Have you indulged in some poor spending habits lately? If so, then it’s time to get your budget back on track. I find once I’m on the spending train, it’s hard to get off! However, I do manage to disembark eventually with a few tips I’ve used over the years. Take a look below at these 7 surefire ways to get your budget back on track and find your way to financial freedom.
7 Surefire Ways to Get Your Budget Back on Track
1. Go on a spending freeze.
First and foremost, if you’re stuck in the vicious spend cycle, you have to just stop. Begin by vowing not to spend any money for 10-14 days. In this time, use what you have on hand and refuse to buy anything new. See how much money this spending freeze can save you. You might be surprised! You might also be surprised to find that you can be content without spending money on “stuff” because you’ve discovered new ways to occupy yourself.
Related: read this post I wrote for YummyMummyClub.ca or feel free to read the posts I wrote for this year’s No Spend Challenge.
2. Track your spending.
Following your freeze, track your spending for 10-14 days. If you spend so much as a dime, write it down. At the end of your tracking period, see where your money is going. This visual data will help you see where serious cuts need to be made.
3. Start cutting!
Use the data from your spending tracking to see where cuts need to be made. Get serious about seeing these cuts through. Find ways around these purchases and then stick to it. Some examples may be eliminating eating out, turning cable off, buying less clothing for your kids or giving up monthly magazine purchases.
4. Bring friends on board.
If you need to get your budget back on track, be honest with your friends. Let them know about your goals so they aren’t trying to convince you to spend money when you shouldn’t. This way, you will also have a support system in place.
5. Celebrate small victories.
When you complete your spending freeze or tracking, or make bug cuts, celebrate! Plan a family fun day or go on a cheap date. Or, if you can, put aside $5 into a vacation fund each time you save $50. Knowing there is a reward each time you accomplish something, can be enough to keep you pressing onward.
6. Track your progress.
Each time you make a successful cut or save a dollar or two through your hard work, write it down. Track your savings so you can see how much your hard work is paying off. At the end of the week, check out your total savings and give yourself a well deserved pat on the back.
7. Don’t quit.
Even when you see the savings add up and the budget gets back on track, don’t stop! It will be important that you keep these tips in mind and perform regular check ups on your budget to stay on track.
See how simple it can be to get your budget back on track? With these tips and a bit of hard work you’ll soon be seeing a difference in your budget.
Do you have any tips that help you get your spending under control? Please share in the comments!
