My Top Tips for Getting Your Budget in the Right Place
Ensuring Your Budget is in The Right Place for 2020…
If you’ve read my 2020 goals post, you’ll know that getting my money and budget in the right place is a priority for me this year. Money has not always been a strong point of mine, but I’m fully motivated to get it into a fabulous position by the end of 2020. For me, this is a goal that I’ve been working on for the past couple of years. I know many people who are in somewhat of a similar position to me. We would all love a little more control over our hard earn pennies, so here are a few things that I do to ensure my budget is in tip-top shape…
GIVE EVERY PENNY A PURPOSE.
With my new money mindset comes ensuring that my money is not being wasted. Now, don’t get me wrong, I don’t mind splurging, especially if I see a lovely homeware piece. But what I’m trying to do is ensure is that I’m not regretting any purchases, wasting any money on things that I’m not feeling 100% about.
If you have a goal that you’re aiming for (buying a house, puppy fund) start with the main goal and work backwards on how you’re going to get there. With every step, give each goal a monetary value. For the house example, how much do you need for a deposit? Will you need extra pennies for fees? Give yourself plenty of time and plot out exactly when you’ll hit these goals. Be realistic with the time frame, you want to ensure that if you have a slight setback, that you’re not thrown too far off track.
Even leftover pennies at the end of the month have a job. Even if the job is rewarding yourself with a treat or using them for an emergency fund. Give each penny a purpose, meaning and you’ll be more likely to succeed.
CHANGE YOUR MINDSET.
Budgets are very much like diets. Fads won’t work in the long run. Budgeting and getting good with your money is a lifestyle change. Sure you can pull yourself a bit tighter for special occasions (birthdays, holidays). But the for the remaining days of the year, you should approach your money with a new mindset.
Managing your money is essentially self-care. You’re telling yourself that you love yourself so much you want future you to be in the best place possible. Ensuring you’re in the right mindset is going to help this. Personally, though I don’t mind calling it a budget, if it’s a trigger word for you (much like diet) then don’t call it that. Use finances instead. Using kind language rather than restricting will help you keep on track, feel like a chore and ensure your budget is in right place for 2020.
TRACK YOUR PROGRESS.
Again, much like fitness and health, you need to track your progress. Finance fatigue is a real thing. All of us need to find a way to document our progress how well we’re doing. One of the reasons I post about my workouts on my Instagram Stories. Seeing the incremental changes, whether it be your savings going up or debts going down will give you that mental little boost to know you’re on the right track and doing amazing.
There’s so many great apps that help you with this. Personally I use a spreadsheet. I’ve talked about my budget planning here in this blog post and how I use the spreadsheet. When it comes to your finances, you need to find what’s perfect for you to track your finances. The most important thing is to find it, start it and stick to it. Check your balance every single day. Have a weekly budget date with yourself. Whatever you need to ensure that your budget is perfection.
