If you made a new year’s resolution to be better with your money in 2019, you’re not alone. In fact, 53% of American’s resolve to be save money this time of year. It’s the most common new year’s resolution – even before dieting and losing weight. Unfortunately, only about 25% of people stay committed to their resolutions after January. So, as the first month of 2019 comes to a close, here are 5 tips for sticking to your budget.
The whole idea of sticking to a budget is to save money. At the same time, making unrealistic goals only sets you and your budget up for failure. Find a happy medium between saving money and knowing your tendencies. By being real, your budget has a better chance of lasting the entire year.
Maybe it’s a new house, a new car, sending your kids to college, or retirement, you’re saving money for a reason. So, give yourself an easy way to visualize that goal. Cut out some pictures in a magazine that remind you of your goals and put them someplace you can see often. When you can constantly visualize your reasons for saving, saving becomes much easier.
Just as setting unrealistic goals spells can spell trouble for your resolutions, never giving in to indulgences can do the same. Budget a little money every month for things you want to buy. When your indulgences are a part of your budget, you can look forward to spending money on those things guilt-free and you give your budget a better chance to last longer.
If you’re budget isn’t working so well after a month, or even a few months, don’t despair. Go back to the drawing board and find places where you can revise and improve. The truth is that no budget is prefect from the start. And most take two or three revisions before you find something you can stick to.
One of the most common reasons people fail to stick to a budget is forgotten expenses. When you forget to plan for things like school supplies, gifts, and emergency expenses, it can be deflating to see your budget get blown up. Think of everything you’ll need to pay for in a given month and plan accordingly. The more thorough you are, the better chance your budget has of succeeding.
As the calendar turns to February, ask yourself whether you want to be among the 25% that sticks with their budgeting goals in 2019. Then, with the help of these 5 tips, re-resolve to keep your budget around for the entire year.
A home equity line of credit is a versatile loan that can be used for just about anything. But because it involves borrowing money against your home’s equity, there are a few preferred ways to use your HELOC. Here are 4 wise ways to use your home equity line of credit. 1. Home...
Being smart with your savings is the first rule of finance. But saving money is much easier said than done. With so many demands on your dollars, even before your paycheck comes in, savings can sometimes feel like an afterthought. Unfortunately, this is a backwards way of building wealth....
One of the hardest parts of having a variable rate interest loan is the unknown. You don’t have a crystal ball and you can’t predict the future. You don’t know what the market will look like a few years down the road. And that means you don’t know the exact interest rate you’ll...