Straightforward budgets aren't always the best solution for people trying to get a handle on their money — the inflexible nature of budgeting can be a frustrating turn-off. Just because you're not one for budgets doesn't mean there isn't hope for following a plan that will get your finances on track. A spending plan is a better solution than a traditional budget for those who want a less rigid method for managing their money.
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Weddings haven’t halted with the economic slowdown, but couples have been reconsidering the budgets for their big day. Old tricks like hiring local music students to perform as an orchestra, opting for seasonal floral arrangements, and pouring wine but nixing the bar are becoming more common. The New York Times interviewed some budget-conscious brides and grooms that have a few other tricks up their sleeves.
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Inspiring stories can be found in the most surprising places, and this one comes from the October issue of Reader's Digest. Like many Americans, the Hochman family (Ruth, David, and four-year old Sebastian) realized they were being weighed down by pointless expenses, but instead of consuming as usual the family formed a drastic plan.
They'd have $100 for 30 days, to be used for what they call essential items like fresh fruit and milk, and of course they'd continue to pay the mortgage, utilities, and preschool tuition.
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Spot budgeting is a solution for people that have a hard time developing and sticking to an overall budget plan. If your finances allow you to spend without following a strict budget, this type of planning says it's OK not to direct how every penny will be spent.
Instead of calculating every little expense, spot budgeting entails choosing a few spending categories that you know can be trimmed and focusing on spending less in those areas.
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