Are you tired of trying to budget and constantly find yourself failing? Do you feel like budgeting may never work for you? Are you guilty of these 7 Critical Reasons your Budget is Failing?
Most of us can probably say that we’ve tried budgeting once or twice and it did’t seem to work out. Maybe we threw in the towel a little to early, maybe we just didn’t try hard enough or maybe our family wasn’t on board. There are many reasons that budget fail, what’s your reason?
There are many types of budgets out there and what may work for me, might not work for you. Not every budget will succeed and there are many reasons for that. It’s super easy to write numbers down on paper, the hard part is making those numbers work in real life!
Thru my personal trials and errors of budgeting, research and listening to many family and friends, I’ve come up with a list of 7 Critical reasons that your budget is failing. These 7 critical reasons your budget is failing are crucial to get under control in order to conquer your budget and make it work in real life, your real life.
So let’s get into what these critical errors are and how we can fix them.
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7 Critical Reasons Your Budget Is Failing
We never like to think that bad things can happen to our families or in our lives, but the reality is they do. Not properly taking care of your things, sickness, job loss, car breaking down, or even death are some example of emergencies.
By putting aside money each week or month for emergencies you are giving your family a better chance of “surviving” said emergency. No matter how small or large that amount is (even $5) it will help keep you and your families budget on track when “things” do happen.
When you create a budget, it effects your entire household. When you and your partner are not on the same page your budget will most certainly fail each and every time. Especially when your partner tends to be the spender (hmm my husband)! Your budget and you will fail financially. This can also put a huge strain on your relationship.
Create a budget together or as a family. When everyone is involved they will understand why there is a budget and hopefully help keep each other on track. This helps with accountability so your budget doesn’t fail. Make long and short term financial goals together so that you will each see the light at the end of the tunnel.
Life is constantly changing, so it’s only normal that so would your budget! If you’re only budgeting for $300 a month for groceries yet you repeatedly spend $400, your budget is failing.
Re-evaluating your budget on a monthly basis is a healthy way to hold accountability and make sure you are adjusting as needed. You don’t need to redo the entire budget just make adjustments in the categories that need it. Maybe you are over budgeting in one category yet on another you never seem to have enough, readjust those categories so you will stay inline with your earnings/budgeting.
You’re not sticking to your goals
When you budget you need to be 100% honest with yourself. Create a goal for yourself. A goal is one thing in your budget that can be used as reinforcement during your times of weakness. What I mean by that is when you have a goal to be debt free or save enough to go to Disney or whatever your goal is, when you you want to make silly purchases you will be able to quickly remind yourself WHY you are budgeting. This will help keep you on your budgeting fast track.
Anyone who starts a budget realizes that they need to get spending under control in order to achieve their goals. Look towards the bigger picture and really put some effort into those goals and dreams you have! If you are trying to save up for that dream vacation to Hawaii, it’s not going to happen if you are “cheating” on your budget that’s going to get you there.
Keep your goals in mind with every purchase you make and continuously re-evaluate your budget to stay on track!
Your budget has to be realistic. If your budget numbers are more than what you are making, there’s no way your budget is going to work. You would have to either be willing to make more money or quite simply cut some expenses from your budget.
You can’t expect a budget to work if you are constantly not budgeting enough money in your respective categories. Don’t budget for $40 a month in gas when you know it’s more like $80. Be willing to cut out here and there to make your budget work. Stop those morning coffee runs, don’t order take out at work, limit to maybe one night of takeout instead of 3. You have to be willing to give up a little now to gain more in the future.
Your budget can’t be more than your take home income! The math just doesn’t work like that (basic math skills there). Either raise your income or cut your expenses, period.
You’re not really trying to keep to a budget
Let’s be real here, budgeting is not going to be easy in the beginning. And budgeting may not be for everyone. You can’t make a budget and expect a magic wand is going to make it work. Budgeting is a game of trial and error. Sometimes it may take a few months for you to fix the holes in your budget and see your real numbers. Numbers that really work for you and your family.
Give budgeting a fair shot. Try and stick to your families budgeting plan, reevaluate when necessary and include your family in the process. Once your real numbers emerge you will see budgeting is not so bad. Slowly you will see the light and see just how effective budgeting really is! Most importantly be honest with yourself!
You think a budget is too restrictive
Do you remember as a child you would get mad when your parents would ground you for bad behavior? Remember, once you were in your room sitting there, realizing you couldn’t leave you would get more and more upset. How did you feel? Restricted?
Well, sometimes when you are budgeting (and not really loving it) you may start to feel that restrictiveness again. It’s easy to get upset and “blame” your budget when you can’t buy the new handbag because you are “budgeting”. When you are feeling super restricted you are not going to flourish. Nobody and anything does well when they are restricted. Not even a plant would grow if they are being restricted in a pot to small for it’s roots.
I know this post said 7 Critical Reasons Your Budget Is Failing, but I couldn’t help myself. #8 Is a HUGE reasons that many budgets fail.
Spending more than you are making
Yup, you read that right! Spending more than you are making. None of us really want to admit this but it’s soooooo true! Honestly, I’m guilty of it from time to time. We have our budget in place (or not), we know we shouldn’t buy that extra grocery item, kids toy or new clothes… yet we do. We pull out the plastic and (gasp) charrrrggggeee it! Wheff it felt good right, I mean we work hard so we deserve it! We justify our lame reasons of over spending, because we feel like we deserve it.
Guess what feeling like you deserve that extra whatever, is not going to make you feel good when your budget fails and you can’t pay the bills!
Stop overspending! Stop justifying those lame purchases. Do you really want to be paying for that purse in 3 years? Heck it’s probably not even going to be in your closet by the time you’ve paid it off.
Even if you are guilty of one of these 7 Critical Reasons your Budget is Failing, you are setting your budget up for disaster. Get your spouse and family involved! Teach your children early about saving and budgeting. Turn it into a game. Create positive feelings about budgets and you’ll see the difference. Remember to celebrate those small victories. Challenge each other to do better and hold yourselves accountable.
You’ll quickly see that these 7 Critical Reasons Your Budget Is Failing were only excuses to allow your budget to fail. Don’t allow for you or your families budget to fail.
What do you think your biggest budget challenge is? Please comment below. Let’s help each other succeed at budgeting! Maybe you have an outlook on the topic that will help your fellow reader.