BETA
Close

5 Full-Proof Steps To Fix Budgeting Fails

Business

Budget: a two syllable word which makes many of us groan. For some reason people tend to dislike the word “budget” it has a negative connotation and often brings to mind the thought of stress over money and lifestyle deprivation. In reality, budget is a great word, and budgeting is a great concept. While the idea of budgeting may not bring you excitement, it is crucial to your financial health. Throughout my experience as a debt resolution attorney for over 20 years, I have become very familiar with typical budgeting mistakes and how to fix them. Nearly everything worthwhile comes with a learning curve and budgeting is no exception. There may be various reasons why your budget isn’t working, and most have simple fixes!


Here are five reasons why your budget may not be working in your favor and how you can fix it.

"It’s so important to have a 'what if' fund to avoid relying on credit cards, personal loans, and other forms of self-imposed debt."

1. Not making friends with your budget

Don’t laugh but I have known people who would rather have dental work done than work on a budget. For them, a budget is an enemy. If budgeting makes you cringe as well, my first step would be to tell you to wave the white flag!

The Fix: A budget is your ticket to getting out of debt, saving money, and achieving your financial dreams. In short, your budget is the best financial friend you can have. For those who are resistant to make the leap from foe to friend, I suggest naming your new budget. Name it Desire for something you’d like to be able to afford eventually, or Bill because you want to emulate Bill Gates. Whichever name you choose, the second you give your new budget a name it ceases being an enemy and starts being your friend.

2. It’s Not SMART

“Smart” budgets are specific, measurable, attainable, realistic, and trackable. Have you ever thought to yourself “I’ve been good about my spending lately” only to take a look at your account balance and wonder where all your money has disappeared to? If your budget does not accurately reflect your expenses every month or sets unrealistic spending limits, there is no way it can work.

The Fix: Making a SMART budget can be scary because it requires you to get down in the nitty-gritty of your bank statements each month. It can also be time-consuming to make a SMART budget. Do it in a place where you have minimal distractions and where you feel relaxed. Whether it is in a bubble bath or in bed, being in a stress-free environment will make creating your budget that much easier.

3. Omitting One-Time Annual Expenses

If you’re not tracking your expenses accurately, this may lead you to go over budget. Keeping track of consistent monthly expenses like mortgage and utilities is easy because you pay these monthly. However, your once-a-year or semi-annual expenses like taxes and insurance premiums have to be a component of your budget as well.

The Fix: The more details, the better! When you first begin budgeting, make a new budget for each month and mark on your calendar which months you pay your annual or semi-annual expenses. This also includes subscriptions, dues, membership fees, annual credit cards fees, etc. After you get the hand of it create a new budget every six months, or when something significant changes in your financial situation.

"Have you ever thought to yourself 'I’ve been good about my spending lately' only to take a look at your account balance and wonder where all your money has disappeared to?"

Photo Courtesy of longliveyourmoney

4. Not Preparing for the Unexpected

Just when we may think we have a handle on our lives, unexpected turn of events can happen, whether you are faced with a busted air conditioner or an impromptu trip to the ER. If you do not have the funds to cover these unexpected expenses you can dig yourself into a hole called debt. It’s so important to have a “what if” fund to avoid relying on credit cards, personal loans, and other forms of self-imposed debt.

The Fix: Incorporate into the expenses portion of your budget called the “what if” fund. Make regular contributions and if you take money from it be sure to replenish what you took out. This fund can rescue you when trouble occurs, or act as a welcome source of cash when you need it most. Having the fund available will give you an extra layer of security and serve as an incentive to continue budgeting.

5. You’re Not Sticking to it

By far the most common reason your budget isn’t working is because you simply are not abiding by it. Whether it is an inability to say “no” or because you aren’t paying attention, the bottom line is it can’t work if you do not stick to it.

 

The Fix: Budgeting can be like working out; you are really motivated and excited at first, but slowly you get tired and lose interest. It is essential you push through this boredom. If you are struggling, consider budgeting with a friend! Just like you may exercise with friends, budgeting with friends can have the same effect. You can motivate and push each other to get the most out of your budget.

 

Once you begin budgeting and see how easy it is to turn your bad debt into good debt (and reap the financial awards that come with it), you will wonder why you ever thought it was an impossible task. Your budget shouldn’t be an added stressor but a source of stress relief. Remember your budget is your friend and just like any other relationship you need to give it proper tender loving care, set a date for it regularly.

Culture

A Modern Day Witch Hunt: How Caster Semenya's Gender Became A Hot Topic In The Media

Gender divisions in sports have primarily served to keep women out of what has always been believed to be a male domain. The idea of women participating alongside men has been regarded with contempt under the belief that women were made physically inferior.


Within their own division, women have reached new heights, received accolades for outstanding physical performance and endurance, and have proven themselves to be as capable of athletic excellence as men. In spite of women's collective fight to be recognized as equals to their male counterparts, female athletes must now prove their womanhood in order to compete alongside their own gender.

That has been the reality for Caster Semenya, a South African Olympic champion, who has been at the center of the latest gender discrimination debate across the world. After crushing her competition in the women's 800-meter dash in 2016, Semenya was subjected to scrutiny from her peers based upon her physical appearance, calling her gender into question. Despite setting a new national record for South Africa and attaining the title of fifth fastest woman in Olympic history, Semenya's success was quickly brushed aside as she became a spectacle for all the wrong reasons.

Semenya's gender became a hot topic among reporters as the Olympic champion was subjected to sex testing by the International Association of Athletics Federations (IAAF). According to Ruth Padawer from the New York Times, Semenya was forced to undergo relentless examination by gender experts to determine whether or not she was woman enough to compete as one. While the IAAF has never released the results of their testing, that did not stop the media from making irreverent speculations about the athlete's gender.

Moments after winning the Berlin World Athletics Championship in 2009, Semenya was faced with immediate backlash from fellow runners. Elisa Cusma who suffered a whopping defeat after finishing in sixth place, felt as though Semenya was too masculine to compete in a women's race. Cusma stated, "These kind of people should not run with us. For me, she is not a woman. She's a man." While her statement proved insensitive enough, her perspective was acknowledged and appeared to be a mutually belief among the other white female competitors.

Fast forward to 2018, the IAAF issued new Eligibility Regulations for Female Classification (Athlete with Differences of Sexual Development) that apply to events from 400m to the mile, including 400m hurdles races, 800m, and 1500m. The regulations created by the IAAF state that an athlete must be recognized at law as either female or intersex, she must reduce her testosterone level to below 5 nmol/L continuously for the duration of six months, and she must maintain her testosterone levels to remain below 5 nmol/L during and after competing so long as she wishes to be eligible to compete in any future events. It is believed that these new rules have been put into effect to specifically target Semenya given her history of being the most recent athlete to face this sort of discrimination.

With these regulations put into effect, in combination with the lack of information about whether or not Semenya is biologically a female of male, society has seemed to come to the conclusion that Semenya is intersex, meaning she was born with any variation of characteristics, chromosomes, gonads, sex hormones, or genitals. After her initial testing, there had been alleged leaks to media outlets such as Australia's Daily Telegraph newspaper which stated that Semenya's results proved that her testosterone levels were too high. This information, while not credible, has been widely accepted as fact. Whether or not Semenya is intersex, society appears to be missing the point that no one is entitled to this information. Running off their newfound acceptance that the Olympic champion is intersex, it calls into question whether her elevated levels of testosterone makes her a man.

The IAAF published a study concluding that higher levels of testosterone do, in fact, contribute to the level of performance in track and field. However, higher testosterone levels have never been the sole determining factor for sex or gender. There are conditions that affect women, such as PCOS, in which the ovaries produce extra amounts of testosterone. However, those women never have their womanhood called into question, nor should they—and neither should Semenya.

Every aspect of the issue surrounding Semenya's body has been deplorable, to say the least. However, there has not been enough recognition as to how invasive and degrading sex testing actually is. For any woman, at any age, to have her body forcibly examined and studied like a science project by "experts" is humiliating and unethical. Under no circumstances have Semenya's health or well-being been considered upon discovering that her body allegedly produces an excessive amount of testosterone. For the sake of an organization, for the comfort of white female athletes who felt as though Semenya's gender was an unfair advantage against them, Semenya and other women like her, must undergo hormone treatment to reduce their performance to that of which women are expected to perform at. Yet some women within the athletic community are unphased by this direct attempt to further prove women as inferior athletes.

As difficult as this global invasion of privacy has been for the athlete, the humiliation and sense of violation is felt by her people in South Africa. Writer and activist, Kari, reported that Semenya has had the country's undying support since her first global appearance in 2009. Even after the IAAF released their new regulations, South Africans have refuted their accusations. Kari stated, "The Minister of Sports and Recreation and the Africa National Congress, South Africa's ruling party labeled the decision as anti-sport, racist, and homophobic." It is no secret that the build and appearance of Black women have always been met with racist and sexist commentary. Because Black women have never managed to fit into the European standard of beauty catered to and in favor of white women, the accusations of Semenya appearing too masculine were unsurprising.

Despite the countless injustices Semenya has faced over the years, she remains as determined as ever to return to track and field and compete amongst women as the woman she is. Her fight against the IAAF's regulations continues as the Olympic champion has been receiving and outpour of support in wake of the Association's decision. Semenya is determined to run again, win again, and set new and inclusive standards for women's sports.