You have gone through the hassle of creating a written budget – listed your expenses, charted where every dollar of your paycheck goes, and set ambitious (but realistic) goals.
There’s just one problem – you can’t seem to stick to your plan.
Resisting the temptation of that late-night snack run or ordering that second drink seems like an extreme sport to you. Before you know it, it’s the end of the month and you’re b-r-o-k-e. As you later learn, these little one-time indulgences have a way of adding up really fast.
If you have too much month at the end of the money, you’ll be glad to know that you’re not alone. Many people, even the best savers, sometimes struggle to stick to a budget.
However, making mistakes is part of the process. And when you begin to get the hang of it, you will better understand your relationship with money and regain control over your personal finances.
How to Stick to a Budget
While there’s no magic wand you can wave to keep your budget on track, some tips can help.
Below are 6 habits that will help you overcome challenges and stay motivated to stick to a budget.
- Never Go Grocery Shopping Without a List
I’m yet to come across an easier way to blow your budget than grocery shopping.
This is especially true if you go shopping with an empty stomach or decide to experiment with the new spices and ingredients you saw on a cooking show.
If you’re serious about sticking to your budget, this isn’t the time for either of those things.
So, before you step out of the house, write down a grocery list based on an itemized overview of your household needs.
- Leave Your Credit Card at Home
Your credit card can make it very easy to overspend.
It’s often a motivator to spend profligately with the mindset that it’s tomorrow’s problem. And unlike actual cash, you can’t see the money trickling away.
It’s easy to rack up quite a bill with small stuff like lunches, lattes, and Uber rides. Getting into a mountain of debt can be a vicious cycle that’s not too easy to get out of.
Whenever you venture out into the world, do yourself a favor and leave your card at home. Don’t keep credit cards in your wallet. Use cash instead. When you run out of cash, you run out of money to spend.
While at it, avoid keeping your credit cards near any of your computers because – online shopping.
- Make Thrift Stores Your Friend
You’ll be surprised at how much you will save when you ditch the mall and start hitting up the thrift store more often.
You don’t need the $500 handbag from the pricey store when there’s a twenty bucks equivalent at the thrift store. You can find shoes, clothes, books, and even household stuff at a thrift store for next to nothing.
Of course, it may take some digging to land what you’re hunting for, but it’s fully worth it if you want to save money.
- Sleep on Your Purchases
Maybe that massive 75” Samsung TV you’ve always desired is on offer at Walmart. And with payday around the corner, it seems like the universe is telling you to go for it.
But will that purchase throw off your savings? Do you really need the TV? If you do, is the benefit worth the cost?
Give yourself a night (or two) to consider and rationalize before making a big-ticket purchase, and if you rationally decide it will add value to your life, go ahead and get it.
If you have already forgotten about it after a few days, that’s a great indicator that you didn’t actually need it.
- Use Every Last Scrap of Everything You Buy
Do not waste anything.
Ordered takeout? Do not throw out half of a plate of dinner you didn’t eat in the trash.
Bought a new laptop? Tweak your power settings to get the optimum balance between power savings and practicality.
Do the same for small purchases. Like, do not toss out a toothpaste tube before it’s totally empty.
- Find an Accountability Partner
An accountability partner is someone bold enough to call you out and encouraging enough to cheer you on.
It can be a friend, spouse, or family member. There is absolutely no shame in asking a loved one to help you keep your eye on your budget. There is actually incredible strength in seeking accountability.
Whoever it is, fill them in on what your budget looks like and what you’re trying to accomplish with it. Your accountability partner can’t keep you accountable if they’re not in the loop!
You work very hard for your money and it’d be a shame to blow it all on wastefulness, unnecessary purchases, and other avoidable things.
Sticking to a budget can be as easy as being aware of your bad spending habits and then reigning them in till your finances are back in check. Do this consistently, and you’ll be rolling in money before you know it.
Remember to spice up things a little. By rewarding yourself when you stick to your budget, you will stop seeing budgeting as a chore and start seeing it as an activity you can enjoy.
Happy budgeting!
