Are Your Budget Assumptions Throwing Off Your Family Finances?Unless you have built up a considerable emergency fund, going over your budget can be an incredibly stressful experience. After all, despite the wide availability of credit and lending options, money is still a finite resource and you wouldn’t want to borrow from some lenders due to shady practices and hidden, high-interest fees anyway.

How to Recover After Going Over Budget

If you’re anticipating going over budget in the near future or you’ve already blown your budget and you’re trying to recover your financial stability, here are some steps to take to gain some peace of mind:

Don’t Drag Yourself Down

First things first: getting angry with yourself or your partner or your circumstances won’t help anything. Remaining calm and being able to clearly discuss your financial reality are essential when you’ve been dealt the first blow of an underestimated budget. Rather than dragging yourself and/or your family down with stress-driven reactions, you should immediately focus on the objective components of the situation, including:

  • Missing your target budget doesn’t make you a bad person or a financial failure.
  • This is only temporary (remind yourself of this consistently).
  • You will overcome this and prepare better in the future for potential circumstances similar to your current one.

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We all want a better life for our children. That’s the true American dream. It’s actually the dream of parents all over the world. That’s what financial health truly means.

Combat Patrol OIFWhen I was deployed to Iraq while serving in the Army, I saw that sentiment play out there as well. Every Iraqi that I talked to simply wanted a better life for their children, and they hoped the United States’ intervention would bring them that goal – more so than Saddam Hussein ever could.

The same was true in my parents’ house when I was growing up. My parents got divorced like so many others when I was young – about 12 years old. I can remember my single mother struggling to pay her bills month in and month out. She vowed that I would have a better life than she had – even if it bankrupted her.

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What Financial Health Means to Me

Spending Less Than You Earn

Having great financial health means spending less than you earn and not having consumer debt hanging over your head.

What Financial Health Means to MeSpending less than you earn is the staple in financial planning tips and advice. It’s the one thing that sets you up for success with your finances. By spending less than you earn each month, you stay out of debt and have money left over at the end of the month for other financial goals like saving for retirement, your children’s college educations, family vacations, and the list goes on and on.
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