It’s one thing to draw up a budget, it’s another to actually live it and stick to it. However, there are steps you can take to help make sure you stay on track. Here are some tips for committing to a budget.
Why do you have a budget? Are you hoping to save money? Or maybe you want to pay off debt? If you aren’t working towards a tangible goal, there is very little motivation to stick to your budget. Start with a goal and then tailor you budget around that.
ALLOW FOR CHANGES
Budgets are a living document and they should be constantly evolving to reflect the changes in your life. If your income changes, you buy a home, or add to your family, etc. all of these changes should be reflected in your budget. Schedule a regular time to sit down and make sure everything is still working.
While you don’t need to share the exact dollar values, letting a family member or friend be a part of your budget will help hold you accountable and keep you on track. If you aren’t comfortable with this, an independent financial advisor may also be able to help.
KEEP IT SIMPLE
If it’s your first time following a budget, the simpler it is, the more likely you are to stick to it. There are several different kinds of types of budgeting, so picking the one that best fits your lifestyle will make it easier to follow.