Why is my budget not working?
Want to know why your budget is not working? I’ll be sharing with you a few secrets that can make your budget actually work (so you can crush your money goals).
I’m sure you are very frustrated with you budget right now and you’re probably wondering “why is my budget not working?” If you keep failing at your budget, you are definitely not alone.
As a budgeter myself, I am giving you the top 3 reasons why your budget isn’t working. After learning about these budget fails, you’ll be a pro at mastering your own budget.
This post is all about “Why is My Budget Not Working?”
Budget Challenge #1: No Plan for Fun!
If you are anything like me, you might be doing your budget too restrictive and you’re probably squeezing every penny out of your budget.
Again, you are debating whether or not you’ll stick to your budget time. Sometimes you think, why even bother to make another budget, right?
Well, I’m glad you’ve not given up on budgeting.
Remember, what works for one person might not work for you, so adjust your budget to fit your lifestyle. Don’t make your budget so restrictive that you are forgetting to have fun and enjoy your hard-earned money.
Most importantly, pay yourself first! Set aside some “fun money” in your budget. That means you get to spend money on whatever you want, no questions asked.
Remember, paying down debt will take time. Since, you are in this for the long-haul, I want you to enjoy your debt-free journey. I don’t want you to be miserable, dread budgeting, and want to throw in the towel and quit.
You’ll enjoy budgeting so much more now because you’re going to reward yourself first. You’ll look forward to treating yourself and trick yourself into budgeting. So start by planning out how much money you want to set aside as your “fun money.” You can start paying yourself as little as $25 per paycheck. You can use those $25 to fund your “fun money.”
Then, you can use your “fun money” to pamper yourself. Maybe you can get your nails done or treat yourself and significant other to Starbucks.
Budget Challenge #2: No Plan for the Unexpected!
I’m sure you are going over budget every time because you haven’t planned for the unexpected. You know, life happens…
No matter how much you plan ahead, something always seems to come up. Some annoying little expense you forgot all about.
Or maybe it’s an event like graduation party, or so-and-so’s anniversary party and you have to scramble for money to actually buy a gift.
Or it’s just a flat tire.
We all seem to have things come up during the month that want to break our budgets, but there is one way you can deal with it.
Have a “Stuff I Forgot To Budget For” category in your budget.
Simply, set aside some money in your budget that will be like a reserve or a cushion to help you stay in budget. You decide how much you want to add to you “Stuff I Forgot To Budget For” category.
Usually, I set aside $100 each month. And I cannot tell you how many times it has saved me from grabbing a credit card and going further into debt. As a result, it’s protected me from going over budget and from overdraft fees.
For starters, it can help you stick to your budget and give you the flexibility you need to succeed. If you think about it, that extra money can keep you from being derailed by the little ups and down of life.
Budget Challenge #3: No Willpower!
Let me tell you, there is no magic button to getting out of debt and sticking with your budget. It will take hard work and consistency. Oh, and FYI, many budget fails!
Don’t be afraid of trying and testing what works for you in your budget. Add different categories in your budget and adjust them as the month goes by. Remember, personal finance is not one-size-fits-all.
It will take A LOT of willpower for you to master your budget. You have to want to budget and be willing to learn. That’s where your WHY has to be stronger than your desire to give up on budgeting.
Have you thought about why you need to budget? Is it because you want to get out of debt? Or you want to start saving? This is your WHY; (your reason for budgeting).
You have to remember WHY you are budgeting, so when you budget fails again and again, you can pick yourself up and continue budgeting.
Also, there will be a lot of people like your family and friends that won’t understand why you are doing this. Just remember that they don’t have a say in what you want your life to look like, YOU do!
Your willpower will help you be disciplined with your money and tell them NO, (if it doesn’t align with your money goals).
Trust yourself and trust your budget, and you will get there. Dream about how it will feel like when you’ve paid your first credit card. Dream about where you’ll be vacationing next and start saving for it.
Once you start sticking to your budget and crush your money goals you’ll gain momentum and realize that your budget gives you freedom to spend money on whatever you want.
To sum up…
In this blog post, we’ve covered a lot of ground together so far, from why is your budget not working to how to master it. You’ve learned some tips and tricks on how you can actually be successful at budgeting and not give up.
You’ve laid a solid foundation for building your own customizable, successful, and profitable budget; one that is set up to help you not derail from your money goals.
You understand the most common reasons why most people’s budget are not working. And you learned how to solve your own budget problems.
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