When Bad Habits Affect Your Pockets

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We often learn our habits from our parents. We learn how to cook, how to clean and how to manage our money. If our parents are spendthrifts we learn to either buy everything in sight or to save for a rainy day. If our parents are tightwads, we grow up to want and spend every dime we make. We learn good habits, as well as bad habits, from our parents, but what if times have changed so much that we have to completely recondition ourselves and learn some new behaviors?

In a season that if full of traditions, we can pick up a tradition of too much year-end debt.  The next eleven months we fight to downsize the debt, so we are unburdened to do this all over again. These types of bad habits, adversely affect our pockets.

Today I Start Lesson Two, which is looking at my income and expenses and working with a budget. The only budgets I have worked with in the past are when money is tight and I have to go to the grocery store with just $75 to buy food to get through the week.  I often find that this is the only time that I am truly able to budget. I guess all of that stops today.

Mr. Francis sent me over a budget worksheet. If you have not ordered your books yet, you can access a budget worksheet in Excel.  (File>New>Budget>Home>Personal Budget)

Income Worskheet

Okay this is easy, nothing too strenuous.  I entered the data.  I understand that from this money, I now have to deduct my expenses.

Now I enter  my total expenses:


Evidently, this number at the bottom is what I am supposed to work with. Insert photo of me with my bottom lip poked out.

This is my eye opener. I am supposed to save 20% of everything I make as Step One in my journey to financial freedom.


I think we all have some work to do.

Journal Entry Two:  What did I learn about money today?

I have some really bad spending habits that were handed down to me by family. In order to be better, I have to make a commitment for change.

3 thoughts on “When Bad Habits Affect Your Pockets

    talentrange said:
    December 21, 2012 at 6:36 am

    Thanks for visiting my blog Talentrange.Great counsel here,well done for the extra work of introducing a list to monitor personal costs.cheers.

    karenleahansen said:
    December 20, 2012 at 4:01 pm

    I’ve been terrible with budgeting. I was raised by a single mom who was neither a saver nor a spender. We were squarely middle class and even though she worked at a bank, she never passed along her money skills to me. She just always took care of everything. It’s not good. As an adult, I am terrible with money. Luckily, I have maintained good credit, but I know that I am on a path to ruin, if I don’t figure out a way to stick to a budget and save for a rainy day.

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