As a short review, budgets are about 10% math, 80% discipline, and 10% repetition. I apologize in advance, but this post has a little more about discipline than anything else. Here are some practical tips on keeping track of your budget.
- Look at your account daily. When you were creating your budget, you may have forgotten about that $10/month subscription that automatically comes out each month. You’ll need to adjust accordingly for that. Looking at your account daily will also help you stay current with everything. For those who live in the United States, we have opportunities CONSTANTLY to spend money. Even if you have the money budgeted, you should still know what’s coming out and when. If you’re looking at your account daily, it will help you see how quickly it all disappears and will help you keep your eye on the prize: saving money!
- Look at your budget daily. If you added savings to your budget as a line item – as you should have – it does so much good to remind yourself of that regularly. Seeing that $300 line item that is coming right to you at the end of the month can be such an encouragement to stick to it. (And looking at your budget may help you remember that you and your friend shouldn’t go out to lunch tomorrow but should instead eat at your place or meet for a $1 coffee.)
- Set a time weekly to go over your budget and account (if applicable, with your spouse). This helps ensure that both parties are on board, keeps you striving for the same goals, and aware of your finances. A unified team has so much underestimated power. If everyone on your “team” is aligned with your mission for budgeting, saving, etc., you can all arrive to your goal happier, healthier, closer, and faster.
If you create a habit of doing these simple tasks every day, it will soon become as normal and habitual as brushing your teeth every day. And your finances will show you the reward of your discipline. Happy budgeting!