It may have more than four letters but for some people, “budget” still feels like the kind of word you’d hear bleeped out on a television show or radio broadcast. You know, one of those “bad words” you shouldn’t say in polite company or don’t want to hear in your home. We get it—conversations about personal finance can be uncomfortable, even when you’re having them with yourself!—but we’re here to tell you that budget is not a bad word. In fact, it’s one of the best things you can do for yourself.
Here are three easy tips for anyone who’s trying to stay on a budget. For personalized advice, please reach out to our team! We’d be pleased to hear from you and discuss your financial health.
Keep your eyes on your money
Do you know where your money is going every month? If not, consider using a financial tracking app like Mint or You Need A Budget (YNAB). Options like HoneyDue are often recommended for couples who want to share an overall view of their financial situation and spending habits. Review your spending on a monthly basis and make adjustments to your habits (or your budget) as needed. The more aware you are of your monthly income and expenditures, the more in control of your finances you’ll be. And if you need personalized advice on creating a budget that reflects your needs and goals, reach out to an Interior Savings branch near you.
Be a goal-setter
Speaking of goals: are yours in writing? You don’t need an official document but it helps to have your vision laid out clearly in a format you can reference later (a digital file or even in a paper notebook). This is another part of your financial plan that you can review and adjust as needed—after all, everyone’s goals evolve over time! By identifying your key objectives, you’re helping yourself design a road map to financial success. Be specific, save towards your short and long term goals, and adjust your plan as needed. Think of it as having your eye on the prize—it’s great motivation that can help you move in the right direction.
Challenge yourself (and a friend)
If you’re struggling to stay on top of your budget and meet your goals, consider approaching a friend about an accountability system. It can help to have someone to exchange words of support and check in with. You don’t need to tell them the details of your financial situation—nor do they need to share their own financial details. Instead, simply touch base to discuss whether or not you’re staying on budget, what challenges and successes you’ve had in recent weeks, and how you’re going to set yourself up for success moving forward. This approach isn’t for everyone but if it works for you, lean into it! A little bit of accountability (and a lot of encouragement) can make all the difference.
Thanks for reading and for personalized financial advice, please contact us. We’d be pleased to hear from you.