It’s hard to stick to a budget that doesn’t have a goal.
When there isn’t one, your budget becomes an afterthought rather than a spending plan to reach your financial goals.
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It’s important to have an emergency fund. When your car breaks down, you have money to pull from, rather than screwing up your budget for the next few months until you get back on track.
It might take you some time and slow down your goal progress, but building an emergency fund will keep you from blowing your budget.
If you keep blowing your budget because expenses “pop up” every month, you’re probably not budgeting for irregular expenses.
It’s a common budget problem with an easy fix: find those quarterly, annual, and other seemingly random expenses, and add them in.
Budget for the life you have. When you’re going through your budget and assigning spending categories, be realistic.
Don’t tell yourself you’ll never buy a single discretionary item, because you’re setting yourself up for failure. Give yourself some breathing room.
This becomes a problem when you’re spending for a life you can’t afford. It puts pressure on your budget and encourages you to live in a paycheck to paycheck cycle.
Assess your financial situation, cut back on your expenses, prioritize your money goals, and then come up with a new spending plan.
No matter how little or how much money you earn, creating a monthly budget is one of the most important aspects of managing your finances. What gets measured gets managed.
Having a budget doesn't stop you from spending money the way you want it to, but works like a partner to track your spending and allocating resources to help you reach your financial goals.
You don't have to sacrifice all of your free time to start a side hustle, use the time you’re comfortable with and make a little bit of progress every day.
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