More Money Than Month? How to Stick to Your Budget

by | Jun 20, 2012 | Personal Finance

Money Saving TipsSo you’ve gone through the hard work of making a budget, written down your expenses and your income and made a plan for your spending.

However, sometimes the hardest part of budgeting is sticking to your plan. You might have the intention of cutting down your spending and putting money in your savings, but if you don’t stick to this plan it will not happen.

Here are a few tips that will help you stick to your budget and meet your goals:

Have a Reason to Save

Saving money just for the sake of saving it is very difficult, because it requires you to sacrifice your happiness in the moment without any concrete future reward.

It is much easier to deny yourself those luxury purchases when you can keep in mind that you are saving towards a big travel adventure, a university education, a new home, or some other important purchase.

Check In Often

It’s hard to keep track of your spending in your head, so even though you think you are being frugal and sticking to your goals you might be losing track of those expenses which add up quickly, such as eating out, buying coffee at a cafe, or filling up the gas tank.

In order to make sure that you are staying on track, log in to your online banking and look at your credit card and debit card statements at least once per week.

Change Your Tempting Habits

Cutting your spending on clothes in your budget and then hanging out in the mall all day looking at sales is only torturing yourself.

Instead, do something else like going for a walk or visiting a friend.

If you take away the tempting situations which usually cause you to spend money, you will be much less likely to break your budget.

Build Rewards Into Your Budget

It’s hard to be frugal sometimes, so when you stick to your budget you need to give yourself some positive motivation for a job well done.

Budget an extra bit of money and tell yourself that you will spend it on a treat for yourself if you stick to your budget goals for an entire month.

The treat could be a movie out with friends, a new pair of shoes, a meal in a favorite restaurant, or something else that you enjoy.

These are just a few ways that you can stick to your budget and reach your financial goals.

Good luck!