Giving up. Whether you want to admit it or not, we have all given up on something during our lifetime. Diets, working out, school, relationships, the list goes on. Shoot, I gave up on learning piano and guitar after two lessons 😅 It was all because it was hard and I wasn’t seeing results as fast as I wanted to. 

Most would agree it’s the same way with budgets; getting started is kind of hard and then once you do start you become discouraged when results don’t happen fast. However, giving up on budgeting can lead to regrets later down the line. Budgeting can be a path to living your best life because it provides foundation for early retirement, traveling when you want and building generational wealth. So if you are on the fence about budgeting or have already given up, consider these five questions/solutions to get you back on track. 

Question 1: Am I regularly tracking my expenses? It’s one thing to say you have a budget, but what good is it if you don’t actually track how it’s going?  In my opinion, tracking is the foundation to any budget. Not only does it help you cut back on aimless spending, but it also gives you more control over your finances. Solution: Consider using the envelope method for some expenses, excel sheet or an app that will help you track better. 

Question 2: Am I using the best template or mobile app for my finances? Let’s face it, not all financial tools are created equally. That app or even the budget template you are using might  not give you everything that you are looking for. Sometimes accounts don’t sync up properly in an app. Other times the template doesn’t provide the analysis you were hoping for to better your finances. Solution: Consider downloading the DWM Starter Kit (shameless plug) or switch to an app like Personal Capital or Mint.

Question 3: Is my budget too restrictive? When it comes to budgeting, I often tell my clients that your budget has to be flexible or fluid. Something I see a lot is that individuals will set a budget, constantly go over it, then beat themselves up about it. Things happen and you should give yourself some grace. Solution: Consider following the DWM 40-30-20-10 rule or give yourself a checking buffer. This will help with having money set aside in your checking account for those instances. Additionally, periodically reevaluate your budget adjust as needed.

Question 4: Am I having money meetings? Think of a money meeting as a time to sit down and do a pulse check of your finances. It gives you an opportunity to review your spending, make tweaks to financial goals and review how the previous period went, Without a money meeting, how are you able to understand where you stand? Solution: Set a weekly reminder to have a quick 10-15 minute meeting with yourself or significant other. Make it fun too! Have a glass of wine or your favorite spirit, and create a vibe. It doesn’t have to be THAT serious. 

Question 5: Are my financial goals realistic & sustainable? Having unrealistic financial goals is one way to set ourselves up for constant disappointment. With disappointment, could lead to less motivation to actually work on our goals too. We can’t say we want to save $500 a month but we only have $500 left after our needs/fixed expenses are paid for. We still have flexible expenses to pay for so that just doesn’t seem realistic. Solution: Reevaluate your financial goals & income to make sure they are realistic. Try using the SMART method to make them more concrete. SMART stands for Specific, measurable, achievable, realistic, and time.

Having conversations with yourself about your money is not as crazy as it seems!  So whether you do it today or this upcoming weekend go ahead ask yourself the questions and consider the solutions. Most of all, I encourage you to give budgeting another try in the next few months. As always, I am here to help! If you are looking for an accountability partner, sign-up for a free discovery call to see how we could potentially work together.

Holding You Accountable,

DWM