Show 15 - Marshmallows and Sticking to a Budget
I talk about the importance of sticking to a budget and how you can do that when it gets hard.
11/1/20231 min read
Building a budget is easy, but sticking to a budget is the real challenge. Just like most things in life, you have to make it a habit. In this episode I talk about 4 steps you can take to make budgeting stick.
Key Ideas
Set realistic and motivating goals. You can only hope to stick to your budget if it is doable. Vowing to live on beans and rice is unrealistic and won’t motivate you to be better with your money.
Use a budgeting system. You need to have a system in place to track your budget, and it has to work for you. If you started out using a budgeting app, but you never look at it, consider using an excel spreadsheet or a good old fashioned pen and paper. The only budget that is good for you is the one that works for you.
Hold yourself accountable. If you fail to meet your budget you need to acknowledge that. Not from a sense of shame or guilt, but as a measure of how well you’re meeting your goals and a course correction to get yourself back on track.
Keep trying. No one gets budgeting right the first time. That’s why it is important to never give up. As long as you get up and dust yourself off then try again you’ll never actually fail at budgeting. And over time, your finances will improve.