How to Stick to a Budget
Written by Eugenie O.
A budget can’t be a helpful tool unless it allows you to live a balanced life.
Budgeting is one of the most widely discussed components of financial literacy, and there are numerous methods for making a practical budget. You may already have a budget or perhaps you are seeking a more efficient budgeting method. The process outlined in 5 Quick Tips for Creating a Budget is a great place to start.
Committing to your budget may seem like a challenge but it’s the key to your financial success. In this post, we will cover the ins and outs of sticking to your budget like a boss.
Regulating emotions
Keeping a budget requires us to understand how closely linked our money is to our emotions. Sticking to a budget can often be stressful and can trigger feelings of guilt, shame, and sadness so it’s important to check in daily with yourself to see how you are feeling.
Impulsive spending caused by anxiety and subconscious patterns can be mitigated through meditation, journaling, and moments of rest.
Learning to say no to things if they do not align
We are presented with thousands of opportunities every year. Some truly speak to our higher purpose and fill our cups, but some opportunities can do just the opposite.
If something does not feel right, learn to become comfortable saying no to things that simply don’t contribute to your happiness or financial progress.
Perhaps it’s a friend's destination wedding or a family outing? These things can be hard to say no to, but in the end, it's so important to make decisions that align with your financial goals. Although initially it may seem stressful, when you are vulnerable enough to open up about your situations, people are able to truly understand, and some are even inspired by the courage and commitment to growth.
Make purchases using cash or prepaid cards
One of the most effective ways to stick to your budget is to use cash or prepaid cards.
It's easier to track exactly how much money is being spent when paying with cash you've set aside for purchases or a prepaid card loaded with specific funds. Developing this habit builds your financial awareness and gives a sense of confidence and control over your finances.
Until that awareness piece is built up and well-practiced, it's best to avoid the surprise of unexpectedly high credit card bills at the end of the month.
Budget for frequent treats
We are much less likely to feel restricted when we have fun within our budget, thereby preventing excessive spending sprees. When calculating your living expenses and how much you should contribute to short-term and long-term investments, make sure to include a healthy budget for things you enjoy doing every day, including small, unexpected purchases.
Having goals to save and pay off debt is fantastic, but sometimes being too aggressive with this budget component can hinder you from living a balanced lifestyle and eventually leads to budget breakdowns.
A budget can’t be a helpful tool unless it allows you to live a balanced life. It is important to strike the right balance between saving money and paying off debt while still being able to enjoy things, such as monthly dinners with friends, shopping trips once a quarter, or a routine spa visit.
Gain account awareness
One of the easiest ways to stay on top of your budget is to check your account several times a week.
Monitoring your account can help you identify where you need to reduce expenses if you have trouble sticking to a budget. It will also help you to avoid overdrawing your account or spending money you don't already have.
Gaining confidence in your bank balances, whatever the number, can also help you overcome any feelings of shame, guilt, or fear associated with banking and managing your finances.
Celebrate how far you've come
Be proud of what you've accomplished and recognize your progress.
It is essential to track and measure the progress we make every day to stay committed to budgeting towards our financial goals. Making small progress towards a big goal is a great motivator, so be sure to keep track of some of the small goals you are achieving by sticking to your budget.
Your commitment to budgeting will be so much stronger once you recognize these wins.
Eugenie is a marketing professional who moved from Montreal to Saskatchewan, Canada (talk about a change). She is passionate about horses, and spends most of her free time at the barn. Feel free to follow her journey on Instagram @eugenieofficer13
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