Jan 23, 2019 / Money Tips

5 Tips for Sticking to a Budget in the New Year

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.

1. Be Realistic

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.

2. Visualize Your Goals

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.

3. Occasional Indulgence

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.

4. Don’t Be Afraid to Revise

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.

5. Be Comprehensive

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.