Motivational Tips To Stick With Your Weekly Budget.

by Fox Symes on March 24, 2014

Creating a budget is easy; sticking to it is a whole other matter. Unfortunately, too many of us drop the ball when it comes to our weekly budgets, and this can land us in hot financial water. There are, however, some ways you can stay disciplined and motivated throughout the week to help you stay within budget. If you need a little help in this area, read on. Here are 3 tips that can help you stick to your budget, week-in, week-out.

Social accountability.

One of the most effective ways of keeping you on track towards your savings goals, is to use the power of social accountability. In basic terms, this means having a partner or close friend or family member monitor your behaviour vis-à-vis your weekly budget. Having another person involved in holding you accountable to your actions can provide that extra bit of pressure that stops you from splurging when you really shouldn’t. The thought of having to explain your actions to another may just pop up in your head at those moments you even think about spending outside your budget. Indeed, social pressure itself can keep you on track at all times. So get someone in your social circle involved the next time you set a budget and use the power of social accountability to your advantage.

Pay up penalty.

Imposing a “penalty fee” should you fail to spend within your limits is another effective strategy you can use to help you stick to your budget. For example, imposing a $50 penalty fee payable to someone in your social circle (see above) or a charity can help you stay motivated throughout the week. The threat of a penalty has many a time been enough of a deterrent to stop people from spending outside their budget. And the more severe the penalty, the more likely someone will stay within limits.

Savings goal in open view.

Sometimes we forget what we’re actually savings towards, and this can stop us from spending within our budgets. Having our savings goal in full view around the home and office can constantly remind us of our goals, keeping us on track at all times. Why not have pictures of whatever it is you’re saving for placed on your fridge, bathroom mirror or at your work desk? Being constantly reminded of why we are not spending inside our budget is important for our own motivation.

Staying disciplined and motivated towards spending within our weekly budget is not an easy task. There are times when even the best of us fail to stay on track, and this can cause all sorts of financial trouble for us. However, all is not lost. If you’re finding it difficult staying within your weekly budget, take note of the above. Use the power of social accountability and the threat of a penalty fee to keep you on track. Also, make sure you’re constantly reminded of what you’re actually saving for around the house and office. This way, your savings goal will always be at the back of your mind, and this can help you stay disciplined and motivated enough to stick to your weekly budget.

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