Habits Of Successful Budgeters
When creating your budget, there are many important facets to remember beyond just building it. It is also important to remember to say “no” even when you feel like you’re missing out. It’s really important to be consistent when managing your budget.
THEY RUTHLESSLY CUT SPENDING
As financial expert Steve from Steveonomics points out, you have to track what you spend and cut the waste.
Sometimes it’s hard to cut out extra luxuries when you don’t have many as it is, but focus on your priorities. Do you really need to pay for cable every month, or could you save some money by switching to a netflix and hulu account?
By cutting the waste and being ruthless with your spending, you’ll be able to add to your savings account. Successful budgeters know they have to cut expenses now so that they can enjoy their savings later.
THEY FIND FUN WAYS TO WORK AROUND THEIR BUDGET
It can be really fun to buy tickets to a museum or amusement park to enjoy spending time with friends or family, but it can be equally as fun to not buy tickets, and attend a free day at the museum, or going to a park that doesn’t have an admission fee.
There are lots of easy ways to work around budgeting, it doesn’t have to be something that sucks all of the fun out of your life.
THEY TELL THEIR FRIENDS ABOUT THEIR BUDGET
Having friends who support your priorities and cherish your friendship is essential. By having friends like these, they will understand and be flexible to spend time in ways that make financial sense for everyone.
If you have good friends who like to go out more frequently than you, share your priorities with them. You don’t have to talk numbers, but just let them know you’d like to do some fun, free activities occasionally too. Successful budgeters know that the right friends, the ones who care, will be on board and support their priorities.
THEY DON’T LET EXPENSIVE THINGS TEMPT THEM
Have you ever bought something “expensive” because the celebrities were doing it? Maybe you bought a $500 purse, or some $175 oxygen facial, or some kind of skin cream with gold in it… To build a successful savings, you can’t let these luxury riches tempt you. I’m not saying you can’t do nice things for yourself once in a while, but don’t torture yourself by living the life of luxury for a few minutes only to return to reality.
Successful budgeters don’t delude themselves into think an expensive item will make them rich. They know that their priorities are sound and, sure, while they’ll never be Kanye and Kim, their families will be healthy and well-taken care of.
Here is a video from Forbes with more helpful budgeting tips: