There are many different types of budgets. I’ve talked about a few, but not all budgets succeed. This has happened to our family many times because we have failed to account for real life. It’s easy to get the numbers right on paper, but sometimes stuff just happens. Things come up. Throwing out your budget because it’s failing isn’t the answer, though! You re-evaluate, make changes, and keep moving. Here are to reasons why your budgets failing.
Why Your Budgets Failing
Your budget must be realistic. If your budget numbers are more than you make you have to be willing to either make more money or cut expenses out of your budget.
If groceries cost $400 a month and you only budget $300 you’re going to go over every month. You might have to be willing to cut the cable, spending money, or something else. Your budget can’t be more than your income. The math just doesn’t work that way.
Either raise your income or lower your expenses.
We don’t like to think about bad things happening to us or our family, but it’s a fact of life. Stuff happens and when it does you have to take care of it. An emergency fund can help with that. Each week put back a little to add to this fund. It doesn’t matter if it’s $5 a week. Anything that you can add to your $1000 emergency fund will help when things pop up.
Contribute a small amount each week to your emergency fund. This will help keep you on your budget when “stuff” happens and help prevent you budget failing.
3. Your Spouse
When you make a budget if you and your spouse aren’t on the same page your budget is going to fail every time. Especially if your spouse is a spender. You’re going to fail financially and it’s going to strain your relationship
Make a budget together. It’s both you yall’s money, so plan how you’re going to spend it together. Also, you need to make financial goals together that you both can work towards accomplishing.
4. You’re not reevaluating
When you budget things come up and sometimes numbers change. If you are budgeting your electricity for $200 but then in the Winter it goes up your going to go under budget if you’re still budgeting the summer price.
You need to reevaluate and change your budget monthly. You don’t have to completely redo it but makes changes where they need to be made.
5. You’re not sticking to your plan
You have to be real with yourself. If you allocate $400 a month on groceries but spend $500 a month you’re going to go over. If you give yourself $100 a month in spending money and you spend more it’s going to mess up your budget. When you make a plan stick to it.m
Be honest with yourself.
6. You’re not giving budgeting a fair shake
Budgeting for some people isn’t easy. You can’t make a budget and expect it to be perfect from the start. Budgeting is sometimes a guessing game and sometimes it can take a few months to fix the holes in your budget and to find the numbers that work for you and your family.
Each month sit down and look at where your budget needs help. Is there somewhere you’re over funding? Underfunding? Do you just have too many expenses?
Listen I love a budgeting and saving money but what’s the point of saving money if you can’t have a life? Don’t be so restrictive on your budget that you don’t get to live. Enjoy your life. Your budget should save you money and keep you on track, but it also shouldn’t make you sit at home letting life pass you by.