Do you ever start the month thinking that you’re good to go, have plenty of money, and by the end of this month, you should have plenty of money leftover in the account to put towards that vacation/getaway/pedicure/shopping trip/etc. you have had your heart set on…
But by the end of the month, you’re just standing in shock saying, “WHERE DID ALL OF OUR MONEY GO??”
Only this seems to happen month…after month…after month…after month…
Does this sound familiar?
Well, let me share with you some hard truths, my friend, so that you can STOP this cycle of insanity, get your feet under you, and make some traction in your savings and/or debt payments.
You ARE CAPABLE of taking control of your money, and it DOES NOT have to take hours every week in order to have confidence in your bank account and your spending.
I promise.
I’m living proof.
Without further adieu, I give you 7 reasons budgets fail, followed by the 7 ways to stop the madness, take control of your bank account, and start telling your money where to go instead of living in the land of “oh, crap. Where’d it go?” 😉
Reasons Budgets Fail:
- Perfectionistic mindset – doing it perfectly or giving up completely until next month.
- Not logging purchases or waiting more than 2-3 days to log/itemize purchases (most are likely to forget what they purchased most places or at least what categories they should be logged into).
- Line itemizing from paper receipts. Must be able to remember exactly what each item is based on the description printed on the receipt + what category it will go into (this also adds HOURS every month to the process).
- Relying on paper receipts to account for spending. Must never lose any, coordinate your spouse’s receipts, and log them before they fade.
- Spouse-purchased items that the main “budget-keeper” doesn’t understand how to categorize.
- Losing track of what was already logged/what wasn’t (meaning spending extra time finding your place again and/or logging purchases more than once).
- Logging expenses incorrectly bc of “pending charges” vs. “final charges.”
How to Make Budgeting Faster and Easier:
- Create a system that works for you. Not theoretically, but actually works FOR YOU and your life.
- Set for yourself “minimum budget update days”. Set them around your “heavy spending days” for greatest benefit. Updating becomes fast and routine.
- Separate your purchases at the register – paying separately for each different budget category so that charges are totaled for you and ready to categorize without any math or receipt dissection on your part!
- Spend as much as possible on debit or credit cards (vs. cash) so that everything is digitally tracked and your regular itemizing is faster and more efficient – all in one place. One to two digital collections of spending that are fast and simple to log into, record, and be done with.
*NOTE: DO NOT mistake this tip for me giving you permission to spend unwisely with credit cards. I will NEVER advise anyone to spend more money that they are earning in a month.
DO NOT spend freely on credit cards without FIRST having a system to know AT ALL TIMES exactly how much money you have available to spend in your accounts/categories. - Create a simple system for the person who is NOT the main budget-keeper to relay information about purchases to the budget-keeper. This way you know what the Target/Walmart/Convenience Store purchases should actually be categorized as instead of guessing (wrongly). This could include texting the category and total every time a purchase is made or having specific receipt envelopes that they carry and ALWAYS hand off all purchase receipts at the end of each day so that they can be accurately tracked by the “budget keeper”
- Create a system for notating where you left off in your tracking the last time you updated your budget so that you can pick up in the correct spot each time.
- Create a system to notate what charges were “pending” and which were “final” when you log your spending during each budget update.
If this topic and these tips just whet your whistle, and you want more like this, stay tuned. As I wrap up the creation phase of my Sustainable Budget Blueprint digital course, I will be sharing more and more sustainable budgeting tips with you so that you can feel empowered and confident in your own budgeting attempts!
(If you want to be sure and hear about the Sustainable Budget Blueprint course as soon as possible, just drop your info here – spam free. I swear.):
You are capable of getting on top of your budget, and I am here to help, so don’t be shy: comment below or send an email to denise@joyfullymanaginglife.com with any and all questions, hangups or hold-backs!
I’m here for you, friend! Let’s get it done together!
