Creating A Budget & Sticking To It
What is more satisfying than checking your accounts and the money is just there smiling back at you? Personally, I love when I check my accounts and the balances do not send me into an anxiety attack! Let’s be real, not one person enjoys that cold sweat and sickening feeling that invades you when you’ve realized that you’ve went way over your budget. Creating the budget typically is not the major issue. Sticking to the budget is where the problems start to arise.
Well, being that it is still officially the first quarter of 2015, I think it is a perfect time to brush up on our budgeting skills. It will be so worth it! I have a few budgeting tips to help relieve some of that financial stress and keep your balances smiling.
1) Create a Realistic Budget
As obvious as this may sound, you would be surprised how easy this step could get messed up. Calculate all of your expenses including money that you use on things like eating out or maybe grabbing a few cocktails with friends. Even the smallest things add up. Next, calculate the income that you bring in. Create your budget based on the realistic amounts that you spend on expenses and make sure you can afford it.
2) Create a Financial Plan
Write down your financial goals and plans. This includes how much you want to save and a time frame. Then you need a plan to reach those goals. If you are having trouble with this, you could seek out a financial advisor. Compare your goals and plans with your original budget created. If your goals do not match your budget, it is time to fix it which will be explained in the next step.
3) Eliminate Unnecessary Expenses
Of course, your budget and financial goals are supposed to coincide in order for you to reap the benefits. If it does not, evaluate your budget. If you notice that you are spending a lot of money on entertainment and/or unnecessary material things then cut it out. Replace eating out with bringing lunch and I am sure those shoes that you’ve been eyeing could wait. It is all about priorities.
4) Make Lists and Bring a Calculator
This is probably one of the most important steps that help me with my budget. When it is time to go shopping, make a list of everything you need and how much you can afford to spend. As you shop, add up the price tags in the calculator. Once you notice you’re reaching your limit just stop. The temptation will be strong but be stronger lady.
5) Keep Up With Your Accounts Daily
I cannot stress enough the importance of this step. Always know what you have in all accounts at all times. Be sure to double check pending transactions as well. There are plenty of apps that you could you to link all of your financial accounts and even track your spending and what you are spending your money on.
6) Have Self Control
This is self explanatory. I could share tips on budgeting and sticking to it alllll day but if you have no self control then your budget would continue to be useless.
Alright, that is all the tips I have for you today. Maybe you could follow these steps with a friend for support. That would be fun. The reward could be a relaxing vacation if you both stick to your budget.
Have any budgeting tips or advice? Share below. We would love to hear them!!
♥♥♥ Mostly Sugar