You’ve done the planning, done the reading, googled and yahoo’d searched across the internet. Put together your spreadsheet and calculated all your expenses and BOOM. Budget is ready to go.
But then the unthinkable happens. A new expense that was unforseen like car breaking down, or just impulse buying shoes. After all that the paycheck shows up and it’s already gone. I can say with confidence it is hard to keep on track with a budget and it is easy to lose track of everything. With that said here are some things to consider to stay on track with the budget.
- Set Goals
Setting goals allows you to hit the target when focusing on your finances. One could save 15k but what is the intent behind it. If there is no intent then the money is not directed anywhere and loses value.
- Project out at least 60 days
Projecting out 60 days in advance will create more perspective because each month’s expenses are different. Credit card payments are not the same, and bills could randomly increase over time which means budget needs to be adjusted and re-allocated to fit the goals.
- Budget should match who you are.
The budget should match who you are. A zero-line may not the best if you aren’t thrilled at checking every expense. One can get creative with colorful envelopes and well-designed templates to make the process more interesting.
There you have it. A few tricks to help you stay on track with your budget.