10 Tips to Stick With Your Budget in 2020
You can make budgeting as easy as possible this 2020. Follow the 10 best tips below and meet your financial goals while having fun and not feeling deprived at all!
1. Set up automatic payments.
Automate your payments to free up mental space and skip worrying about what is due and when. No more invoices to track, checks to send in the mail, or late fees to pay!
2. Pay yourself first.
Automate your savings, too! Set up automatic deductions from your checking to your savings account each month to ensure you are meeting your savings goals.
3. Pick a good budgeting system.
“Good” means something that works for you and no one else. It can be an app, spreadsheet, or envelopes. A good budgeting system should be intuitive and easy to understand for you so you will use it more.
4. Round up your purchases to the nearest dollar.
If it is hard to track every single cent, just round up to the nearest dollar. A $5-something coffee and cake can be entered as $6 on your budget.
5. Leave room for extra expenses.
Give yourself some wiggle room in your budget by planning for unexpected expenses. Often, these purchases bust your budget and you get off the tracks completely. Simply establish an unexpected expenses fund next to your savings and cover yourself.
6. Make adjustments as you go.
It is normal for your budget to change from month to month. Roll with it and adjust as necessary. If you go over in one category, look for ways to save in another to meet your budget. Then, rewrite your budget for the next month.
7. Make your budget accessible.
Your budget will not help you if you cannot see it. Take it with you as a reminder of your goals. Look at how much you have spent and how much is still available for you to use. Budgeting apps are a big help here.
8. Remember to treat yourself.
Budgeting does not have to feel like a prison sentence. Treat yourself every once in a while and have fun. Your spirit should remain up while budgeting since you are saving money and putting it in good use.
9. See it as a personal challenge.
Look at budgeting as a game that you can win. Set challenges and find ways to solve them. For example, you can set aside $10 for entertainment in a month with the goal of finding as many free entertainment options as possible. It can be fun and also exciting!
10. Focus on your goals.
Sometimes, budgeting will be stressful but always focus on your goals. Maybe you are saving money to pay off your debt, buy your first house, or go on a dream wellness holiday. Focus on the reason why you are budgeting and you will find the inspiration to keep moving forward this 2020.