Traditional budgets demand time, discipline, and perfection. Mine requires 10 minutes a week—and actually gets used.
It was over 20 years ago that I discovered I needed to consider budgeting for real.
Up until then, we kind of floated along. There were new jobs for both of us after graduation. Then came three kids, then the purchase of our first home. Then we moved back to Hampton from Northern Virginia. We bought another house, and then Best Products began to lose focus.
Even though I had managed 7 stores in 7 years, the end was coming for the chain.
So, I took my chances and bought a vending business in Williamsburg, Virginia. It turns out I was able to turn $90,000 in gross sales into over a quarter of a million in less than two years. My wife made some changes to a kids’ wagon so they could help Mom deposit the $1,000 bags of quarters.
When I landed the contract to service the Anheuser Busch Brewery in Williamsburg, I was going to have to invest $10,000 to get the specific machines they wanted.
Here’s where it got wonky, as this was the first step towards needing a budget that I would actually use. I sold my business to the restaurant contractor at the brewery. All of a sudden, I had a wife, three small children, and a mortgage, but no job. And what money I had put aside was now going to be our only source of income.
This is when I first used the 10 Minute Simple Budgeting system.
I felt like I had to do something so we could make it through. And looking at the household budget once a week was something I would actually use. And I did. I was able to track my income, which was zero until I found a job. And I was able to add up what was actually spent for the week. There was a very quick brainstorming session, making decisions about next week, and then we were done.
And it was so painless that next week I did it again.
No one pressured me into looking at the budget. No one had to come behind me and remind me it was time to look at the numbers. In the past, I would feel so guilty if I wasn’t spending hours with the books. If you want to see exactly how I run this in under 10 minutes, I put together a simple version of it you can use right away. It’s nothing fancy—just something I actually stick with.
In the end, everything I did in four hours I now do in 10 minutes.
I should probably say that again. I saw that everything I did in four hours I now do in 10 minutes.
10 minutes versus 4 hours. And the end result was the same. And I did not have the constant stress of keeping up with the budget. I would spend an hour or more daily, making sure everything was going ok. Now I do it in 10 minutes. Here’s what I discovered.
Most budgets don’t fail after 3 months. They fail by next Tuesday.
These budgets are way too detailed. They are time-consuming. I would devote 4+ hours a week to make sure everything was going OK. And I would feel that I was being punished for having to do the budgeting in the first place. Especially since it felt like I was using a budget designed for accountants.
And that’s when I stopped trying to control every dollar… and started making better decisions instead.
I started making 3 to a maximum of 5 decisions per week. I did not use a detailed spreadsheet. My focus was on the next move, not having full control. Some examples of the decisions I would make: Do we eat out 3 times this week or once? Another frequent decision is can we afford this right now. And then I decide what, if anything, gets pushed to next week.
That’s really it.
10 minutes a week. Review what came in, what went out, and then make a few decisions about the coming week. And then walk away. Stressing over a budget isn’t the answer. Controlling every dollar isn’t the answer.
Making better decisions is what saved me, and keeps me looking at my Simple Budget Every Week.
I didn’t need a better budget. I needed something that I would actually use. And that’s what this turned into. And if you are looking for something simple to try, I’ve shared the exact setup I use.
I appreciate your comments, suggestions or just hello.
.
Leave a Reply