What is the Perfect Budget?

Somebody asked me recently “what is the perfect budget?

Now, that is an excellent question and there really is no right or wrong answer. Just as, individually, we are all different, so too are our hopes and dreams, our lifestyles and our needs and wants.

So, what might be the perfect budget for one person might not necessarily work for somebody else. Even though we might work at the same place as our friend, and earn the same money each week, because our home lives are very different so too our budgets will be different.

There are many factors to consider in a budget:

  • How much debt do I have?
  • How much are my weekly, monthly and annual bills?
  • How much income do we receive each week?
  • What are our financial priorities?
  • What savings would we like to put aside for the future?
  • What will our needs be in a years time? In five years time? In a decade?

Possibly the biggest question we must ask ourselves is: do we have enough income to sustain the life we’re leading now and into the future? Sadly, for so many of us, we don’t have an income problem but a spending problem.

The perfect budget has many facets.

  • It has a portion to repay our debt as soon as possible, without choking the finances.
  • There is also a portion for day to day bills which enables us to pay these accounts on time without stress.
  • And, of course, there is also a portion that puts a little aside for ‘rainy days’. So many of us have no savings and therefore have to borrow money for the times when disaster strikes.

Finding the perfect budget for your family won’t happen overnight. It takes some planning, and then some test-runs to make sure the perfect mix of spending and saving are in the right proportions. It needs time and patience to get it right for you and your family.

The first step to finding the perfect budget is to start working on it! Of course, if you need some help – you can always contact me!

©   Carmel McCartin – Budget Bitch

And don’t forget – (The views expressed in this blog are the personal opinions of the author. Don’t rely on them to make financial decisions; you have to make up your own mind. If you don’t like the content – then either stop reading or send me an email)

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