We are three months into the new year. Are you finding it somewhat intimidating to stick to your budget?
One of the biggest money-saving tips I can share with you in getting your finances in order is to make a budget and stick to it! Although creating and following a budget can be challenging and difficult, you must stay committed and dedicated to your goals and be willing to make some sacrifices to experience positive results.
The budget you set for yourself should be realistic. Try not to set goals that will be unachievable to reach, and make a list of what you would like to accomplish with your finances, both in the short and long term. For example, you may be able to reduce spending and credit card debt within a few months, but it may take some years to save for a down payment on a new home.
After you have created and worked with your budget for a few months, make adjustments as needed. Once you feel comfortable with the plan you've set, use the following tips below to learn how to stick to your budget.
Keep a check on your spending. At least once a week, check your progress using a spreadsheet such as Excel if you like to track your spending manually, or use a budgeting tool such as an online banking app provided by the financial institution where you bank.
Reviewing your budget every week can help you stay committed and on course to achieving your goals and lead you to live with-in your means.
Use visual reminders. Whether it's placing a photo of your dream vacation on your mirror in the bathroom or setting an image of a new car as your wallpaper on your cell phone, visual reminders encourage you to follow your budget by determining the amount of money you can allocate toward reaching your goals.
You can also create a dream board or chart with goals to cross off as you reach each benchmark. Overall, visual reminders inspire you to stay the course and continue to put forth the effort.
Consider using cash or a debit card. Using cash or a debit card isn't for everyone; however, you should consider this option if you are challenged with mindless spending and credit card debt.
Once you feel you have control of your spending, use a credit card to easily track your budget, allowing you to earn rewards toward your purchases.
Enlist the support of loved ones. Achieving a goal is seldom fun all by yourself. By sharing your budgeting goals with a friend or family member, they can hold you accountable and encourage you to stay on track.
The two of you can also create a no-spend challenge where each of you sets a goal to save a certain amount of money per day, week, or month.
Celebrate your progress. You work hard for your money, so don't allow yourself to feel deprived, leading to budget burnout and returning to your old habits of overspending. Each month you stay within your budget, celebrate the fact that you've been disciplined and devoted to living within your means. For example, allocate a set dollar amount into your budget to treat yourself to an hour of pampering or a recreational or leisure activity when you achieve your monthly goals.
Most importantly, take some time to celebrate along your journey because living within your budget is achievable. Also, be patient because it may take a few months to see the results as you continue with the process.
Keep the Faith,
Livia
aka Livia Kelly (Author)
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Livia Kelly is the Author of Unmarried and Debt-Free. Livia's book has made Amazon's #1 Best Seller list in Personal Budgeting and Two-Hour Self-Help Short Reads. Her goal is to simplify finance by providing sound and useful guidance about achieving financial success on your own. More information can be found at https://www.liviakellyauthor.com. Follow Livia on Facebook and Instagram @liviakellyauthor.
📸 Credits: Iryna Tysiak / Nicole Tyler