Sticking to a budget is a difficult task, but it’s also an incredibly satisfying one – if you can make it work. Knowing exactly where your money is going to go each month means that you end up with a feeling of control over your finances – something that a lot of people struggle to get. No matter what your financial aspirations might be, a budget is your first step towards accomplishing incredible things, and it helps you to create a master plan for your money.
Of course, having a budget doesn’t mean that you have to give up everything you enjoy. Budgeting gives you the freedom you need to enjoy using your money without having to worry all the time – because you know you’re following your plan. All you need to do is create a plan you can stick with. So, how do you do that?
If you feel as though you’re depriving yourself of the things you enjoy, then you’ll end up falling off the wagon much faster than you might expect. Leave some room for fun, and you’ll be able to budget confidently for much longer.
Just make sure that when you set up your agreement with your accountability partner, they know what you’re trying to achieve, and how you’re trying to reach your goals. Remember to help your partner with their budgeting goals too, so that it feels like an even trade.
Designate a single no-spend day each day, to begin with, then gradually work your way up if you can. No-spending days will not only make you more aware of your financial habits,but they’ll also introduce you to creative ways to avoid using your money.
You can even set your budgeting tasks up so that by the time you’re done, you’re ready to binge-watch a few episodes of your favourite show on Netflix. Whatever works to make the idea of budgeting less of a headache to you.
Using an envelope system means that you’re less likely to over-spend on any specific area because if you go and try to tap into a different envelope, you can see yourself running out of money. At the same time, using cash on your expenses also means that you’re more likely to be aware of every penny you spend.