Financials

How To Win The Budget Game

Amanda SchillerWednesday 28 July 2021

Budgeting in the finance world is like dieting in the fitness world. It’s something that nobody ever wants to do, however, if you ever want to reach your end goal then you’ll just need to grit your teeth and do it. No matter how hard you workout, you’ll never achieve your dream beach body without being able to watch your diet. On the same note, no matter how much money you earn you’ll never be able to reach your financial goals if you can’t control your spending.

Luckily, budgeting doesn’t have to be as bad as it sounds. In fact, if it’s done correctly then you might actually grow to love it.

This article will take a quick look at how you can win the budget game.

Focus on your end-goal

Creating and sticking to a budget is no fun. This is mainly due to the fact that you are constantly focused on what you are not allowed to do. When you are budgeting, you are generally not allowed to spend money on all of life’s joys like eating out, buying new things, or taking fun trips. In this sense, budgeting is all about focusing on how you can spend less on things that you enjoy.

This is why, in order to make budgeting less of a buzzkill, you should focus on the end result of what your budgeting will bring you. Usually, you’re not creating a budget for no reason. You are doing it so that you can reduce your spending and save money. So, instead of focusing on what you are giving up today, focus on what you will be able to do in the future because of your budgeting.

Your end goal will be a little bit different for everyone, but here are some of the most common reasons that people budget and save money:

  1. To feel more financially secure and stress-free
  2. To save for a long-term goal
  3. To one day become financially independent
  4. To reach a safe and comfortable retirement
  5. To get out of debt

By focusing on the end goal, you will constantly be reminding yourself why you are budgeting in the first place. Keeping the bigger picture in mind will make the sacrifice worth it.

Make it a habit

Once you’ve successfully gotten a good idea of what your long-term financial goal is that you’re trying to achieve, the next step is to make budgeting a habit.

On average, it takes about sixty-six days to form a new habit. This means that you can expect to stick to your budget for about two months before it will become a habit. However, once you have made this transition then it will stop feeling like a chore and start feeling like part of your daily routine.

Once your budget has become a part of your daily routine, you will be amazed at how easy it is to save money and make progress towards your long-term goals.

On that note, one of the best ways to make sure that you don’t give up on your budget before the two-month mark is to find someone to hold you accountable.

Recruit a friend

Recruit a friend to join you in your budgeting process is one of the most important decisions that you can make. There are two reasons why this is:

  1. It will help you feel like you’re not alone in the process – There is nothing easy about setting and sticking to a budget. If you set out to do it alone then you could end up feeling helpless. However, if a friend is along with you on the journey then you’ll have someone to share the burden with.
  • Your friend can help keep you accountable – When nobody is watching over your shoulder, it becomes much easier to cheat on your budget. However, if your friend is constantly checking in on you, then you won’t want to face the shame of telling them you didn’t stick by what you set out to do. This is just a part of human nature and is why even professional athletes still hire personal training coaches.

Additionally, having a friend join in on your budgeting process will make the whole experience more fun. Instead of slaving through the process by yourself, now you’ll have someone who is involved in the process with you. They can even help cook meals with you or stay in on the weekend in order to help both of you save money.

We hope that you’ve found this article valuable when it comes to understanding how you can win the budget game. If you are interested in reading more, please subscribe below to get alerted of new articles as we write them!

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