Money Matters 004 - "You can have it all. Just not all at once." – Oprah
Updated: Nov 17, 2020
One of the reasons why people fail on the quest to being rich, is not having the ability to budget and pace yourself. I am one of those people who want what they want and they want it now!
Being the passionate person I am when it comes to matters closest to my heart, everything used to be important, everything used to be urgent. Everything felt like if I didn’t get it now, I couldn’t get it at all! The opportunity would be lost, never to come back again. Because luck is when opportunity meets preparation and I am and was, ever ready…there was just one tiny problem…my bank account never seemed to be ready at the same time.
It wasn’t ready to take up the opportunity to be a land baroness, an avid traveler, a collector of beautiful interior design pieces. I have dream boarded it, written it down and had several manifesting sessions to make the opportunity a reality…..so why isn’t my bank account letting me live my best life now???!
It took an interior design project in my home, for me to learn the value of budgeting. What I wanted was to snap my fingers and find my home completely revamped into a completely new space within 3 months. I was excited, I was passionate. Being the planner that I am, I had long lists of things I wanted to do and how much they would cost. It was then that I realized that there was no way it was all going to possible all at once. With my income being limited, I had to concede and learn the art of budgeting and pacing myself. There are several articles on how to create a budget, what I want to share, is tips on how to stick to it!
Here are my top 7 tips on how to stick to your budget
1) Put it somewhere you can see it every day!
Having a budget and sticking to it is hard for most of us, especially with numerous temptations lurking around every corner. Having your budget somewhere you can see it every day, will help remind you, to stay true to it!
2) Set S.M.A.R.T Goals
When your goals are specific and clear, and even more importantly, represented by an exact amount of money, you are more likely to make an extra effort not to spend that small amount of money for that quick win.
3) Gradually decrease your expenses
It’s easy to convince yourself that you can go cold turkey. Maybe you can, but for how long?? You are more likely to kick your money over spending habits by slowly tapering off your habit than going zero to a hundred.
4) Think and decide what is REALLY important to you
Your budget can be a good reflection of what’s important to you. Prioritize the things that really matter to you. Focus and put money towards the things that are most important to you, and will give you the greater reward you are looking for. If it’s not that important, don’t spend money on it.
5) Pick the right tool for your budgeting
We discussed monitoring your money in and out last week in our article, which you can check out here. Choosing the right tool, be it spreadsheets, a journal or an app, is important to ensuring you stick to your budget. Whatever you choose to take on, keep it simple!
Sometimes when money checks into your account, it can easily be funneled to all the wrong places and before you know it, you are broke. To help yourself stick to the budget, automate your most important bills. Your savings, insurance, pension, rent etc. Putting through standing orders for these important things will help you stick to your budget, especially when you realize that all those zeros can quickly diminish after payouts of the most important bills.
7) Review and Evaluate
Sometimes things don’t always go according to plan and an emergency may come up, that throws your budget out of whack. If your emergency fund doesn’t cut it, you will have to re-evaluate your budget, and make sure that you are able to accommodate the unexpected change. Updating your budget on a regular basis can help you stay on course. So check on it daily or several times within the week.
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