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They say “confession” is good for the soul. And though I would tend to agree with this sentiment, just stopping at confession is kind of worthless. It’s like saying sorry, but not changing your actions in any way and commiting the same offense day after day. So I would submit that confessions should be followed by action to change your ways. So I want to make this post an open forum to confess your budget shortcomings, and be willing to talk about actions you can take to change your mistakes. You action can even be to increase your budget if it’s an area of overspending constantly. I’ll start:
Confession: We have overspent on our food budget for a few months….like…..by a few hundred dollars.
Action: We have already taken some corrective action on this. We signed up for eMeals (<- affiliate link) about a month ago, and have save hundreds already. We also need to setup an “entertaining” line item in our budget, because I keep grouping our food budget spending in with money we spend on entertaining (food, supplies, etc…).
Confession: I didn’t really set a backyard budget, and we keep adding more and more stuff to our project. We have a budget leak.
Action: This is something I talk about all the time. What I should have done is set up a goal and reverse engineered my budget for this project. I did pretty well for the fence, pergolo and patio portion of this project, but I have not done any planning for the landscaping. We keep buying plants and other landscape items without any planning ahead, and I could see this going on forever. Mrs. iHB and I need to sit down and plan this out, then allocate the money that we’re allowed to spend.
Confession: I have not used any savings buckets this year, but am still spending the money for birthdays and occasions
Action: I blew away the savings buckets this year because with Mrs. iHB transitioning home, we didn’t make enough to pay everything in our budget, so I have to remove the savings bucket categories. But this has not stopped us from spending in these areas. With me working 2 jobs, and a hefty amount of savings, we do have the money to pay everything in our budget, but I still have it laid out in such a way that it looks like we’re negative every month. I did this to motivate us to cut our spending, but all it is doing is being dishonest about our current spending. This makes us feel like we’re blowing the budget every month, and then we actually spend more because there’s no set budget.
I need to add the savings bucket categories back into each month, save up for those infrequent expenses and stick within the amount we have saved; no overspending. This will save us money in the long run, even though the budget looks worse.
Comments: What are your budget confessions? Do you have anything that you want to say here so that you can make an action plan to change it? Do you even care if you blow the budget? Also, did they really make another Spiderman movie? SRSLY? This is going to turn into the next ‘Land Before Time’ , with 37 sequels…