Budgeting When You Hate Budgets

budgeting if you hate budgets

Budgeting When You Hate Budgets

Budgeting isn’t a task that everyone loves doing. If financial planning is not your thing, it can be really difficult to sit down and make a budget every month. However, budgeting is a great way to stay in control of your finances and avoid unnecessary spending. Budgeting can also be a crucial step in the debt reduction process. At Pivotal Wealth, we specialize in getting our clients out of debt, so we’ve compiled this how-to guide on budgeting if you hate budgets.

Four Budgeting Tips for People Who Hate Budgets

1: Change The Name

Sometimes doing something as simple as changing the name can make budgeting easier. If you have negative emotions associated with the word budget, calling it something else can make a big difference in your overall attitude towards planning your finances. Instead of calling it a budget, try naming it something inspirational like your “wealth-building plan” that will encourage you to set clear goals each month.

2: Focus on the Fun Stuff

You may not believe it, but there can be a fun side to budgeting if you approach it with the right mindset. Instead of just looking at savings as “savings”, look at it as savings for future fun things like a home remodel, a future vacation, an enjoyable retirement, and so on. Other fun parts of a budget can include your discretionary expenses like hobbies, shopping, going out to eat, streaming subscriptions, and more. Use the fun stuff in your budget to power through the not-so-fun stuff. 

3: Reward Yourself 

Sometimes rewarding yourself with a small purchase may be incentive enough to complete your budget each month. Factor an incentive into your budget each month, but don’t purchase the reward for yourself until after your budget is complete. Make your reward something you’re really excited about or something you’ve wanted for a while for an even bigger mood boost after finishing your budget! Eventually, you may even begin to look forward to the process of budgeting your next reward.

4: Make a Budget You’ll Actually Keep

One of the main reasons why so many individuals hate budgeting is because they make their budgets too restrictive. If they aren’t able to stick to their budget, they might feel guilty or defeated. Giving yourself wiggle room for mistakes can help you to avoid the negative feelings associated with breaking your budget, and you’ll eventually become more comfortable with your limits.

Don’t set an “Over-Save” savings goal. It’s great to save money as a part of your budget, but be realistic about the amount you save. If you are not earning enough to pay bills, don’t set a goal to save $1,000 a month, you probably won’t reach your goal. At the same time, if you are struggling to make ends meet, look for ways to reduce your monthly expenses, and save at least $100 or more a month. Saving nothing at all is a recipe for long-term failure. If you find it is hard to get started, look for help from your family, friends or reach out to Pivotal Wealth to get a kick start in the right direction. 

Budgeting to Eliminate Debt and Build Wealth

Pivotal Wealth helps ordinary people become financially literate and debt-free. We can help you with budgeting, even if you hate budgets! If you are struggling to manage your finances, or have questions about how to start saving, we can help! Give us a call today to learn more about how you can make smarter financial decisions and start building your wealth.

Images used under creative commons license – commercial use (12/21/2021). Photo by Towfiqu barbhuiya on Unsplash

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Matt Lovelady is a co-founder and managing vice president of Pivotal Wealth. He has launched multiple businesses in the financial services space and is passionate about helping people become debt-free, build their wealth, and plan effectively for their retirement.