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Beating Budget Fatigue
It happens to all of us at one time or another. You're tired and you've had enough. You're fed up with just scraping by month after month, or of carrying a balance on one or more credit cards. You have more red than black on your budget. You're convinced that there is no such thing as light at the end of the tunnel. You just want to give up and not worry about budgeting and making money stretch.
Don't worry. You're not alone. And there are things you can do to beat that budget fatigue once and for all.
Take your budget out and have a look at it. Are the budget categories in the red because you've just overspent or are they in the red because not enough was allocated to them? Knowing the reason for that bright red total gives you the power to change it from red to black.
How detailed is your budget? Tracking your spending is a great thing but if it's causing you headaches and getting you down maybe it needs to be simplified.
Don't spend hours agonising over receipts, statements and figures. Twenty – thirty minutes once a week checking spending and entering information should be more than enough time spent on the average family budget. Any longer and it starts to become a chore and that's tiring.
August is a good time to review your budget and make any adjustments. Income tax has been done and hopefully you've received a decent return. Any family payments should have been adjusted and bonuses paid. Best case scenario you have some “spare” money at hand. Use it to balance the budget and get back on track.
While I will always recommend applying any extra money to debt and savings, if your budget is getting you down don't hesitate to use it to even out your budget. Then apply the left overs to debt and savings.
Another reason for budget fatigue is neglect. You create a beautiful budget, covering every possible expense, with lovely categories and gorgeous columns that balance at the end of each month. But you've neglected to allow any mad money. Mad money is just that, money you can go mad with. Even if it's just $5 a week, having money that is your very own, that you can spend whenever you want on whatever you want without having to account for it, is very important for beating budget fatigue.
Budgets aren't set in cement. They are meant to be fluid. A good budget changes often to suit the economic climate it was written for. Your budget needs to change as your circumstances change. Increases in income and expenses mean that your budget will be constantly changing. Recognising and accepting this will help you conquer budget fatigue and stay positive.
And the best advice I can give you for beating budget fatigue is this: a budget is meant as a guide for spending and saving. You control the budget, it doesn't control you.
Don't worry. You're not alone. And there are things you can do to beat that budget fatigue once and for all.
Take your budget out and have a look at it. Are the budget categories in the red because you've just overspent or are they in the red because not enough was allocated to them? Knowing the reason for that bright red total gives you the power to change it from red to black.
How detailed is your budget? Tracking your spending is a great thing but if it's causing you headaches and getting you down maybe it needs to be simplified.
Don't spend hours agonising over receipts, statements and figures. Twenty – thirty minutes once a week checking spending and entering information should be more than enough time spent on the average family budget. Any longer and it starts to become a chore and that's tiring.
August is a good time to review your budget and make any adjustments. Income tax has been done and hopefully you've received a decent return. Any family payments should have been adjusted and bonuses paid. Best case scenario you have some “spare” money at hand. Use it to balance the budget and get back on track.
While I will always recommend applying any extra money to debt and savings, if your budget is getting you down don't hesitate to use it to even out your budget. Then apply the left overs to debt and savings.
Another reason for budget fatigue is neglect. You create a beautiful budget, covering every possible expense, with lovely categories and gorgeous columns that balance at the end of each month. But you've neglected to allow any mad money. Mad money is just that, money you can go mad with. Even if it's just $5 a week, having money that is your very own, that you can spend whenever you want on whatever you want without having to account for it, is very important for beating budget fatigue.
Budgets aren't set in cement. They are meant to be fluid. A good budget changes often to suit the economic climate it was written for. Your budget needs to change as your circumstances change. Increases in income and expenses mean that your budget will be constantly changing. Recognising and accepting this will help you conquer budget fatigue and stay positive.
And the best advice I can give you for beating budget fatigue is this: a budget is meant as a guide for spending and saving. You control the budget, it doesn't control you.