Struggling to Get on a Budget

February 9, 2009

Having set up a budget for the first time in January, it is quite clear that we have a long way to go with respect t0 reining in our expenses and living within our means. With some lingering expenses carrying over from last year (an ongoing home improvement project and getting started on our daughter’s “big girl room”) this first month didn’t work out as well as it could have. We spent quite a bit of time gathering information, estimating our monthly expenses, and setting up goals for both spending and savings. At the end of the month, we did fairly well at keeping our spending close to or within budget on items such as groceries and gas, but we weren’t able to meet any of our savings goals. Overall the process of getting on a budget has been useful in helping us start to track our spending and plan our finances, but we will have to make some serious changes if we are to meet all of our spending and savings goals each month.

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