Sticking to a budget is something that many people struggle with. However, once you figure out how to do it, you’ll find that sticking to a budget will help your business immensely.
In this article, I’m going to go over some of the things that you can do to stick to a budget and help keep your finances healthy.
Cut Out Small Expenses First
It may not seem like much, but those $5 lattes add up quickly. In fact, the #1 category personal money management clients that I work with overspend in is eating out, or other similar small, recurring expenses. If you want to stick to a budget, start by cutting out small expenses that you can live without. If you’re not sure where to start, try tracking your spending for a week or two to see where your money is going.
A budget is only as good as the person following it. If you’re unrealistic about what you can and cannot spend, you’re setting yourself up for failure. Be honest with yourself about your spending habits and make adjustments as needed.
Make adjustments as needed
Just because you create a budget doesn’t mean it’s set in stone. Life happens, and sometimes our budgets need to be adjusted accordingly. Don’t be afraid to make changes as needed, otherwise, you’ll likely find yourself off track.
Expect and accept slip-ups
No one is perfect, and that includes budgeters! Just because you have a budget doesn’t mean you won’t ever make a mistake. Expect slip-ups and don’t beat yourself up over them – just get back on track as soon as possible.
Don’t wait until the end of the month to budget
If you wait until the end of the month to see how much money you have left over, it’s too late! You need to be proactive about your budget and track your spending throughout the month.
Make a budget, not a wish list
A budget should be based on your actual income and expenses, not what you wish you had. Don’t include unrealistic items just because you want them – focus on what you need and what you can realistically afford.
Use cash, not credit cards
It’s easy to overspend when you’re using credit cards, so it’s best to avoid them if possible. If you must use credit cards, make sure you pay off the balance in full each month to avoid interest charges.
Recognize and reward yourself for your accomplishments!
Sticking to a budget is no small feat, so make sure you give yourself credit where it’s due. Recognize your successes, large and small, and reward yourself accordingly. This will help motivate you to stay on track.
If you’re looking for help with your budget, or you have any questions, don’t hesitate to reach out! I’m always happy to help.