How Can You Still Stick with a Budget?!
I wanted to share some insight with all of y'all today about how to not only create a budget, but how to stick with it. Because, to be honest, there are deals all. the. time. New deals pop up everyday for the latest makeup trends, newest kitchen appliance, or savviest new gadget. How on earth can you still stick with a budget?!
And, my answer to that question is - self control. It's not the noncontroversial answer, but it's the truth. I wanna be real with y'all. When handling your finances (like your budget), it comes down to making sure you can manage and control your wants and desires when you spend money. It's a hard process for a lot of people, but here are three tips to hopefully help you get started toward a better path of not only having a budget, but sticking with it.
- Write Down Your Needs and Wants (in 2 separate categories)
- Jot down on a piece of paper or electronic document with your needs and wants. Your needs should be things you absolutely must have to function - think practical.
- Your wants are things that are optional, and you could live without (as much as they would make your life maybe slightly better).
- Reflect on the items in each category. Also, save this list for future reference. Take a look at your needs and estimate a reasonable amount you would need to attain those items - this will be your budget.
- Save your "wants" part of the list for #3 below :)
- Write Down Your Goals for Having Your Budget
- Why are you setting a budget? This applies to any kind of budget - household, groceries, etc. You should be able to articulate the reason to that question.
- What do you want to save up for? Your children's future, a family vacation, a down payment for a home, etc. These goals will drive you, and give you an important purpose for having a budget in the first place.
- Make Room in Your Budget for Splurges
- Let's just say it - we are human. Therefore, we have those items we "want" whether they are impulse buys or things we just like to get to "treat ourselves". That is normal, but the problem begins when it's a constant thing - then, it's no longer a splurge (in my opinion anyway).
- However, if you intentionally plan for splurges and these are built into your budget (in whichever category), you will not be surprised when the bill comes and you see a purchase on a statement. Be intentional with these splurges, and have a spot for them in your budget!