Find a budgeting motivation
The main aim of your budget is to be able to identify what you can cut-out in order to have your income exceed your outgoings. You should also note that budgets can be adapted over time, taking into account changes in your income, or relationship changes.
Absolutely every cost, from essentials to ‘treats’, should be tracked to accurately establish how much money you need for bills each month. It will also show how much you should look to save as a ‘buffer’ for emergencies, and finally how much money you can spend on what you want. Often, simply writing down each expense reduces needless spending without you fully realising it.
You do not need to give up ‘treats’, but you could try simple things like preparing your own food and drinks at home, rather than buying food during lunch breaks. Simply knowing you can have ‘treats’ if you make your own lunch and save money is great budgeting motivation in itself.
Checking your bank account regularly is a good way to keep track of your finances, and many banks allow you to do this online, or register for text alerts. You can still receive printed-out versions of your balance though if you want to.
Make goals and targets
Constantly making yourself goals is an effective form of budgeting motivation. You can try to cut down on certain things for the first month, then cut down on even more the next month, and so on. This means you experience a gradual change in spending habits and therefore do not lose motivation.
The whole family should be involved when a budget is created and implemented into your spending. Checking each week that you are all sticking to your plans is a useful way to reduce expenditures. Encourage each other to take time to make decisions on purchases that are more expensive than normal purchases.
As well as goals, create a target that you are saving for, such as a holiday or a new car, and do something to remind you regularly of this for extra budgeting motivation.
