Tuesday, June 4, 2013

5 Tips for Setting a Realistic Budget – and Sticking to it!

Budgeting is truly the key to successful savings and staying on top of your finances. Unfortunately too many people simply don’t have a good enough budget, whether it’s due to a lack of planning or not having the right knowledge to put one together. Fortunately there are a number of simple ways to help you get your budget in shape. Here are 5 top tips for setting a realistic budget, and most importantly, sticking to it!

Be Honest

This might sound obvious, however many people aren’t honest with themselves when planning a budget. While good intentions are fine, you need to be very clear about your income and expenses in order to create a budget that you can stick to. Being unrealistic in the planning stages simply sets you up for failure and creates a lack of confidence in your ability to stick to your budget.

Ease Into It

There’s no shame in starting small. When you plan your first budget, the most important thing is to make sure that it is realistic and achievable. Once you’ve started making small changes to your spending and savings habits, you can revaluate your budget and get a little stricter. By repeating this process, you will gradually build up your skills and become better at sticking to your budget. You’ll find yourself achieving your savings goals in no time!

Stay Up to Date

It’s important to review your budget every couple of months, or whenever you experience any changes to your financial circumstances. This will help to ensure that your budget is accurate and up to date at all times. Include anything such as changes to rent, income level, general expenses and alter your budget to match.

Fight Temptation

The hardest part of sticking to your budget is resisting temptation. Always have a clear focus on your savings goals, and remind yourself what you are working towards. The short term gratification of impulse spending is far outweighed by the long term negative impacts that it can have on your finances.

Enlist the Help of a Professional

If you’re having trouble with your budget, the good news is that you don’t have to go through it alone. Getting professional budgeting assistance from the team at Fox Symes debt solutions is a great way to kick start your budget and help you to regain control of your finances for good. Spend less time worrying about your finances and more time enjoying life with a great budget created with you by a professional.
These top budgeting tips are a great way to improve your financial situation and start achieving your goals sooner. With a bit of help from the friendly team at Fox Symes, you will be well on your way to enjoying true financial freedom. The best way to achieve great results is to take action, so get started on your better budgeting today!

3 travelers' comments:

Unknown said...

budgeting is one of my problems. thanks for the tips.

mommy Orkid Belle said...

These are some great tips that do help us budget financially. Thanks for sharing, mommy Rose.

Unknown said...

buying unimportant things in not necessary now a days have to be wise and smart about budgeting in order to save money always think save for tomorrow sometimes temptation is around the corner.

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