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Tips On How To Make A Budget That Actually Works For You Part 1

» Posted by on Mar 26, 2014 in Blog, Financial | 4 comments

Tips On How To Make A Budget That Actually Works For You Part 1

Tips On How To Make A Budget That Actually Works For You: Getting Started

You’ve analyzed your past expenses, put them into spreadsheets, loaded Quicken with all of your data and come up with a budget. Now what? The tough part! You actually have to stick to your budget and put your plans into action.

This is easier said than done. In many cases you will have forgotten about your budget and your financial goals 6 months or a year down the road. How do you keep this from happening to you?

Here’s how. Make sure you follow some of these tips below so this doesn’t happen to you. Hopefully Congress is reading this as well.

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Tips On How To Make A Budget That Actually Works For You: The Tips For You

Tips On How To Make A Budget That Actually Works For You: Create a budget with realistic targets

Let’s say one of your budget goals is to not eat out for lunch or dinner on a regular basis. If you are honest with yourself you may find this to be an unrealistic goal. Sometimes it’s a nice break to eat out and have a relaxing rewarding evening. In other words, don’t set the bar too high. Drastic and unrealistic goals are one of the surefire ways your budget will not succeed.

Tips On How To Make A Budget That Actually Works For You: Budget for expenses that don’t occur on a routine basis

Make sure you give consideration to expenses that occur once a year, such as holiday presents, birthdays, vacations, weddings, car maintenance costs, etc. These expenses don’t occur every month and they will bust your budget plans wide open.

Make a list of these events on a calendar and put a dollar figure to them. Place them in the month they are expected to occur so you can plan in advance how you will pay for them. The regular routine expenses are not the reason your budget will fail. It is these “gotchas” that will wreck havoc on your budget if you don’t plan for them.
Tips On How To Make A Budget That Actually Works For You:Put your budget in writing 

Take the time to write down your budget plans. Making a mental note of your budget goals is a recipe for failure. Don’t assume that your financial future will take care of itself by making a simple mental note to yourself. If you have your budget goals detailed in writing you can review and remind yourself weekly and monthly of your financial goals.

Tips On How To Make A Budget That Actually Works For You: If you have a bad month or week, don’t give up!

– Let’s say you have been reaching your budget goals for three months. In the fourth month, for whatever reason, you didn’t reach your budget goals. Maybe you even stopped trying to stick to your budget!

If this happens, don’t just throw your hands up in the air and admit to failure. Everyone falls off the wagon sometimes. Your budget is a journey. There will be bumps in the road, so the key is to realize that everyone makes mistakes.

This relates to a story I like about a great old time golfer named Walter Hagen. Before each round of golf, he told himself that he would have 4 or 5 bad shots. During the golf round, if he hit his ball into a bunker, he would tell himself, “There is one of my bad shots that I was expecting”, hit the ball out of the bunker and move on.

It didn’t phase him one bit because he had knew there would be some bad shots in his round.

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Tips On How To Make A Budget That Actually Works For You:Adjust your budget over time

This one is a biggie! It can take months or even years to fine tune a personal budget. When you initially made your budget plans, you probably had to guess at some of your figures. They might not have been in touch with the realities of every day life. For example, you may have underestimated your monthly grocery or utility bills.

If this happens, analyze all of the underlying money that was spend in this category to see if your initial estimate was unrealistic. If it was, try to come up with a more accurate number and then to stick to that new figure. It is this type of adjustment that is one of the keys to making sure you can stick to your budget.

This is part 1 of this series and I look forward to sharing more on tips on how to make a budget that actually works for you. Hopefully you will take these to heart and conquer your finances.
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Tips On How To Make A Budget That Actually Works For You



4 Comments

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FI Journey - A family man balancing family life with the pursuit of financial independence.Financial talk for the rest of usDebt Consolidation USA Reveals 8 Habits That Can Threaten Financial Security : Credit and Financial NewsDebt RoundUp - Fight Debt and Grow WealthSingle Moms Income - The chronicles of one single mother trying to make it bigPersonal Finance Daily: Ballpark foods that are bigger in TexasFinancial talk for the rest of usDebt Consolidation USA Reveals 8 Habits That Can Threaten Financial Security : Credit and Financial NewsDebt RoundUp - Fight Debt and Grow WealthSingle Moms Income - The chronicles of one single mother trying to make it big
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