If you struggle to stick to your budget, you are not alone. There are many people that create a budget plan but are unable to implement the plan. Sticking to your budget will require discipline and consistency.
Try these 6 simple steps to stick to your budget
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Know your income. Know your take home pay however often you are paid. Knowing your income will help you set up a budget that you can meet.
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Write down your goals. What are your goals? If your goal is paying off a car loan or student loan, it becomes easier to work towards those set goals. When you accomplish a goal, set another one so you will always have an endgame in mind.
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Be realistic. Be real with yourself. If you are the type of person that likes to eat out, maybe cut down your eating out to twice a week. If you are used to spending $75 per week, reduce it to maybe $40. At the same time, plan your meals ahead of time. Cook at home to avoid spending more than you budgeted. The more realistic your plan is, the more you are willing to stick to it.
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Track your expenses. It is important that you keep a track of your expenses. Write down your expenses weekly, it will give you an idea of where your money is going.
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Give yourself a weekly cash allowance. Give yourself a fixed amount of cash weekly. Once that cash is spent, you will have to wait until the next week.
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Eliminate the need to spend. Don’t spend money on things that you did not put in your budget. This will help prevent impulse spending.
Sticking to your budget is not difficult if you try these 6 steps. Some of the steps may be tough to apply initially but it does get easier after some time. You will need to exercise patience, discipline and consistency to achieve your goals.
Please share your tips on what you do to stick to your budget.