8 Tips for Sticking to Your Budget

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Setting and sticking to a monthly budget is a great way to ensure that your financial goals get met. While it might be hard to watch the dollars and cents go out, it’s even more painful to watch them go down the drain because you spent more than you had.

I know from personal experience that sticking to a budget is tough. So here are some tips that have helped me stick to my first budget and continue setting ones for the future:

Tip 1: Write down your monthly income amount.

Tip 2: Make sure you have an emergency fund of at least $1,000 or three months’ worth of expenses. Tip 3: If you don’t have any extra money after paying all your bills, think about cutting back on what you spend on things like eating out and entertainment. Tip 4: Calculate your weekly income by doubling your monthly income. Tip 5: Set aside a certain amount of money each week into an investment account that will earn interest. Tip 6: Have one or two categories in which you can spend whatever you want without feeling guilty about it or thinking that you should spend less elsewhere. Tip 7: Try not to take on debt, especially credit card debt, if at all possible. Tip 8: Find alternatives for spending money if you find

So how do you stick to a budget? Here are some tips we’ve found helpful:

1. Keep track of your monthly income and expenses.

2. Make a list of your spending priorities and stick to it.

3. Avoid the urge to splurge when times are good.

4. Establish a rainy day fund.

5. Don’t get into the habit of paying off your credit card with a loan or new credit card debt.

6. Set an amount that you’re comfortable spending on entertainment (going out, eating out, etc.).

7. Be aware of what’s driving you to overspend and develop alternative solutions (like walking or biking instead of driving).

8. Resist the temptation to make large purchases you can’t afford or don’t need right now.”

Budgeting is one of the most common New Year’s resolutions. People make this resolution because, in theory, it sounds like a great idea: Set up a budget and start saving money.

But as anyone who has ever tried to stick to a budget knows, it doesn’t always work out that way. The whole process of keeping track of expenses and figuring out where your money is going can seem overwhelming.

TIP 1: Make the Plan

The first step in sticking to your budget is deciding what you want to save for. Some people get discouraged when they don’t stick to their budget right away, so they stop using it altogether. Having a goal will help keep you motivated and on track. Maybe you want to save up for a vacation or pay down your credit card debt or build an emergency fund

TIP 2: Track Your Expenses

After deciding on your goal, keep track of how much you spend each month. This step is key to making sure you stay on target with your budget. You could write down your expenses in a notebook, type them into an online spreadsheet or use an app on your phone or computer that keeps track of expenses for you automatically (there are plenty of apps available). It’s important to review these numbers every week so

Wondering how to stick to your budget? We have 8 tips that will help you stay on track.

We have shared our free printable budget forms before, which we believe are some of the best around. Be sure to download the forms and start planning!

Tracking your finances is a very important part of making sure you stick to your budget. An easy way to do this is by keeping an Excel spreadsheet on your computer. If you want something a little more colorful, check out Mint.com** or Quicken** software. These programs will track your spending for you and also keep track of how much you have in each account.

TIP:**To avoid overspending use separate envelopes for different expenses (e.g., gas, grocery shopping). When buying things, put the money for that expense in the appropriate envelope. You can even reward yourself if you stick to your budget – take $20 from the envelope dedicated to dining out and put it in an envelope labeled “Entertainment”.

Keep a running list of things that need to be purchased on a post-it note on your computer monitor (or somewhere else it will remind you frequently). This way when you’re at the store, you won’t forget any items on your list

It is easy to think that a budget is a forced limitation rather than a tool to help you achieve your goals. Here are a few key points to remember when sticking with your budget:

1. Build in some flexibility

2. Track your spending

3. Set up some small savings goals

4. Don’t be too restrictive with yourself

5. Know how much you can really spend on fun

There are no shortages of reasons why sticking to a budget is important. From improving your quality of life to increasing your savings, the benefits of a budget are clear. Unfortunately, as many people have discovered in the past, sticking to a budget can be difficult. Whether it’s because you’re missing certain key information or you’re just not able to control your spending habits, maintaining a budget can be a challenge.

1. Set up a pot for savings so you are not tempted to spend it, and deposit the money you would have spent into it. For example:

If you are looking to save $400 to purchase a new bike, put $400 in a savings account that is not easily accessible (e.g., under your mattress, in an investment account). Then, when you get paid, take the $400 out of your normal checking and only use your normal checking account. Over time, you will notice that your savings adds up and this will motivate you to keep saving.

Step 2: Find out the going rate for a budget planner book or budgeting software program. An online search will give you many options to choose from. Step 3: Figure out how much money that you have left over after paying all other bills (mortgage/rent, utilities, etc.) and allocate that amount for spending on entertainment. This could include a small allowance for eating out with friends or family as long as it does not exceed the amount allotted for entertainment each month. Step 4: Use your budget book or software program to monitor where your money is going throughout the month. You can even set reminders in your calendar if needed! Step 5: At the end of each month review where

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