting and we've worked far to hard to travel down that road.

After looking through the statements, I was mad with myself.  I was astonished at amount of money that I had frivously spent over the course of a week. The shocker was most of it was on eating out! The irony is, I COOK EVERYDAY! So needless to say, I am now on a budget.  After doing the calculations I realize that the more we spend now, the less we will have later. That is enough to make me not only come up with a budget, but also keep the following things in mind:

1. Only Pay Cash... If you have to charge it you can't afford it! Credit cards= debt and debt is the enemy.. Don't even use your checkcard! Cash is better because it reminds you just how much money you are spending and forces you to rethink the purchase.. It also limits your spending. Like I was told only take what you can afford to spend in the store...

2. Extra $$$ doesn't always mean "extra spending money"- Is it just me or do we as a society feel the need to spend more when we make a little more? This doesn't have to be the case. Just because you have extra this month, doesn't mean you have to reward yourself with extra un-needed things.. Allow that overflow to remain in your account, and accumulate interest..

3. Needs vs wants.. Ok this is a hard one for me, b/c in my mind I do need a new Tracey Reese bag, or a new pair of AG jeans, but in reality I don't! What I need is to get rid of the stuff I don't use or wear before I add to the clutter that is dominating all of my closets! Only you can say what you need. There are some things that we absolutely must have, and those are the things that we can't negotiate on. More than likely, the other stuff can probably wait.

4. Set limits! This is essential in budgeting.. When I say limits I mean know exactly how many times you will treat yourself to a fine meal this week and  know exactly what you want to spend for the week. Whether it's dinning out or grocery shopping you should have a number in mind and stick to it. This is very important and what I am working on as we speak.  Last week I ate out 11 times, and paid for 10 of them. That's too much, even if it is business related. You have to set limits.. So my new limit is lunch twice a wk with friends or cleints and dinner twice as well. If I need to have more meetings I will meet in a book store, office or coffee shop.

5. Communicate with your partner! Communicating your financial goals with your partner is imperative! You must be on the same page and have the same goals.. If he is saving for a new home and you are spending for a new look, you are not on the same page and doomed for financial failure. Talking about money can be very taboo. If you avoid having the discussions about finance you are sure to go in different directions.  Contrary to popular belief, money is always an issue. Its too much of a commodity and nessecity not to be.

6. Set realistic goals! Ok this is the final but probably the most important tip of all. Despite of what the songs say no one has "money to blow.." Just ask Oprah.. Even she has a budget..Most of the wealthiest people in this country have money because they had budgets, investments and control. Many of them also proabably inherited sizable trust funds as well. lol Now, we have to decide if we want to be apart of the haves or the have not's.. One thing I know for sure is trying to keep up with the Joneses will definitely, reserve you a re-occuring role in the circle of Have Not's! So be real with yourself about what you can and cannot spend, because there is nothing Fabulous about being broke!