5 Reasons You Haven’t Set Your Budget Yet!
Budgeting can make or break your finances and your life goals. Making that list of what you spend your money on and adjusting it to help you reach your financial goals seems easy enough. But why is it so hard to make it happen? Why haven’t you set that budget yet? Here are 5 possible reasons:
You Haven’t Defined Your Why.
There are many reasons for setting and sticking to a budget. You may have more than one. Choose your core goal(s) and focus from there. Common goals are:
Ending fights about money for couples
Finding a way to save more money
Breaking the paycheck-to-paycheck cycle
Getting out of debt
Setting and reaching long-term financial goals
You’re Spending Too Much.
If you rely on credit cards or overdrafts to function each month, you are most likely overspending. Whether that’s a result of not budgeting or hitting a temporary economic wall, it’s not sustainable. Writing down what money is coming in and where your money is going is the place to start. Hint! That’s also the first step in making a budget :)
You Don’t Have A Written Plan.
Have you ever heard the saying “a goal without a plan is just a wish”? That rings true for your budget as well. Writing your budget down (whether on paper, an app, or a spreadsheet) takes it from an idea to a plan. Plus, you’ll have a record of success when you look back a year from now. Get writing!
You’re Not Thinking Beyond Today.
Where do you want to be financially in 2 years? Maybe you’d like to be debt-free or purchase a home. By living within a budget mindset, you can reach those goals!
You Aren’t Giving It Enough Time.
Sticking to a budget and reaching your financial goals will not happen overnight. It takes time to get it right. It may take 3, 6, even 12 months to correct and fine-tune your spending habits. But it’s worth it!
So, what are you waiting for? Set those financial goals and give yourself the time to put them into action. We’re here to help!