Budgeting is one of the most important financial disciplines to master. The issue is that it is extremely difficult for the people who need it most. Like most great things in life, it takes a lot of effort and patience to do it correctly. While not out of reach, it has many seriously annoying aspects. Despite all of them, budgeting is still an amazing tool that is vital to financial success. Heck, it is vital to avoid complete financial ruin! To show that we understand the struggle, though, today we will go over the negatives we know you see when you look at sticking to a budget. Here are the 3 most pesky parts of the budgeting process.
Not Spending Your Money
Obviously. Even though this is pretty on-the-nose, it is still the primary source of suck when budgeting. A lot of people instinctively see the number on their direct deposit and devise the best and most fun way to blow every penny. As nice as this can be when you’re a kid, it doesn’t exactly pan out when you’ve got bills to pay. Holding on to your cash is a discipline in itself, and it is a very tough one to master. With some practice, though, it becomes reflexive.
The Little Things
Even when you have devised the perfect budget, you can still end up a good deal south of what money you wanted to have leftover at the end of each month. this is often because of all the small purchases you make throughout the day without thinking. Forgot to eat breakfast, so you stopped by McDonald’s on the way to work. Stopping at the vending machine once or twice… a day… is pretty harmless, right? It’s only a couple of bucks! Well, those little things add up, and it’s easy to rack up an extra couple hundred dollars in expenses on things that are so small you don’t even think to add them to the budget. Keeping track of every single purchase seems so overwhelming, but it is a vital part of the budgeting process.
Sticking to it
After a while, you will start to see some serious results from your budgeting process. This success, though, comes with a cost. Once you start to pad those savings or grow that brokerage account, you start to think that maybe you should loosen the belt a little bit. This is an extremely common trap to fall into, and it is one of the hardest to pump the brakes on. If it ain’t broke, don’t fix it. If you are starting to see results from a great budget plan, don’t ruin it by easing up– stick to it! The only way to maintain sustainable results from your budget is to stay the course even when it feels unnecessary. If you want to start spending more, start making more money!
In Summary
Budgeting is hard, but it is absolutely necessary. Despite all of these difficulties, a good financial plan is your key to security in the future. While we can relate to your struggles, we here at Engineer Your Finances know that you are just one good budget away from absolutely changing your life. So, take these drawbacks and make them your motivation, because none of these are worse than not being able to properly provide for yourself or your family! Happy saving!
Trey LaRocca is a freelance writer, financial sales worker, and tech guy. When he isn’t out and about or at work, he’s usually at home enjoying some video games and a beer. Currently residing in Newport Beach, this California Kid can be found at the beach on any given weekend. Trey has years of experience in day/swing trading, financial analytics, and sales.