I Have to Save Money But I Hate Budgets - Money Saving Plan

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I Have to Save Money But I Hate Budgets - Money
Saving Plan
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• Budgets are a real hassle. The irony of a budget
  is that takes a whole lot of discipline and if
  you had that much discipline in the first place
  you wouldn't need a budget.
• There is an easier way to get a grip on your
  finances. Here is a step by step process for
  getting financial matters under control and
  saving money.
• The first step is to pick one credit card and
  only use this credit card only for gas, groceries
  and car repairs. All other necessities such as
  rent or mortgage payments and utilities will be
  paid by check. New clothes are not a necessity
  most people have enough clothes to maintain a
  job.
• If you already put all of your groceries and gas
  payments on one credit card, review this card to
  compute your total monthly gas and grocery
  spending. If you have no history of gas and
  grocery spending don't wait a whole month to
  start this plan, for now just estimate this
  amount. Make sure you estimate on the high side
  and review your credit card next month to find
  the exact amount you spend on groceries and gas.
• The next thing you need to do is destroy your
  bank or (MAC) card. You no longer have access to
  quick cash.

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• Now take a look at your current bills. Add up the
  amount you spend on gas, groceries, rent or
  mortgage and utilities. Make sure you also factor
  in yearly payments such as insurance policies and
  figure out what these annual payments cost you on
  a monthly basis. To determine what an annual bill
  costs you on a monthly basis simply divide the
  annual bill amount by twelve.
• Take a look at your monthly total take home pay.
  To make it simple just add up the total amount
  you take home in 4 weeks. Now subtract your total
  monthly expenses from your monthly take home pay.
  Decide how much you want to save or pay down
  debts (Try and save at least 10 of your take
  home pay if possible for emergencies such as an
  unexpected car repair) and subtract this amount
  out as well. Hopefully you have some amount left
  over. Whatever amount is left over we will call
  this "Luxury Money".

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• This "Luxury Money" is the amount that you can
  spend on entertainment, going out to eat,
  clothes, shoes or whatever.
• You now have two options. If your spending is
  really out of control divide your monthly Luxury
  Money by 4 and withdraw that amount from the bank
  once a week. If you spend that amount before the
  week is up then you have to wait until next week
  until you spend anymore.
• If you feel that you have a little more control
  take out the full monthly "Luxury Money" amount
  on the first or second day of the month and spend
  that amount only when you need it throughout the
  month.

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• Why this program works
• You figure out how much you can spend on
  nonessential items after you review your income
  and expenses. You do this while you are in
  logical state not when you are in the mall
  shopping deciding if you can afford to buy
  something or not
• You pay cash for items like clothes and
  restaurants. It just hurts more to pay for cash.
• Credit card is only used for necessities which
  for the sake of this process are defined as
  groceries and car and gas expenses. This
  eliminates the potential for rationalizing a
  purchase of new clothes.
• This requires very little maintenance for saving
  plans .
• By getting rid of your bank card, cash is not as
  accessible.
• Article Source http//EzineArticles.com/669766

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