2010.09.30 01:45:47

It’s been just a week into the month, and you can already see your monthly budget crumbling. Sounds familiar? Well you are not alone, as more than 82% of traditional budgets fail for one or the other reason. Some of the common reasons/flaws that are responsible for the failure of traditional budgets.

1.) Unrealistic Expectations – One of the primary reasons why traditional budgets fail is because they are set on unrealistic grounds. It can be quite uplifting to think about saving money by drastically cutting down on your miscellaneous expenditures such as eating out, going for movies, outing with friends etc, but is it really practical? Is it possible for you to suddenly cut down your expenditure from 40% to ‘0’?
It is important to be very practical while drafting your budget. If you want to save money and cut down on certain expenses, do that in a logical and realistic way. Try minimizing your expenses slowly each month, till you can get it to an optimal level.

2.) Update your Budget – Another flaw in the traditional budgeting process is that it is not dynamic in nature, and does not change according to the circumstances or needs. Life can be quite unpredictable and it is important that your budget is in line with your current and future needs. To achieve this, you will need to update your budget each month.

Certain expenses such as insurance costs, car repairs, medicals bills etc, are spread out throughout the year. Accounting for each and every dollar you spend or plan to spend in a month is crucial for creating a successful budget.

3.) Following an “Ideal Budget” Plan – Traditional budgets are based on ‘one size fits all’ concept, which is probably another reason why they do not work. Your budget should be solely based on your lifestyle, needs, preferences, earnings and expectations.

Determine the amount of money you would need for different expenses throughout the month (essential and non-essential both), and sketch a budget that caters to these needs. An ideal budget plan is not the one that worked for the global economy, but the one that works for you.

4.) Improper Tracking – Have you ever lost track of your expenses, wondering how much you spent on shopping or eating out? If you tend to make multiple transactions throughout the day, then it can be hard to keep track of all of those expenses.
A smart strategy would be to track what you spend daily, where you note down each and every expense, even the smallest ones. This is a good way to track your expenditure, and will make it easier to accurately compare your actual expenditure with your budget. For an quick & easy way to do this, check out our budget tool, Spendtracker

5.) Take everyone’s Approval - Traditional budgets are similar to dictatorship, one person decides what is best for everyone else. But this does not work when you are a part of a family, as the needs of other members (your spouse, kids or parents) are also equally important. Either sit with your family and draft a budget for the month, or design a preliminary budget and present it to the family. Be prepared to explain/justify your budget decisions, and why it is necessary or in everyone’s best interest.

Don’t be frustrated with failure – it is common for your budget to get off-track occasionally. Rather than blaming yourself for making mistakes, examine why your budget failed and try to take corrective measures for it.

2010.01.24 12:55:57
Just like trying to lose weight, saving money can be an elusive goal. Studies show that the more complicated the process, the less likely someone will stick to the plan.
Budgeting is no different & there are countless books, software, & programs that promise budgeting nirvana but many of these fall down in their complexity to use. Complexity takes time to learn & time to use & in today's world time is one of the most precious assets you have.
Finding a balance between spending time working on a budget to actually achieving positive financial results is the key. Most programs require either hours of reading, learning, set up or all of these activities & even then lots of upkeep to maintain & review progress.
The Spendtracker has a distinct advantage to other budget programs: you take it with you as you shop & with it, you can proactively manage what you decide to spend your budgeted money on.
This is a simple but powerful concept that removes any timing excuses as to when the budget was set to when the money was spent. Knowing how much you have in your budget by each of 10 separate categories when you are out shopping gives you the knowledge & power to eliminate overspending. The Spendtracker takes minutes to set up & seconds to use yet will give you complete & constant control of your money.
It is the simplest, most effective budget tool all for the cost of a few gallons of gas!!
Order the spendtracker now & take back control of your spending.

2009.01.29 08:51:32


The steps you need to take to improve your credit score aren’t terribly complex, but yet still many people make common mistakes that set them up for higher interest rates down the road.  But just not making a few simple and common mistakes, you can save your hundreds or possibly even thousands of dollars in interest, not to mention make it easier to get loans in the future.


If you want to protect your credit score from dramatic drops, don’t make these simple mistakes:


Maxing Out Your Credit Cards – Even if you never go over the limit, having balances that go very close to limit of your credit cards can have a seriously negative effect on your credit score. Generally, you want to make sure that the balances on your credit cards are less than fifty percent of your total available credit.  It is also important to remember that credit bureaus typically look at all of the accounts together rather than each account individually.


Paying Your Bills Late - This has the most negative effect on your credit score. What worries lenders more than anything else is the risk of default, and lenders believe that late payments are a big sign that you may default on your loans. As far as your credit report is concerned a late payment is defined as any bill that is reported as being 31 or more days late.


Having No Savings -  Not having an “emergency fund” can hurt your credit because whenever disaster strikes, such as you when you need to make expensive repairs to your car or have unexpected medical expenses, you are forced to lean on your credit cards.  You should tuck away at least $1000 into a savings account that you should only use as a last resort.


Buying  a House Beyond Your Means -  Everyone wants to live in a nice, spacious house.  But if you don’t look at you r real financial situation before you leap into a nice home, it could spell disaster for your credit score and your future finances. And since home loans are so large and take so long to pay off, this is one error that is not easily correctable.

2008.11.13 07:24:36

Spendtracker USA is dedicated to providing individuals & families the opportunity to easily & conveniently manage & stick to a budget.


The key difference with Spendtracker & other budget tools is that you can take it with you when you are out shopping so you always know how much you have spent & just as importantly how much you have left to spend.


Thousands of people have already succeeded in managing &, in many cases, taken back control of their spending. By always knowing how much money you have to spend, you are in constant control of your financial position.


We urge you to try the Spendtracker & see how this little device can make a BIG difference in your ability to manage your money.


We wish you all the best in your financial future !