There are some people who love budgeting, and then, there are those of us who totally don’t. If you find that budgeting is a struggle and you’re not excited about tracking your expenses, you might be wondering how you could learn to love your budget. We’ve got some tips for you!
Address your fears & failures
Asking some hard questions before you begin your budget will help you create a plan that feels right. What is keeping you from budgeting or what’s kept you from succeeding in the past? What were your major stumbling blocks before? Did you get busy and get lazy with meal planning? Were you setting unrealistic expectations that left you feeling deflated after every misstep?
Take the time to figure out what’s been tripping you up with budgeting in the past. Instead of thinking you’ll just tough it out and get it right this time, set yourself up for success by setting plan that allows for wiggle room around your weak spots as you build confidence.
If you’re new to budgeting, get familiar with the basics of budgeting to help get you started.
Experiment with different tracking methods
Set yourself up for success by experimenting with tracking you can stick to. There are several ways you can track your budget, including online budgeting tools.
Some people swear by low maintenance apps like Mint. Others prefer going “old school” by tracking their budget with pen and paper, which allows them to be more engaged with their spending. You may need to cycle through a few months of budget tracking to find the method that work for you.
Get aggressive with auditing your expenses & cutting in some savings
When was the last time you checked to ensure your insurance policies were still a good fit for your needs? Have you checked your credit score lately? At work, have you taken advantages of any job benefits to help you save money?
Other than housing, food is another big expense. Are you going to the grocery store with a plan to ensure you’re stretching your budget at the grocery store? Little tricks and budget hacks can add up quickly, but chances are with our busy lives, we don’t go over our spending as closely as we could to analyze for savings.
Visualize the goals
There’s a reason you’re budgeting right? When the nuts and bolts and day to day process of living on a budget gets you down, the vision is SO critical to making your budget lovable again. Your “why” is so important, surround yourself with reminders.
It’s important to meditate and visualize your goals as vividly as possible. Creating a vision board, and enlisting your family in the long term plan will mean you will have extra tools in your tool belt as time passes. If you’re saving for your first home, imagine getting your keys for the first time and the holidays you’ll spend there. Visualizing your goal will make the daily grind a little bit lovelier.
Set up milestone rewards
Yes, as much as you’d like to be strict with your budget, it’s a marathon, not a sprint, you need to takesome recovery time to recharge! Bake in wiggle room for perks if you are on target each month with your budget. Guilty pleasures can lead to heavenly budget success, especially if your budget is especially strict.
Even if your reward is as small as a new bottle of nail polish every month, it’s important to boost your morale. We aren’t machines, we have to have fun along the way to keep a budget alive. If you treat your budget like a strict diet, you’re bound to rebound even harder- you need a cheat day or two to stay sane!
Remember a budget doesn’t have to be forever
It’s easy to feel overwhelmed when you’re just trying to get by month to month and you’re not sure you’ll make it towards a goal that seems so far away. Budgeting can be really deflating when you’re setting it simply to get out from under a mountain of debt or you know your income will be limited for a good while.
While it may seem like a long time until you can live without a budget, remember it’s not forever. By making a plan now and sticking to a budget, you’re ensuring greater financial freedom later. A year from now you will be so grateful you started today!
This post was written as part of the Allstate Influencer Program and sponsored by Allstate. All opinions are mine. As the nation’s largest publicly held personal lines insurer, Allstate is dedicated not only to protecting what matters most–but to guiding people to live the Good Life, every day.
FAQs
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
What is the difference between a cheap and frugal boyfriend? ›
A cheap person is someone who is extremely price-sensitive. They would go for the cheapest possible option regardless of the quality or value. They would prioritize saving money over getting some nice clothes or going out for experiences. Whereas a frugal person would try and maximize the value they get.
How to be insanely frugal? ›
12 Tips for Frugal Living
- Choose quality over quantity. ...
- Prioritize value over price. ...
- Use credit wisely. ...
- Declutter regularly. ...
- Use a budget to guide your spending. ...
- Know the difference between wants and needs. ...
- Be a savvy consumer. ...
- Prioritize your values.
10 Unique Ways to Show Love Without Spending Money
- Make a photo book or collage. ...
- Or go digital, and edit a video. ...
- Send them on a scavenger hunt. ...
- Curate a personal playlist for them. ...
- Stay in for a cozy movie night. ...
- Offer up a service or favor (and actually follow through). ...
- Take them on a romantic hike.
Are you approaching 30? How much money do you have saved? According to CNN Money, someone between the ages of 25 and 30, who makes around $40,000 a year, should have at least $4,000 saved.
What are the four walls? ›
In a series of tweets, Ramsey suggested budgeting for food, utilities, shelter and transportation — in that specific order. “I call these budget categories the 'Four Walls. ' Focus on taking care of these FIRST, and in this specific order… especially if you're going through a tough financial season,” the tweet read.
Is frugal a red flag? ›
RED FLAG #3: Overly frugal
This can be a tough red flag to spot since recession worries have most of us saving more for a rainy day, but excessive frugality can negatively affect personal relationships and quality of life.
How to tell if a guy is stingy? ›
Signs That Your Significant Other is Stingy
Your SO never has cash on hand to pay for essential things. Your SO often forgets to bring a wallet along on dates. Your SO makes up complaints in search of discounts. Your SO only takes you on dates that are free (beach dates, kite flying, free museum days, etc.).
How to tell if someone is tight with money? ›
Unwillingness to split money not only reflects scant respect for the partner's commitment and money, but could also point at a person who is not earning too well or saving enough. He could even be a freeloader who is not fully invested in the relationship. If this continues for long, it's a good idea to move on.
Are frugal people happier? ›
Believe it or not, living frugally can actually make you happier than living lavishly. Living a frugal lifestyle isn't necessarily about pinching pennies and denying yourself things you want. It's about making your life easier and worrying less about money.
Frugal people prioritize spending money on things that add value to their life, and they avoid using money for what they don't consider important. Those who are frugal recognize the value of their time, health and happiness over material possessions.
How to enjoy life on a budget? ›
10 Ways to Live the Big Life on a Small Budget
- Eat Well on Less. ...
- Take Advantage of Nature for Exercising. ...
- Consider Alternative Accommodations. ...
- Take Short Trips Instead of Long Vacations. ...
- Don't Write Off Discount Stores. ...
- Look for Other Free Entertainment. ...
- Embrace Secondhand and Vintage Home Stylings. ...
- Give Back to Others.
Take a bath together (use bubbles!). Bring home good coffee or a decadent sweet. Take a walk down memory lane — visit some of the special places from your early days of dating. Make warm chocolate cake for dessert.
Can I love a man without money? ›
Money is not the sole factor in love - and people can absolutely love someone truly, deeply, and unconditionally regardless of their finances. Love is more about mutual respect, admiration, and care - money can be a factor in relationships, but it's not the only factor.
What makes a woman happy in a relationship? ›
Attention and affection: Women often appreciate receiving attention and affection from their partners. This can come in the form of physical touch, compliments, or simply spending quality time together. Respect and trust: Women generally value respect and trust in a relationship.
What is a 50/30/20 budget example? ›
Applying the 50/30/20 rule would give them a monthly budget of: 50% for mandatory expenses = $2,500. 20% to savings and debt repayment = $1,000. 30% for wants and discretionary spending = $1,500.
Is the 50 30 20 rule outdated? ›
However, the key difference is it moves 10% from the "savings" bucket to the "needs" bucket. "People may be unable to use the 50/30/20 budget right now because their needs are more than 50% of their income," Kendall Meade, a certified financial planner at SoFi, said in an email.
What is the disadvantage of the 50 30 20 rule? ›
It may not work for everyone. Depending on your income and expenses, the 50/30/20 rule may not be realistic for your individual financial situation. You may need to allocate a higher percentage to necessities or a lower percentage to wants in order to make ends meet. It doesn't account for irregular expenses.
When should you not use the 50 30 20 rule? ›
The 50/30/20 has worked for some people — especially in past years when the cost of living was lower — but it's especially unfeasible for low-income Americans and people who live in expensive cities like San Francisco or New York. There, it's next to impossible to find a rent or mortgage at half your take-home salary.
