9 Secrets on how to keep your current budget successful:
Are you sick of taking time to set up a budget, only to have it fail? This means you are back at square one rethinking what you should do.
Don’t be too hard on yourself. It is true, we have all blown our budget from time to time. Yet, the key to a successful budget lies in realizing you need a budget in the first place and getting yourself back on track. Therefore, finding out how to make your budget successful will help you achieve your money goals.
In fact, according to Penny Hoarder, 55% of people do not even use a budget, so the fact that you are attempting a budget is a step in the right direction.
And you can start by using the tips listed in this post to help create a successful budget that will work for you and your family.
Once you have a budget in place, you are setting yourself up for financial success. Yet, often people find it hard to stick to a budget and I have been guilty of this myself too. Yet, if you want to form a habit and start being better with money, use these secrets for budgeting success:
9 Secrets to Creating a Successful Budget
#1 Set up your budget
Setting up a budget doesn’t have to be difficult. At best, get a rough draft going of a simple budget plan you can keep track of and check monthly.
Start by writing down all incoming money. Secondly, jot down your bills and your needs. Make sure to include housing, transportation, childcare, utilities, and entertainment.
Subtract this amount from your take-home pay and boom!, you’ve got a budget.
This is a simple way to get started. Yet, as you continue to set money goals and track spending, you can tweak this budget as needed and even create a debt repayment plan if you have debt.
Also check out: Over 100 Budget Categories for Your Personal Budget
Get your budget freebies here:
#2 Track Spending
Try tracking your spending for at least two weeks. Jot down everything you buy. This will give you a clear vision of where your money is going. If you are spending too much in one area, try creating a plan where you can cut back, but still enjoy the things you love. For example, if you don’t really have people over, don’t buy the latest and greatest house decor. Yet, if you love coffee, go ahead and treat yourself. Keep in mind, budgeting is no fun if you don’t have the things you love. So keep the things that truly matter, but eliminate unnecessary spending on things you don’t care as much about.
Related: How to Budget and Still Have What You Want in Life
#3 Examine your budget
Take a good look at your budget and ask yourself, “Are there any “wants” on here that I can cut. Likewise, if you have subscriptions you aren’t using cancel and see how much you have leftover. You can start by cutting unneeded spending from your budget and use that extra money to build up your savings account and pay off debt. Most of us have at least a few things we can trim from our budget so take a good look at what you can go without for a while until you are on track to reaching your money goals.
#4 Tweak Your Budget
Once you examine your budget, tweak it accordingly. Write out a new budget plan and make sure you include things you love and get rid of things you don’t care about. Set aside some money for entertainment so you can still enjoy life, but don’t go overboard. If it is more important for you to go to the movies every week because you love it then set aside some funds, but if you don’t care about movies or eating out, tuck those dollars away for a fun-filled summer vacation. With everything in life, moderation is key, so don’t go overboard with your entertainment spending, but still have some fun!
#5 A Successful Budget Requires Money Goals
A wise person once said, “A goal without a plan is just a wish.”-Antoine de Saint Exupery. If you are dreaming of becoming debt-free, this isn’t just going to work itself out, but with careful planning and goal setting, you can achieve your dreams of becoming debt-free or retiring early, or whatever your goal may be.
Make sure to set weekly money goals, monthly money goals, and yearly money goals. Also, set a five-year plan. Remember, you can tweak these as you go, and remember you may have setbacks. That is okay. Better to plan ahead, than to do nothing at all. Little by little you will reach your goals.
#6 Cut Spending
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Time to get serious about your budget! Find areas you can cut back on and still live a good life. Use financial discipline and make coffee at home or meal plan to save on food. There are so many easy ways to save money and still live life! Here are some suggested frugal living posts:
- 75 Frugal Living Tips That are Surprisingly Easy
- 10 Frugal Living Tips With the Biggest Impact
- How to be Frugal and Not Cheap
- 10 Frugal Tips for Beginners
- Budget Meal Planning Series
Likewise, if you don’t want to cut back, try a side hustle! I also have a few side hustle idea posts you can check out and instead of cutting back so much, you can increase your cash flow, depending on how you want to handle your budget.
- Ultimate List of 75 Side Hustles to Earn Extra Cash
- How to Make Money From Your Hobbies
- 17 Passive Income Ideas
#7 Add in Some Fun
As mentioned previously, if you have to cut out everything in your budget you will probably say “forget it!” So make sure to add in some frugal, yet fun ideas. We enjoy many free events in our city. We love our local library books and events and we also attend free concerts in the summer. Here are some free and frugal ideas you can participate in by checking out these posts:
#8 Plan to Treat Yourself
Once you have achieved some of your financial goals, celebrate! Life is not fun if you are always depriving yourself so if you were able to pay off that first debt, celebrate! Even if it is just buying a cheap bottle of champagne or taking a day trip to the lake, find something you can enjoy for all of your hard work.
#9 Rinse and Repeat Your Successful Budget
If it ain’t broke, don’t try to fix it! What I mean, is if it is working then stick with it. You can adjust as needed, but find a solid system for your household finances and repeat weekly, monthly, yearly and you will be golden (ponyboy!).
Keeping a Successful Budget Final Thoughts…
Sticking to a budget isn’t always easy, but with some careful planning and by using the tips above, you can make it manageable and reach your money goals. If you find something that works, stick to it and you will reap the rewards.
2 Comments on 9 Must-Read Secrets to Keeping a Successful Budget
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Good tips Sarah. A few sound budgeting tips followed diligently make all the difference in the world.
Thank you so much, Ryan! So true! Thanks for the visit!