fbpx
Client Dashboard
Login
Blog

Stick to your budget: Budgeting made easy for you!

We get it; we get it! Making a budget and sticking to it are two different tasks. If you think making a budget is difficult, welcome to the real world! Once you learn to make your budget, the next important thing is to stick to it. Yes, sticking to your budget is more complicated, and you might end up making mistakes too! But isn’t that how we learn?  

Once you start budgeting, you should keep reviewing and learning from the process. Initially, it might seem irrelevant, but it helps you stay on track and manage your finances better.

So now let us get to the basics and understand how you can stick to your budget: 

Budget the available amount 

Never, we repeat, never make a budget with future income. People often budget the income they don’t have, which ultimately leads to discrepancies in personal financial management. Incorrect budgeting is a common reason behind overspending. Adding what you have to the budget gives you a clear picture of your current financial standing and helps you manage your money better. Make sure that you budget what you have in your account.  

Budget all that you have 

Sounds weird, right? We mean, why would you budget the extra income you got from your side hustle? Oh, wait, we’ll tell you! We are talking about better financial planning here, and most of us have zero self-control while spending at the supermarket. So, what if you got an extra packet of noodles or maybe five? Getting five packs instead of one- yes, this is the problem, and it is called overspending. Budgeting every single rupee that you have helps you to control impulse buying and overspending. So, when you go to the supermarket next time, make a budget of how much you want to spend on the things you NEED, not what you want! 

Check the budget before spending 

Are you going to get groceries or ration? Always make sure that you have a budget in mind, and it should align with your available monthly budget. Even if you are going out, be mindful of the available amount in the allotted budget category. Knowing how much you can spend makes it easy to control spending more than you need. 

Enter daily expenses 

You cannot change your essential monthly expenses such as bills, utilities, food, rent, and more, but you can change your daily spending habits to save more. Generally, your regular monthly expenses don’t make much difference, but control over your daily expenses can make a real difference. For example, spending INR 200 daily on travel might not seem like a big deal, but when you add the monthly expenditure, it will come around INR 5000-6000. Similarly, you might be spending INR 2000 weekly on eating out, but when you add it up for a month (four weeks), this amount would be INR 8000. So, you must add your daily expenses to trace back where you spent the money and make changes to the next month’s budget. 

Review your budget 

Every month is a new opportunity to manage your finances better. Take that opportunity, make changes to the old budget, if required. The whole point of making a budget is to learn to stick to it and make changes if or when needed. Your budget is not a rule; you don’t have to follow it without any changes blindly. It is flexible and should be changed when necessary. 

Read more about Budgeting

Take one step at a time

We understand that sticking to a budget is challenging when you have impulse control issues. However, everything changes when you start to have faith in the process; after one point, impulse control will not be an issue. You will be able to control impulse and stick to your budget and manage your finances better. So, you don’t have to panic if you are facing problems while sticking to your budget. Take one step at a time and learn to manage your budget gradually. 

Leave a Reply

Your email address will not be published.

Privacy Settings
We use cookies to enhance your experience while using our website. If you are using our Services via a browser you can restrict, block or remove cookies through your web browser settings. We also use content and scripts from third parties that may use tracking technologies. You can selectively provide your consent below to allow such third party embeds. For complete information about the cookies we use, data we collect and how we process them, please check our Privacy Policy
Youtube
Consent to display content from Youtube
Vimeo
Consent to display content from Vimeo
Google Maps
Consent to display content from Google
Spotify
Consent to display content from Spotify
Sound Cloud
Consent to display content from Sound