SolveYourProblem
Article Series: Budgeting Tips & Advice
Help Me To Create a Budget, Save Money,
...and Stick To It!
Top
3 Reasons Your Family Budget Fails
Many
people make an honest attempt to budget, but become discouraged
and give up before they are able to accomplish any significant
financial gain. The top three causes of budget failure come
into play before you even begin to set up your budget. Awareness
of these budget busters is your first line of defense in
the Battle of the Budget.
Budget
Buster #1 - Negative Attitude
It
cannot be emphasized enough--a positive attitude about budgeting
is essential to your success. If you think of budgeting in
negative terms (such as a financial diet, financial handcuffs,
restrictive, penny-pinching, a sacrifice, etc.), you are
sure to fail, unless you are a martyr or a masochist who
finds some strange reward in a punishing experience. For
purposes of this article, I will assume that you are neither.
A
positive attitude means you think of a budget as a means
to an end--a way to achieve your dreams and goals--and that
postponing the instant gratification of spending all the
money you earn is worth the rewards you will earn in the
end.
Budget
Buster #2 - Lack of Motivation
What
is your motivation for budgeting? Are you trying to appease
a nagging spouse? Following the terms of a debt repayment
plan with a consumer credit counseling agency? Complying
with an agreement made in bankruptcy court? These are not
bad motivations, but they are external pressures and will
probably not be easy to maintain over time. The best motivations
are internally generated: do you honestly believe that budgeting
can help you meet your goals?
If
you need a little help in the motivation department, see "Top 12
Reasons For a Family Budget." A
quick re-read of these will surely inspire and ignite a motivational
spark or two!
Budget
Buster # 3 - Unrealistic Expectations
What
do you expect to gain from instituting and following a budget?
Do you think that setting up a budget will reveal large caches
of hidden cash or that the budget fairy will sprinkle fairy
dust over your budget and magically transform your spending
habits after a month or two of tracking expenses?
The
reality is that budgeting is an endurance event --
those who stick with it, through thick and thin, will come
out ahead financially. Do not expect miracles. What you
WILL see if you stick with it is steady, measurable progress
towards the goals that really matter to you.
Starting
a budget without having a positive attitude, internal motivation,
and realistic expectations, will probably set you up for
failure. You can greatly increase your chances of success
by ruling out the three biggest budget busters before you
even begin.
Family
budgeting – just the thought of it makes most
of us cringe. However, mostly, we do attempt to curb our
spending and live within our means. Others fall into bad
habits, habitual spending patterns or impulse shopping
and over-extend themselves, landing knee-deep in debt!
Ironically,
one of the first remedies for any debt consolidation or repair
strategy, is to take a long hard look at the budget and financial
patterns within the household! It is almost like running
a diagnostic.
To
take a closer look, you are in effect placing your family
dollars under a magnifying glass and microscope. This can
prove both challenging and painful for most people. I hope
to alleviate some of that initial discomfort and apprehension
with this handy step-by-step article series.
Most
financial advisors will tell you that you have to reward
yourself for good fiscal responsibility, discipline and habits,
to increase your motivation and success levels.
Budgeting is
the first step, sticking with and to it, a close second and
the sometimes overlooked but ever-important reward, has
to keep the motivation going. To repeat and continue to experience
the benefit of the budgeting cycle and discipline could be
an uphill battle, but there are calmer seas ahead.
Cash
management, savings, planning for retirement, setting financial
goals etc. active and hands-on, is becoming increasingly
important for the survival and well-being of our families
everywhere.
Be
your own best expert with coming up with new ideas on how
to save money, budget better and spend less! Your unique
strategies stem from a deep understanding of your own situation,
demands, and needs. Discover which tips and ideas work best
for you. After all, fiscal management and finances are definitely
not a one-size-fits-all solution environment. It is personal,
customized and unique.
 
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SolveYourProblem.com : 2008
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