Budgeting. Make it a Habit

Budgeting should be one of your automatic habits incorporated into your everyday life. If it is not already, now is the time to make it happen. Why? They say "money makes the world go round", and if that is true, we should be ever conscientious about where our own money is going. Make your money make your own world go round by watching where it is going...budgeting. Don't let it control you, but rather you control it!

Starting a new positive habit can be just as hard as letting go of a bad one. For those of you that are trying to start this process for the first time, or trying for the 5th or 6th time due to loss of motivation, distractions,etc; remember there are steps that can save you from failure. It's just like any promise you make yourself.  "I'm going to eat healthier" "I'm going to exercise more." "I'm going to get back in control of my money and budget better!" When trying to make lifestyle changes, there is the possibility of losing motivation down the road and even failure. Follow these tips to aid you in successful budgeting and making it a new habit!

1. Write it down - Write down why you are making this a new goal for yourself. What are the positives to you creating this new habit, and what are the negatives you are trying to avoid. Writing it down will make it more real and force you to be honest with yourself. 
2. Find an accountability partner - This could be a spouse, a friend, a therapist, or even a financial adviser. I'm not saying you have to share your most private details about your money, but if you have someone that knows you are trying to make this a new habit, they can cheer you on from the sidelines and help you to make sure your keeping at it.
3. Baby steps - Remember Rome wasn't built in a day! Trying to adopt a new habit can be overwhelming. Don't set yourself up for failure by trying too much at once. New runners don't try to step out onto the road and run a marathon on day one, and you shouldn't have to feel the need to save $5000 in a week. Set yourself smaller short term goals and when you are successful, build from that!
4. Remove temptation - Look at your history. The one you hopefully created from following my last post and decide where your weaknesses lie.  Do you take out too much cash from the ATM? Stop going to the ATM. Do you swipe your credit card too easy and then cant pay the balance off each month? Hide your credit card in a drawer at home
5. Be consistent - The more you do something, the more quickly it will become a habit.   For the first thirty days, do something to help you be aware of your budget and spending habits. You don't have to spend an hour crunching numbers, but do something daily to help make budgeting more of an automatic part of your routine.For example, set a daily reminder on your phone and check your bank account or credit card balances.
6. All relationships need a little "Q.T." (quality time)- This may sound silly, but you are in fact forming a new relationship in your life.  Just like our relationships with people, our relationships with our habits need a little quality time in order to help them grow and become stronger. Set yourself a recurring date to sit down and have some uninterpreted, one on one time with your budget. This is your time to reflect on where you have been spending and savings, recognize your failures and achievements, and see where you need to grow and improve. For me, I set aside the 1st and the 15th of each month and give myself an hour. 
   
7. Give yourself some wiggle room - Remember no one's perfect, so allow yourself to make some mistakes.   Your budget isn't ever going to be just right and it can be very difficult to start keeping up with every single penny. At the start of each quarter I look at my budget and see where I'm overspending. Instead of getting upset about where I have failed, I look at it as a chance to start over and try again, and see if I need to adjust my budget accordingly.

Good luck and get going!

Happy St Patricks Day!