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How to create and keep a budget

January 29, 2014
By KAYLA?VAN?DYNE - Staff Writer , Times Leader

A budget is a neccessary evil that all adults need.

To keep a budget and stick to it is something that takes a lot of self - discipline and lower expectations.

According to William Knox, CPC, the three biggest bundlers that people make when it comes to creating a budget are:

- Failing to plan - this is when those who set a budget, do not save and prepare for larger expenses such as a new furance or hot water tank.

- Using credit to "balance" our budget - meaning that many will use a credit card to balance out our budgets and pay on other debts with credit cards.

- Poor record keeping - this is when we do not keep track of what we owe.

One thing Knox stresses is that we must reduce debt at all cost.

There are rules that can help with a successful budget:

- Keep it simple - according to Knox, keep the budget simple. "A budget is a plan and when we plan, it doesn't have to be simple," said Knox. A budget can be keep on a simple legal pad, but it just has to be planned.

- Be Flexible - This goes back to one of the biggest blunders that most people make when they fail to plan. Be prepared for a repair to your house or car.

- Make it personal - "Be positive and focus on success not failure," said Knox.

"Live beneath your means," said Knox. "No one is perfect at every aspect of finance, we have to work and get better at it."

Knox also says that it is never too early to start planning and saving.

Van Dyne can be reached at



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