Realistic Money Expectations: Building a Budget You Can Stick to With Ease

coins-912719_640The thought of having a budget may not be appealing but it’s a great way to keep track of your spending and to make sure you’re saving for the future. It doesn’t have to be difficult either as you can put together an easy plan that helps you to create a better financial position for you and your family.

Burying your head with your finances will only make the matters escalate. Creating a budget will help you to tackle any debts you may have, reduce the costs of your monthly bills and put aside money so you have funds there for when you need them. For example, if you unexpectedly needed a personal injury lawyer like Truitt Law Offices, you’ll have the money there to take control of the situation.

What Do You Want to Achieve with Your Budget?

Before you start putting together a plan for your budget, think about what it is that you want to achieve financially. Do you want to save for your retirement? Do you want to put money aside for the kids’ school fees? Do you want to try and pay off your outstanding debts?

Having these goals in place will then help you to plan how much you want to save each month. By looking at what your expenses are each month and writing down all of the standard costs (e.g. mortgage repayments) you have as well as the average costs of living (food bills etc.) you’ll be able to see what money you have left over each month.

Allocate some to leisure activities, e.g. shopping and then work out how much you can realistically save each month.

Create a Budget Spreadsheet

Using a spreadsheet to keep track of your budget will make this far easier. Start by placing your income and expenses in separate columns. Go through all of your bank statements and bill records to make sure you haven’t missed anything, allowing for bills that aren’t necessarily coming through on a monthly basis (e.g. electricity charges).

When looking at your bills, see which of them are absolutely necessary and where you could potentially make some changes. For example, if you’re paying for the hottest Sky package on offer and you’re not really using this, why not get rid of it to plunge some of these savings into your retirement fund?

Each month, you can look back at your budget to see where you are and you may even find other ways of making some great savings.

Learning to Adhere to Your Budget

Once you’ve got your budget in place, it’s important that you stick to it. So, if you find that your financial situation is changing, make sure you adapt your budget to suit this. If you are finding that you’re not saving enough, go back to your original plan and see where you can make some cuts. If you can stick to what you’ve put together in your budget plan, you’ll soon find yourself in a better financial position, with more savings behind you and lower debts.

Riley Pollard enjoys writing articles and covers a range of topics that he feels he is knowledgeable in whether that be budgeting or motorcycles! Look out for his name around the web!

Save More Money in 2018

Coins 1523383 1920

Subscribe and join the worldwide 52-week money challenge! Get the tools you need right to your inbox.

We won't send you spam. Unsubscribe at any time. Powered by ConvertKit

Share this post:

Recent Posts

Leave a Comment


What’s the Best Free Recipe App?

The Apple Store and Google Play together offer more digital cookbooks than you probably have room for on your mobile device. So which... more →
New tax law might slow down housing market.

What Will the New Tax Law Do to the Housing Market?

The new tax law will have a profound impact on the housing market, although in ways that go beyond the deductibility of mortgage interest... more →

4 in 5 Households Will Get a Tax Cut in 2018

Four out of five U.S. households will get a tax cut as a result of the legislation that President Donald Trump signed into law today. more →
Will bitcoin reach $100,000?

When Will Bitcoin Reach $100,000?

Bitcoin has accelerated its pace of appreciation in recent months, and if the current levels between $15,000 and $19,000 make you itch... more →
The Dow Jones topped 24,000 -- now what?

The Dow Jones Crossed the 24,000 Threshold. Now What?

Stocks appear to be increasing in volatility, yet the markets closed on Monday, December 4 with the Dow Jones Industrial Average is... more →
Peer mortgage

Should You Get a Peer-to-Peer Mortgage?

If you can’t get approved for a home loan from a bank, you might want to look into applying for a peer-to-peer mortgage. more →
Investment gifting is awesome.

4 Things To Know Before You Donate an Investment

While donations of any kind are appreciated, gifting investments benefits both the giver and the receiver. Here are four key things... more →
Are you wondering: What's the Relationship Between the Stock Market and Federal Debt?

What’s the Relationship Between the Stock Market and Federal Debt?

Wouldn’t it be wonderful if gains in the stock market could actually reduce U.S. government indebtedness? If that were true,... more →