You are a mom and you know exactly how much your family spends. Many times, you will find yourself writing a budget. This is the hard part. It’s not easy to stick to your budget. Although it’s nice to have a budget, it doesn’t mean much unless you actually put it into action. It is important to make an effort to stick to your budget. These five steps will help you to keep your budget on track.
Budget Commitment
If you don’t make a commitment to putting your budget plan into action, then you will be just writing words on paper that will soon go to the bin. It is a good idea to make it a daily habit to check your income and expenses so you are always aware of your financial situation and can remind yourself to stay on track.
Lifestyle Modifications
Making small lifestyle changes can help you stay within your budget. You can save up to five dollars per day by packing lunch for school or work. Multiply this by five to six days, and it’s 25 to $30 per week. Multiply this by four weeks, and it’s $100-$125 a month. You can see how quickly this all adds up.
Before you go to the supermarket, make it a habit to plan your weekly meals. Start by planning your week and making a shopping list. You can take advantage of special shopping days that offer additional savings in-store. You are less likely to spend more if you have a shopping list.
Keep your eyes on the end goal
You probably had an end in mind when you made your budget. You may have set a goal to achieve financial freedom, save for a vacation or buy a home. Or simply get out of the cycle of living paycheck to paycheck. As a reminder and motivator, write your goal at the top of your monthly budget.
Before You Spend
If you’re going to shop, don’t forget your goal. This question will help you to determine if this item is going to help or hinder your goal of reaching your budget. Or, in other words, do I really need it? It is important to be able to distinguish between needs and wants in order to reach your ultimate goal.
Pay cash, not credit
Keep your credit cards at home when you shop. You will lose your savings towards your goal if you don’t pay enough interest. When you use credit cards outside of your budget, it can give you false wealth. It’s unlikely that you’ll be able to afford the purchase if you don’t have enough cash. Your desire to stick to your budget will pay off in the long-term.
Budgets are meant to allow you to achieve your true desires while keeping you out of the debt trap. A budget can make your life easier, especially if you stick to your guidelines.
You will be well-placed to maintain a successful budget if you make a commitment to your budget.
