Sticking to a Personal Budget
You have taken the time to create a budget. It has been a trying task, but you did it. Now, you must stick to it. That budget looks good on paper, but it won’t help if we don’t change our spending habits. Here are a few ways that even the biggest budget hater can stick to one.
1. Think before you spend. Having plastic in our pocket stops us from thinking sometimes. We see something we want and we act like Betty and Wilma in The Flintstones: ìCharge it!î Before we know it, we have dipped into the bill money. Once it’s gone, there’s no way to get it back until next month.
2. Put your credit cards away. Once they are paid off, hide them. If you carry them in your purse you will use them. It is okay to keep them since you never know when an emergency will come up, but out of sight will lead to out of mind.
3. Forget about that raise. We are all guilty of planning on our next purchase as soon as the ink dries on the paper. Instead of using that money, put it away in a savings account. It is an added bonus for doing a good job at work. Let it grow a little away from greedy fingers.
4. Put away that tax refund. Each year I used to count on the tax refund to get myself out of debt once again. The problem was that I got right back into debt and needed to be bailed out again. Treat tax money like a raise or a bonus ó keep it hidden.
5. Withdraw money from the ATM once a week. If you know that you will need cash in your pocket, go to the bank once and get enough to last. When it is gone, that’s it. Resist the urge to go back again for more.
6. Learn how to grocery shop. This seems like an easy task but there really is an art to getting enough food to last, especially with children. Cut coupons out of the Sunday paper. Stock up on essentials like toilet paper, laundry detergent, soap, and the like when there is a sale. Buy common food staples in bulk. Buy meat from the butcher and have it cut up for free.
7. Re-negotiate insurance rates and utility plans. Every three years or so it is good to see which gets you lower rates - your current insurance carriers or another.
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Sticking to a personal budget takes time and we all slide back into old habits now and again. The point is to get right back in the saddle and keep on going. You will reach your debt-free future.