Back in the day before my day, young ladies were taught budgeting in those all but mandatory Home-Economics (Home-Ec) classes. I caught the last umph of it and still remember groaning on how to plan for, then prepare and clean up an "entertainment luncheon" for a ridiculously low amount of money/serving in 55 minutes; I do remember that the main course was tuna salad stuffed tomatoes.
What we all lost when Home-Ec classes gave way to entrance into the realm of "boy's" Shop classes and then both gave way to budget cuts was budgeting. Budgeting is the management of a resource be it money, time, calories when on a diet, or effort. It begs the individual to make a value-based decision: Is there more value in spending another hour going over test material or, more value spending that hour sleeping? Budgeting acknowledges that one might have to choose between options of which none are ideal: The age old, situational philosophy/ethics question is a natural disaster is happening (no one is at fault) and you have a choice of saving either your spouse or your child; you must choose one or the other or none, which do you chose? Inactive budgeting is what impulse buying is all about: If there is money in your pocket, a balance in your checking account you can access, or credit on your card and an item catches your eye then buy on impulse hoping you will actually wear or use it later. Active budgeting requires the establishment of resource usage criteria and then using that criteria to guide resource usage decisions: So you get a 3K grant check for tuition and books, do you loan it for a good cause on the promise it will be paid back before tuition has to be paid and books purchased or, do you say no guaranteeing that it will be used for the purpose it was intended? More often than not, active budgeting requires us to save/sacrifice in the short term for even greater benefits in the long term: Do we work our way up the high school popularity ladder hoping to not get caught with a bad reputation, baby, disease, etc... or, do we work a STEM (Science, Technology, Engineering, Math) curriculum so that we have the opportunity to decide whether to be a Stay-At-Home-Mom, enter the work force, attend trade or technical school, a soft science college program, or a hard science college program?
It is likely that you have been introduced to the concept of setting goals. There are an assortment of programs/templates of the one and only one way to set a goal as well as an assortment of systems that are a little more flexible. But, in general you set a goal then determine what you need to do to achieve that goal. The process of making up vision statements,, mission statements, goals, goal measuring metrics, and everything in between is a budgeting process. Depending upon how formal or informal, how intricate or simple, how thought out or not, how resolved or not your values, decision making criteria, goals, and even day timer entry system is - Well, all are examples of pre-event, pre-decision budgeting exercises. But, the place in all of this that budgeting has is most immediate impact is in the day to day, minute to minute, second to second decisions we all make in our daily lives. It is what keeps us from spouting out a "nastie" when confronted in a hallway or upon discovering an electronically delivered/discovered betrayal. It's what keeps us from blowing off a class on a bright spring day. It's what keeps us safe in the moment, keeps us from rationalizing a 1200 calorie cinnamon roll when on a diet even though our mouth is watering, and better enables us to question the origins and destinations of that ride that comes along when walking home even though its raining and you're soaking wet.
Budgeting is so much more than coming up with an entertainment luncheon meal under $x/serving that can be prepared (oh, and eaten using proper table manners) and cleaned up in 55 minutes. More often than not, budgeting is the gateway tool to opportunity despite one's origins, hurdles, or goals. Learn it well and it will serve you well.
Marcia G.
Guest Blogger for Leading Ladies of Legacy Inc.
What we all lost when Home-Ec classes gave way to entrance into the realm of "boy's" Shop classes and then both gave way to budget cuts was budgeting. Budgeting is the management of a resource be it money, time, calories when on a diet, or effort. It begs the individual to make a value-based decision: Is there more value in spending another hour going over test material or, more value spending that hour sleeping? Budgeting acknowledges that one might have to choose between options of which none are ideal: The age old, situational philosophy/ethics question is a natural disaster is happening (no one is at fault) and you have a choice of saving either your spouse or your child; you must choose one or the other or none, which do you chose? Inactive budgeting is what impulse buying is all about: If there is money in your pocket, a balance in your checking account you can access, or credit on your card and an item catches your eye then buy on impulse hoping you will actually wear or use it later. Active budgeting requires the establishment of resource usage criteria and then using that criteria to guide resource usage decisions: So you get a 3K grant check for tuition and books, do you loan it for a good cause on the promise it will be paid back before tuition has to be paid and books purchased or, do you say no guaranteeing that it will be used for the purpose it was intended? More often than not, active budgeting requires us to save/sacrifice in the short term for even greater benefits in the long term: Do we work our way up the high school popularity ladder hoping to not get caught with a bad reputation, baby, disease, etc... or, do we work a STEM (Science, Technology, Engineering, Math) curriculum so that we have the opportunity to decide whether to be a Stay-At-Home-Mom, enter the work force, attend trade or technical school, a soft science college program, or a hard science college program?
It is likely that you have been introduced to the concept of setting goals. There are an assortment of programs/templates of the one and only one way to set a goal as well as an assortment of systems that are a little more flexible. But, in general you set a goal then determine what you need to do to achieve that goal. The process of making up vision statements,, mission statements, goals, goal measuring metrics, and everything in between is a budgeting process. Depending upon how formal or informal, how intricate or simple, how thought out or not, how resolved or not your values, decision making criteria, goals, and even day timer entry system is - Well, all are examples of pre-event, pre-decision budgeting exercises. But, the place in all of this that budgeting has is most immediate impact is in the day to day, minute to minute, second to second decisions we all make in our daily lives. It is what keeps us from spouting out a "nastie" when confronted in a hallway or upon discovering an electronically delivered/discovered betrayal. It's what keeps us from blowing off a class on a bright spring day. It's what keeps us safe in the moment, keeps us from rationalizing a 1200 calorie cinnamon roll when on a diet even though our mouth is watering, and better enables us to question the origins and destinations of that ride that comes along when walking home even though its raining and you're soaking wet.
Budgeting is so much more than coming up with an entertainment luncheon meal under $x/serving that can be prepared (oh, and eaten using proper table manners) and cleaned up in 55 minutes. More often than not, budgeting is the gateway tool to opportunity despite one's origins, hurdles, or goals. Learn it well and it will serve you well.
Marcia G.
Guest Blogger for Leading Ladies of Legacy Inc.