Why does my budget never work?
One of the biggest frustrations our clients share with us, is that their budget never works! They try to plan for the expenses that they have and the money that comes in. However, they say that it always seems to be inaccurate. We spend a lot of time working with clients to try and help them build a more accurate budget. There are two main reasons that budgeting is so important. First, it gives you a better handle on your money. It puts you in the driver seat, instead of the back seat. Second, it’s nearly impossible to plan and save for your future, when you are being controlled by the present. We understand that budgeting is typically the most daunting and difficult part to a successful plan. Whether you are planning for college, a wedding, retirement, or for your estate. Keeping a budget is like keeping a diet. Let us try to help you make it empowering and enjoyable. Here are a couple key areas we have found to be important:
1) Focus on what you do get to spend money on. Budgeting should not be always about going without. Rather, it should be a balance of what’s important to your current situation and your future dreams.
2) Start by just keeping track. Most clients become frustrated when their budget doesn’t work. Usually this is because they do not realize how much and on what they are actually spending money. It is often best for the first month or two, to just track every dime you spend. This way, you will have a more realistic expectation.
3) Just like dieting, don’t go it alone. It’s easier to accomplish those tasks that are daunting when we know we aren’t alone. Buddy up with a friend or co-worker. Join a support group. Or reach out to us and we will be happy to coach you through the process.