Overcome Budgeting Obstacles

We have all heard the old quote: “Success is a journey, not a destination”. This definitely applies to budgeting. When we teach people how to budget, our team often gets the same question … “I have tried to budget in the past, but it didn’t work. What am I doing wrong?” Many people have tried different types of budgeting techniques, only to abandon them quickly.

Use discipline. A budget does mean prioritizing your spending. For some, this is very difficult at first. You will find that it gets easier as you do it often. When you find yourself tempted to purchase something you don’t necessarily need, but you decide against buying it and instead pad your emergency savings account, you will have succeeded with this step.

Be patient. Just like a diet, don’t expect to get it right the first time. Setbacks are normal. I recommend that you set up a monthly budget, and create a spending plan for each week of that month. If you find that you can’t stick to it weekly, then create a daily plan. Click here for these resources, or click on the resource tab of this blog.

Play as a team. If you are married, then expect the process to take longer than if you were single. You each have your own spending personalities and needs that will affect your decisions. With a new household budget, you should have weekly meetings to discuss the budget. This may seem like a lot, but it is important to get into the habit. Once you find that your budget runs on auto pilot, fewer meetings are needed.

Depending on the goals and objectives you set, your journey will actually not end for many years. Managing your finances is a lifelong commitment. Remember to enjoy it, keeping your eyes on the horizon because, believe it or not, you will get there. It may not be easy, but (get ready for another cliche) … nothing worth having ever is.

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3 Responses

  1. I have also heard that it takes about 3 months to get a budget working right. I would say that is pretty much true from my experience. Still, like you say there are bumps in the road even after following a budget plan for 4 years. But still, you can better anticipate and handle those bumps if you stick with it.

  2. I hate to think of “budgeting” and your style of writing makes it easy to see how simple things really can make a difference. Now I just need to have the discipline to do it!

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