July 10, 2017

5 Things That Will Help You Stick to Your Budget

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? 

5 Things That Will Help

You Stick to Your Budget…

01. Be Realistic – First things first, having a budget means making some compromises on when and where you spend your money. You’re not going to be able to save for a family holiday and go out for meals every week at the same time. However, it’s important to make sure that you don’t cut down on all your playful spending at once. Ultimately, you need to be realistic and take things slowly if you want your budget to stick. 

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. 

02. Find a Partner for Accountability – Although you may feel as though you don’t need someone to check in on you every day and make sure that you’re using your money wisely, it can be extremely helpful to have someone on the same team as you when you’re managing your budget. The person you choose to help you out can either be your partner, a family member, a friend, or someone else entirely. 

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. 

03. Set up a No-Spend Day – It’s surprising how often we forget that spending a little money here and there each day can add up incredibly fast. Whether it’s a Starbucks on your way to work each morning or picking up a bar of chocolate at the supermarket, having a no-spend day can help you to realize how much you use your money each day.

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. 

04. Make Budgeting Less of a Chore – There are a handful of people out there who love budgeting – but most people fall into the other camp. If you hate the idea of sitting down and working out your expenses every day, week, or month, think about pairing your budgeting tasks with something fun. For instance, take a walk around your favourite area when you’re done with your budget, or treat yourself to something delicious but healthy. On Dealsqueen, they have voucher code for clothing, accessories, shoes, home decor, furniture, pet supplies etc.

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.

05. Try the Envelope System – Finally, if simply knowing how much you want to save and how much you want to spend isn’t working for you, then you can always try taking a different approach to the budgeting process. Many people struggle with borrowing money from one part of their budget to serve another. If it helps, you can avoid this problem by breaking the money you have to spend each month up into different envelopes. 

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.

What are your best budgeting tips?

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