It can often feel as though we’re going through life constantly budgeting. That’s because most of the time we are. There’s always something to save for, or always a reason to need a bit of spare cash around. It is often the case that we’re budgeting so hard in order to afford to lead the lives we do. This rollercoaster doesn’t end. Unless you have tonnes of money, you’re most likely going to be working the majority of your life just to budget. A bit of a sombre though yes, but it does have its benefits. It allows you to live the life you want to, and afford the things you want to do. But there are other reasons you should be doing it, such as building a better future. Here’s how you can do it, and how it can give you a better future.
The how might as well come first. We’re all human, and we all try to budget. But a lot of us will agree that it doesn’t always go to plan. We’ll be paid a set amount each month, then dish out that money to different bills and activities. We’ll then have a little left over to either save or spend. But does this always go to plan? No, it doesn’t. Things get in the way, and impulse buys see you losing a lot of money each month. Now that is a vicious cycle most of us live by each month. So, this is where the how bit comes into it. Budgeting takes a lot of commitment. That’s the first part of the how.
Without actually committing yourself to stopping the random spendings you won’t get anywhere. Then you need to look at ways that you can make life a little bit easier for yourself. We can’t always just cut back every luxury in our life, it’ll ultimately lead to a big splurge of a spend, and a big splurge of regret. So, to help you carry on with some small luxuries in life, it might be good if you apply for credit card. You can then put little things on each month. The important thing to remember here is that they must be little things. It is so easy to get carried away and get into trouble. Just put small things on so you don’t feel like you’re missing out, and always pay it back the following month. If you are not disciplined or if you feel a credit card will lead you to spend more, it’s probably best to disregard this idea and simply set some spending money aside for luxuries.
If you’ve got children then you should always be thinking of their future. Budgeting for them is going to be one of the best things you can do for them. Putting a little bit aside into a savings fund could help them to afford their first car, or house, or a college fee. It’ll be so rewarding for you as well knowing that your hard work and saving has given them a head start in life.
If you don’t have kids yet but you are concerned about retirement, buying a house, investing or any other financial goals you may have, it’s always a good idea to think long term. Be smart and remember that a good budget can help you achieve your dreams while giving you a strong financial foundation. To give you a bit of extra motivation to stick to your budget, keep in mind this quote by Neal A. Maxwell:
“Never give up what you want most for what you want today.”
How do you stay disciplined and stick to your budget?