Military Family Investing

5 Takeaways from “The Everything Budgeting Book”

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by

kingmarine
in

“The Everything Budgeting Book” by Tere Stouffer is a massive book covering everything about budgeting (as the title implies). You will find budgets from having a baby, saving for college, and growing a retirement fund.

This is the book I should have read right before I joined the military in 1999. Many of the lessons from this book would have saved me a lot of heartache at age 18.

Reading the book at age 41 still reinforces solid principles. We want life to be fun and spontaneous because that is how the movies portray it.

However, most of the time, sticking to a budget, planning religiously, and saving aggressively will lead to achieving the dreams we hold dear.

1) When you are struggling financially, the word budget can bring tears to your eyes. You must fight your limiting beliefs, face your fears (and debt), and begin creating a budget.

2) The secret to financial security is simple: spend less than you earn. Wealth is having excess income after expenses. A budget helps you control your spending and expenses—a win-win.

3) Eating meals at home can save you a ton of money. If you love eating out, you can decide to eat out once a week. You’ll appreciate this time more than eating out daily. 

4) Growing a garden can be beneficial to your health and budget. You can grow herbs, veggies, and fruits. You can even sell the extras to generate additional cash flow.

5) Keep your paid-off car for an additional five to ten years. Instead of paying a car payment, invest the difference. You can also put this money into a college fund or towards a home down payment.

As parents, we must be aware of the living standards we are gifting to our children. It will be tough for them to match the lifestyle we provided during their childhood.

For these reasons, our adult children may wander back to our homes. We are responsible for fostering good spending habits between our children and us.

This means we must reinforce saving by charging rent and setting it aside in their savings accounts. At no point should we allow children to become “freeloaders.” This situation is not ideal for them or us.

Everyone should read this book. It’s easy to read, makes sense, and helps reinforce savings principles. 

Budgeting is not just doing one thing right; it is a combination of trying to stay abreast of many things together. We may falter from time to time, but making many great small decisions will compound into achieving our goals. Good Luck!

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