Creating a budget is kind of hard. Sticking to it can be even harder. But often the problem is that you’ve set yourself up for failure from the beginning by setting goals that you can’t reach. I’ve learned a lot through trial and error and I want to share my best budget tips that you haven’t already heard 1001 times.
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I’ve shared how I set up my budget using the 50/20/30 budget system and shared some of the ways I’ve saved money, like cutting cable and meal planning. But I know you’ve heard all those things before. If you feel like you’ve tried everything and it isn’t working, it’s time to try something new.
Budget tips
1. Add “right now” to your plan.
Remember that no matter how bad or good your circumstances are, they’re temporary. If you can’t afford to get takeout, you can’t afford it right now. If you have to pick up a second job on the weekend to make ends meet, you’re working an extra job right now.
You can do anything when you remember that it has a deadline. And if it makes sense, you can even set a deadline for when that temporary thing will end.
Just remember that the deadline only works if something is going to change. Eg. “I’m paying for daycare right now, but I won’t have to in August when the baby starts kindergarten.”
2. Try a low-spend month.
You may have heard of a no-spend month, where you cut out all expenses except the critical ones (rent, utilities, etc.).
Somehow every time my family has started a no-spend month, an unexpected expense has cropped up. On the plus side, cutting out those expenses has made it possible for us to afford those unpleasant surprises. It didn’t help us get ahead, though.
To do a low-spend month, choose an amount you want to save and make it a line item on your budget.
For example: If you normally make and spend $3000 per month, you could plan to save $300, which is 10 percent.
Cut back on other expenses in your budget and write in your savings as an expense (so your budgeted amount is the same). Pay the essentials, then put away that $300 before you spend on anything else.
3. Ask for help.
The great thing about humans is that most of us love to help each other out. If you are in a place where you need help, ask for it!
It might be borrowing money from your parents to pay for a medical expense (I’ve done that) or calling the electric company to ask if they can move your due date to a week later (I’ve done that too).
Those things are a one-time favor and when you’re in a better financial place, you can repay them or pay it forward. (If you feel like can’t ask anyone you know personally, there are nonprofits that provide assistance for things like medical debt or school supplies.)
4. Say no.
If your budget is tight, you’re probably already saying no to a lot of things. But if you’re working hard and cutting back expenses, remember that you might need to say no to things that cost time instead of money.
As a parent, I feel like I need to say yes to playdates and book clubs and being busy. I need those social connections, but I also need downtime.
Make sure you’re making time to relax, unwind, and focus on self-care every now and then. If you are burned out from working, you’re more likely to go through the drive-thru for dinner, argue with your spouse about money, and generally feel like everything sucks.
5. Put fun in your budget.
It’s important to schedule time and money for fun things like going to the movies, dinner out, or whatever you like to do. Depriving yourself will only make you more likely to slip and overspend.
Think of it this way: The harder you try to NOT eat the candy hidden in the back of the pantry, the more you want to eat it.
But if you let yourself have one piece every day, you’re less likely to eat the whole bag in one sitting.
6. Stop buying cheap things.
A friend once told me that her grandma said to spend money on the things between you and the ground: shoes, mattresses, and tires.
It’s pretty good advice and I think can apply to other things too. In general, it’s better to save money to spend on quality items rather than to buy the cheapest available now.
For example, I used to always buy $2 flip-flops at Walmart every summer. They lasted the summer and that was it. One year I found a pair of flip flops for $8 at American Eagle that I loved. They were 4 times as expensive by comparison, but I’m glad I bought them because they lasted 10 years and didn’t make my feet hurt.
Of course in my flip flop example, that wasn’t a big saving (unless you count the foot pain), but for bigger ticket purchases like furniture, tires, appliances, etc. it could be much more.
7. Make your budget pretty and prominent.
If you rely on your online banking app to keep track of everything, that’s good because you can check it at a moment’s notice. But that doesn’t mean you’re looking at it every day.
You need something visible to help you stick to your goals.
Whether you use my budget printables, someone else’s, or make your own, it’s important to find trackers and printables that you will use. Find ones that are nice to look at and keep them where you’ll see them all the time.
8. Invest in learning about money.
My mother taught me how to balance a checkbook in the 90s, but other than that, most of what I have learned about money and budgeting has been through trial and error. And Google.
If you don’t feel comfortable making a budget, sticking to it, and organizing your finances, it’s time to learn from the pros.
Find a course offered by someone you trust. Or read as many blog posts from personal finance bloggers as you can until you’ve saved up enough for that course.
Some of my favorite personal finance bloggers are:
- Rosemarie Groner, Busy Budgeter
- Tiffany Aliche, The Budgetnista
- Crystal Paine, Money Saving Mom
- Michelle, Making Sense of Cents
What’s next? Try these other fun and creative ideas on One Mama’s Daily Drama:
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