Personal finance

6 REASONS WHY YOUR BUDGET IS NOT WORKING

Written by Oritsebenigho

Budgeting

Making budget for yourself and living up to it has never been easy.  It’s easier to create a budget but it’s pretty hard to abide to especially if you’re new to it so in this Article I’ll point out some of the reasons why your budget is not working. After going through this post I believe you’ll be able to manage and abide to you budget.

Budgeting can be helpful if you have a goal to achieve within a given period of time. but one of the most frustrating things that can happen to you, is when you put your time into create a budget and it still doesn’t work for you.

I have definitely been there and I have been in that frustrating moment, when my budget was not working for me.

so today I want to share with you the steps that I took in order to get myself back on track.
let’s jump right in.

1. SLOW DOWN YOUR SPENDING

one of the best things that I did, that really helped me out  in my budget process was slowing down how much money I was spending within a a given period of time.
30-day no spin or putting away your debit card will limit how many transactions are coming out of your account, and allow you to decode  what you truly need.

whenever I do this I am able to find so many budget categories and if you want to see the eight budgeting categories that has helped me simplify my budget,and make sure that you check out our previous posts

2. PLAN AHEAD

one big mistake that I used to make it I would actually plan on my budget after I got paid this was not beneficial at all because I would end up spending money before my budget was in plate which means my budget was failing before it even begins so in order to circumvent this I started having weekly budget meetings with myself where I the set time aside on my calendar and make sure that I did my budget before I got paid and in that way the budget was in place before the money hits my account.

3. YOUR NOT BEING REALISTIC WITH YOU BUDGET

if your budget is so far from your realistic expenses, then you are truly setting yourself up for failure.

This is the one of the biggest reasons why your budget is not working.

when I first started the budgeting process I would set my numbers to this aspiring fantasy numbers instead of setting them to what was realistically happening and this would cause me to get discouraged I remember setting my budget to $200 for food on a monthly basis, when in actuality I  was spending close to eight hundred to a thousand.
and I would get so down on myself but I had to realize that there was no way I would be going  from spending eight hundred to two hundred in one month so I had to be more realistic so what I did instead was is I knew we were currently spending $800 I would try and set it to 10% lower for the next month because that was a more realistic goal so if your current numbers are out of hand instead of setting up a fantasy number that you want to achieve just try and decrease it by percentage every single month until you reach your goal and if you keep reducing by a certain percentage and you can’t achieve that goal then it may be time to readjust your budget.

4. GIVE YOUR BUDGET TIME

creating a budget is a process and it certainly takes some time to get used to it.

So you need to give yourself at least three months for it to start working.
In the first month you create a budget, of which you’re evaluating your expenses and it is your very first time writing these numbers down the second month you will need to adjust and see what’s working for you and what’s not working.

But by the third month you should be able to understand why your budget is not working.
Now if  the third month has same issues and you still didn’t get it right then into the swing of it then you may need some additional help you might need someone to step in and help you get financially organized.

if that’s the case then definitely check out the description below as I would be happy to help you on your journey.

5. ANALYZE AND ADJUST YOUR BUDGET

if something happens you can’t be afraid to adjust and you cannot forget it it’s a failure

Car problems, home repairs, life definitely happens and you can’t beat yourself up every time.
So make sure that you roll with it and adjust your budget just like you would adjust your schedules.

6. TRACK EVERYTHING MAKE SURE THEY’RE WITHIN YOUR BUDGET.

You need to develop a system to see how you are spending your money.

I like to use separate wallet while I’m on the go because I can take note of all my transactions as soon as I walk away from the register.

but the best way to know why your budget is not working.

to track your expenses that way you can see if your budget is working for you or if you need to adjust.

if you have any additional tips make sure to leave them in the comments below:

  keep organizing your life so as reach  your goal.

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Oritsebenigho

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