Video Transcript
Now that you’ve built a budget outlining your income and expenses, the trick is keeping up with it. Establishing a few habits can help ensure that you don’t spend more money than your budget allows.
Here are five tips for sticking to your budget:

  • Write out your shopping list before you go to the store. Stick to this list and only buy what you need, which will help cut back on impulse spending.
  • Take out your spending money in cash. Do not allow yourself to use debit or credit cards for extra “fun money” when the cash runs out.
  • Set up automatic transfers. To ensure you are setting aside money for savings, set up an automatic transfer to your savings account each time you receive a paycheck.
  • Focus on the end goal. While being disciplined in your savings can be tough, it’s easier to stick to your budget when you keep the end goal in mind – whether that’s paying off a loan, building an emergency savings or being financially secure.
  • Re-evaluate as necessary. After a few months, you may realize a few categories where you’re stretching your budget too thin. For example, if you have been putting $200 to savings but can really only afford $100, don’t be afraid to make an adjustment.

These adjustments can help you stay on track with your monthly budget.

Next steps:

  1. Contact me with any questions you may have about building a budget.
  2. Check out our other articles and managing your Personal Finances.
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