Budgeting can be a damning task for some adults, especially young
adults. A recent study found that 57% of young people dread the
thought of budgeting. Yet, this does not have to be the case. Creating a budget
and sticking to it takes time, along with patience and having better control
over your finances won't happen overnight. These tips can help reduce the
stress of budgeting and help you achieve your goals.
1.
Use
Budgeting Apps
Budgeting apps
like Mint or You Need A Budget- YNAB can be downloaded from your device app
store. These apps can be downloaded onto a phone, tablet, or laptop so that
your budget can be readily accessible across various devices. The apps can help
you track your spending and help identify areas where you can cut back on
spending.
2.
Give
Yourself Time to Adjust
Whenever you
decide to set your budget, remember to give yourself a little time to adjust.
If you set a strict budget at first, you are likely to not follow through as it
may feel too drastic. Making sure that you give yourself a little extra wiggle
room for spending, to then make adjustments on spending will ensure that you
will stick to your budget in the long run.
3.
Don't
Deprive Yourself
It's okay to
allow yourself to have a little fun! You can prioritize your financial goals
while also treating yourself every now and then. When you are detailing your
budget, make sure that you include a space for fun money. This could be an
entertainment allowance or a self-care fund that you can do a monthly pedicure
with. However you decide you want to spend your fun money, making sure that you
leave room in your budget for these experiences to make time for the things that you enjoy.
4.
Automate
Tasks
Consider automating
your savings. You can set up automatic transfers regularly from your checking
to send money to your savings account.
You can also set up automatic bill pay- where the amount will be
automatically drafted from your account and you won't have to remember various
due dates. This can help save you time and help you build up your savings
quickly.
Setting a budget and learning your spending habits can be
scary at first but just remember that by doing this you will have less
financial stress and have better control of your finances. In the long run, you can experience less financial stress and feel better prepared for life's unexpected events.
If you would like to receive more information on making smart money moves for your future, be sure to contact us today!
