7 Budgeting Challenges: Time To Kick Your Budget’s Ass!
February 8, 2022
Fire The Boss
Use Cash. It’s easier to spend money with a debit or credit card than it is to spend cash. Rather than setting yourself an impulse purchase limit and then carrying around the plastic card, pull the money out in cash. Keep the cash in an envelope or in your wallet. When you feel the need to make an impulse purchase, only use the money in your envelope.
Wait 24-Hours. Okay, I hear you. You want to be impulsive. NOW! However, waiting just 24-hours before making the purchase is still not a long time. It simply allows you to evaluate if you truly want the item. Not craving it the next day? You don’t need it.
Talk About It. Still feel the need to overspend on impulse purchases? The problem could go deeper than motivation or habits. Consider speaking with a counselor to see if impulse purchases are a result of an emotional issue. While it may cost more initially, it will save you money in the long run!
4. Not Planning For The Unplanned
5. Saving Aimlessly
Don't just set a budget, set goals!
Set A Tight Deadline!
6. Budgeting By Yourself
7. Setting Unrealistic Goals/Limits
When you set a savings goal, it needs to be realistic.
Factor In Some Lifestyle Changes
Cook more at home instead of eating out.
Only subscribe to one streaming service rather than three.
Additionally, you can walk more instead of driving (if you live in a place where that is possible). Not only will you save money on gas, but you’ll spend less on repairs. And you will be healthier!
Ready To Conquer Your Budgeting Challenges?
No matter what, if you defeat these seven budgeting challenges, you’re sure to have greater success with your budget.
Once you’ve jumped these hurdles, keep the momentum going!
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