3 Smart Financial Decisions to Help You Stick to Your Budget

Budgeting can seem difficult, especially at the start. When you look at your budget dynamically, you can start to see some of the things that can help you both stick to it and even improve it. Here are some smart financial decisions you can make to help you get the most out of your budget.

1. Automate Your Savings

Set up as many automated saving methods as you can. You likely have more ways to do this than you think.

Split your paychecks direct deposit

If you have a direct deposit set up for your paycheck, you can usually have it split between more than one account. Start with a small percentage or amount to get comfortable with the process. You can also add funds to a third or fourth account if your budgeting for different things.

Set up automatic transfers

Many banks allow for various types of automatic transfers. You can automatically have a percentage or a set amount of your funds moved from a checking to a savings account regularly. If you send a regular amount to a savings account, you might never even notice it’s missing.

Use special bank or credit card programs

Some banks and credit cards have features that can help you passively save money. For example, some institutions offer the ability to round all purchases up to the nearest dollar. The change above the amount of your purchase will automatically go into a savings account.

2. Spend Judiciously

The more you spend, the more things you’ll notice you can spend money on. Stay away from that vicious cycle, and protect your budget by practicing good spending habits.

• If the price of something isn’t in your budget, don’t buy it.
• Track how you spend money and look for patterns.
• Become a shopper that looks for deals and discounts.

If there’s something you really want or need, but don’t have it in your budget, then budget for it. Remember your budget is flexible. You shouldn’t overdo it, but you can certainly add things you really need to your budget.

3. Set Goals

Your budget represents a goal or a series of goals. Create smaller tasks that continuously bring you closer to your goals. When you actively work on making your goals a reality, you will naturally develop positive financial habits and attitudes. If something isn’t serving your goal, then you can probably cut it out of your thoughts, budget, and life.

Think of your own happiness and satisfaction as well. Don’t become a machine. Instead, create fun things for you and the people you love. A movie, a fun vacation, or a nice dinner can also represent a goal. Find or make a place for the fun things in your budget.

In the end, you may find good financial habits are better than becoming a slave to a budget. By developing good financial habits, budgeting just becomes another part of those habits, rather than something you have to struggle with.

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