Are you struggling to keep a budget?

BY CLEVE DESOUZA

For many people, the word “budget” carries a negative connotation. It is in the category of words like “diet” or “waiting”. Most people know that it is essential, but nothing to get excited about. In fact, budgeting often causes stress and a sense of foreboding. Much like going in for dental work, it is just a part of life to be endured in order to keep things running smoothly.

What if there was a better way? What if there was a different perspective that made budgeting easier and more enjoyable? Here are some strategies to help minimize the budget struggle.

Strategy #1 – Develop a conviction around goals
The reality in our world is that most Canadians lack true motivation when it comes to budgeting. It is viewed as a chore, and something that must be maintained because that is what you do. You have to pay the bills, therefore, you have to budget the money.

However, this is a very wrong mind-set.

People who embrace budgeting often have a perspective that is purely focused on money goals and not money obligations. This means that if you begin identifying financial goals for your life and future, and then develop a conviction around seeing them come to pass, budgeting becomes a welcome tool that helps you reach those goals instead of an unwanted duty to be endured.

Strategy #2 – Automate everything possible
If you walk into just about any kitchen in Canada, you will find a plethora of automated gadgets that make our lives easier. Microwaves and instant pots that cook entire meals in minutes instead of hours, dishwashers that clean, rinse, and sanitize with the push of a button, and coffee makers that turn on and brew through a smartphone app.

If automation works, why aren’t we using it for money?

Whether you choose to set up recurring mortgage payments with your bank or turn on auto pay with your utility company, one trick to keeping budgeting on track is automating your finances. This may still require the push of a button or the opening of an app, but it will be more streamlined and less time consuming than paying each bill individually.

Strategy #3 – Review and celebrate progress
Another reason that budgeting gets a bad name is because people often don’t allow themselves room in the budget for adjustments or celebrations. In many cases, the stress of keeping a budget leads to overspending and then that leads to more stress.

Then the budget is ignored altogether.

Instead of only reviewing your budget when you think things have gone off the rails, make it a regular weekly occurrence. Give yourself room to adjust a little if life was more expensive than you planned for during the week and celebrate the winning weeks when you stayed on (or under) budget.

Strategy #4 – Have an accountability coach
Social media has become immensely popular primarily because people love sharing and connecting with others. Trying to do anything alone on an island doesn’t work well, budgeting included.

People need community and accountability for success.

Whether you partner with a spouse or close friend or choose to pay for the services of a professional accountability coach, get someone in your corner. Make it a person who you can vent to, brainstorm with, or who just asks you each week how things are going with your money goals. This will help you stay on track and build the budgeting mindset and muscle required to sustain and succeed.

Stop Struggling, Start Winning!
At the end of the day, a budget will always be a stressful struggle if you let it. Just as with anything else in life, budgets are what we make of them. By taking control of your mind-set about budgeting, you essentially take back the ability to let it stress you out. Instead of letting a budget consume you and control you, begin putting it to work creating a financial future that you envision!