{"id":2001,"date":"2018-08-24T00:29:11","date_gmt":"2018-08-24T00:29:11","guid":{"rendered":"https:\/\/littleloans.co.za\/blog\/?p=2001"},"modified":"2018-07-27T16:21:02","modified_gmt":"2018-07-27T16:21:02","slug":"5-signs-bad-budget","status":"publish","type":"post","link":"https:\/\/littleloans.co.za\/blog\/5-signs-bad-budget\/","title":{"rendered":"5 Signs You Have A Bad Budget"},"content":{"rendered":"

Using a budget<\/a> to put yourself on the right financial track is smart. But if you find yourself spinning wheels and not getting anywhere, it’s time to give it a second look.<\/p>\n

Budgeting takes practice, no matter how long you’ve been at it. Even a budget that worked for you in the past may be a bad budget in your current situation.<\/p>\n

To find out where you stand, let’s look at 5 signs you are working with a bad budget.<\/p>\n

1. You’re Living Paycheck to Paycheck<\/h2>\n

If you live for each payday, it’s time to take a step back and figure out why. Barely scraping by each month is a red flag that something is wrong with your budget.<\/p>\n

Look at where you can cut expenses. Are you spending too much eating out? Is that gym membership necessary? Can you find a cheaper phone plan?<\/p>\n

If you’ve cut back to the bare minimum and still find yourself struggling, you may need to consider something bigger. Like giving up your car for public transportation or getting a roommate.<\/p>\n

2. You Don’t Have an Emergency Fund<\/h2>\n

You never know what life is going to throw at you. That’s why it’s so important to have an emergency fund<\/a> set aside to cover the unexpected.<\/p>\n

What if you need to come up with $1000 right away? Would you struggle to do it?<\/p>\n

If so, you need to take another look at your budget and be putting aside money for this fund monthly. Experts recommend having 3 to 6 months’ worth of expenses saved up, just in case.<\/p>\n

3. You’re Using Your Credit Cards Too Much<\/h2>\n

If you’re having to use credit cards to cover expenses and can’t pay them off each month, you’re living beyond your means.<\/p>\n

This is a good time to look at your budget and see where you can cut costs. Make a rule that if you can’t pay for it in cash, then you don’t need it.<\/p>\n

4. You Use the Same Budget Each Month<\/h2>\n

While it may be easier to set up a monthly budget and follow the same plan each month, unfortunately, it doesn’t work that way. Expenses change monthly, so there’s no one size fits all budget.<\/p>\n

Utilities change with the weather. Holidays and birthdays pop up at different times of the year. School expenses vary.<\/p>\n

It’s a good rule of thumb to check your budget at the beginning of each month so you know what to expect.<\/p>\n

5. You Aren’t Saving For the Future<\/h2>\n

Sure, some people like to live in the moment. But that kind of thinking won’t help you when it comes time to buy a house, send the kids to college, or retire.<\/p>\n

If you’re paying your bills off each month, but not putting anything into savings or a retirement fund<\/a>, it’s time to re-evaluate your budget. Find a way to cut costs elsewhere and stick that money into the bank monthly.<\/p>\n

Turn Your Bad Budget into a Great One<\/h2>\n

Once you know you’re working with a bad budget, you can start turning the corner toward the budget you want and need. With some work and discipline, you’ll find yourself heading down the road toward financial freedom.<\/p>\n

And if you need more ideas to help you save money, click here<\/a> to read our money saving blog posts!<\/p>\n","protected":false},"excerpt":{"rendered":"

Using a budget to put yourself on the right financial track is smart. But if you find yourself spinning wheels … <\/p>\n

Read more5 Signs You Have A Bad Budget<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":2002,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[46],"tags":[],"_links":{"self":[{"href":"https:\/\/littleloans.co.za\/blog\/wp-json\/wp\/v2\/posts\/2001"}],"collection":[{"href":"https:\/\/littleloans.co.za\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/littleloans.co.za\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/littleloans.co.za\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/littleloans.co.za\/blog\/wp-json\/wp\/v2\/comments?post=2001"}],"version-history":[{"count":2,"href":"https:\/\/littleloans.co.za\/blog\/wp-json\/wp\/v2\/posts\/2001\/revisions"}],"predecessor-version":[{"id":2087,"href":"https:\/\/littleloans.co.za\/blog\/wp-json\/wp\/v2\/posts\/2001\/revisions\/2087"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/littleloans.co.za\/blog\/wp-json\/wp\/v2\/media\/2002"}],"wp:attachment":[{"href":"https:\/\/littleloans.co.za\/blog\/wp-json\/wp\/v2\/media?parent=2001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/littleloans.co.za\/blog\/wp-json\/wp\/v2\/categories?post=2001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/littleloans.co.za\/blog\/wp-json\/wp\/v2\/tags?post=2001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}