#237 3 Tips To Stay on Track With The Budget
Mar 11, 2021
I hate budgeting but I hated going bankrupt event more. Budgeting can keep us from going down some hard roads. Yes?
After a month of tracking spending, it was hard enough to own the fact that I was overspending in an area that I was surprised about. Imagine having to take that budget and show it to a stranger. Embarrassing. I have a tendency to overspend on education - no kidding. I now keep a budget that allocates a certain dollar amount to professional development and when it's gone, it's gone. Budgeting helped me to get here.
New habits aren't easy. The old way of doing things is the easiest way to do them. We're often caught up in caring about what other people think so changing our spending habits often sets us apart from our people. After all, it's a value statement and when overspending is not something you no longer value; when optics don't drive your spending decisions, people notice.
I can honestly say that ten years in, budgeting is my friend. I would give up chips before giving up budgeting. Friends who know me well, know what a bold statement that is. Here are few tips that worked for me.
Tip 1: Block out time each day to work on the budget.
It can get overwhelming so blocking out time (in your planner) that is dedicated to the budget. I have a morning routine that includes looking at the budget and rejigging as necessary. Looking at what is on the list that day that could put my budget in jeopardy. Making a daily plan and sticking to it starts with setting aside time to plan.
Tip 2: Connect with others who also value the budget.
Budgeting is a lifestyle change and it's easier to do it when others around you also keep a budget. Getting together now and then to chat about new strategies, new apps etc. makes it easier to stick to it. No more treating the line of credit like a second income - you need other people in your corner who live the way you want to live.
Tip 3: Not affording it has nothing to do with being broke.
When I say, I can't afford it, it doesn't mean that I don't have the money. It means that there's not enough money in the budget for that item this month. There's no stigma around this phrase either.
It's a big shift from acting like an ostrich to getting your finances on track. Keep the budget handy so you can actually look at it daily and see what's going on.
Budgeting is the first step toward financial freedom.
Debbie teaches Budgeting Essentials, a 30 day program designed to get you started.
