Tips To Help You Succeed
With Your Budget
Abudgetisafundamentaltooltoassistyouinmanagingyourpersonal inances.Ifyouhaveestablishedaspendingandsavingsplan,buthavefounditdif iculttomaintain,youarenotalone.Manypeoplesetupbudgets,but indthatafteramonthor
two,theirmotivationtosticktoitdeclines.Thisisusuallycausedbythebudgetbeingpoorlydesigned.Abudgetwithunrealisticgoalswilloftencauseustogiveupwhenwe indthatourgoalscannotbereached.Ifyouhavehadsimilarexperiences
withyourpersonal inancialbudget,thefollowingtipscanhelpyoutofollowyourbudgetandachieveyour inancialgoals:
Keep perspective
A budget is intended to empower you to have more control
overyourmoney.Ithelpsyoutoidentifytheamountofmoney
cominginandtheamountgoingout.Ideally,ithelpsyoureach
goals for both spending and saving. However, it can take numerousrevisionsbeforeyouarriveatabudgetthatisrealistic.
Embracethechallengewithdeterminationtosucceedinmuch
thesamewayyouneedtojuggleandprioritizeeventsinyour
weekly calendar. You have to be able to think ahead to what
youwanttoaccomplish,shiftthingsaroundfromtimetotime,
andconsideryourpriorities.
Be sure your budgeting tool is the right one for you
Thetoolneedstobematchedtoitspurposeandyourpreferences.Doyouwanttouseapaperworksheet,aninteractiveapp,
orasoftwareprogram?Whateverchoiceyoumake,rememberthatitisonlyameanstohelpyoutakecontrolofyourspending. One mistake some novice budgeters make is that they set up elaborate budgets that are dif icult to understand and
update.Someofthebestbudgetshavebeenwrittenonindexcards,oneforeachpayday.Paperischeapandeasytouse.
Some people like a more formal budget, like the budgeting worksheets available on the Carebridge website,
www.myliferesource.com. These worksheets are effective for helping with debt, but take a little more effort. A convenient
featureofmanymobileappsisthattheyoftenprovidetheabilityforimmediateinputwhenyouareonthego.However,be
aware that some free apps are connected to inancial services that you may or may not need. There are also numerous
computer software programs for savvy budgeters. Such applications offer tracking and reporting features that help you
monitoryour inancialprogress.
Avoid rationalizing that if you had more money, budgeting would work
for you and lead to happiness
People are often surprised when they learn that having more money doesn’t necessarily relieve inancial stress or help
peopleachievetheir inancialgoals.Infact,accordingtorecentstudies,lotterywinnersdeclarebankruptcyattwicetherate
ofthegeneralpopulation!Many studieshaveshownthataslongaspeoplehaveenoughmoneytomeettheirbasicneeds,
happinessandlowstresslivingarepossible.Sobeforeyouthrowyourbudgetawayanddecidethatalackofincomeisthe
problem,takeanotherlookatyourbudgetandmustertheself-disciplinetomakeaplanthatcanhelptomakeyour inancial
dreamsareality.
Set reasonable goals
Ifyoudidn’tsaveanymoneyatalllastyear,itisprobablynotreasonableto
try to save 20% of your income this year. When the goals you set are too
ambitious, it is easy to get discouraged. Start small and build on your
success. Apply similar expectations to paying off debt. Focus on the long
term.Approachthisprocesswiththeunderstandingthatsmallchangescan
helpyoumeetyour inancialgoals.
Use cash
Many people struggle to control their spending when they use their credit
cards for most purchases. Using cash makes money more tangible than
usingcredit.Considerkeepingenoughcashonhandforatleastaweek’sworthofout-of-pocketexpenses.Ifyounoticea
decreaseintheamountyouspend,considermakingthisaregularpractice.Usingcashleadstomindfulspendingandusually
helpspeoplecutdownonimpulsebuying.
Be flexible
Life is unpredictable so even the best budgets are sometimes dif icult to follow. You will need to learn how to adapt your
budgetwhenyouarefacedwithunexpectedexpensesorincome.Staydisciplinedandidentifywhetheryouneedtocutyour
expensestomeetyourgoals–orifyouhaveextramoney,consideraddingittoyoursavingsorpayingoffdebt.
Recognize when it’s time to get some extra help
Ifyousetupabudgetbut inditdoesn’tworkwellforyou,makesomeadjustments.Ifthenewbudgetingplanstilldoesn’t
work,reachouttoCarebridgeforadditionalhelp.Inputfroma inancialspecialistingoal-settingisoftenallyouneedtomake
theprogressyouarehopingfor.
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