Integrated Family Community Services 3370 South Irving Street, Englewood, CO 80110-1816 Ph: 303-789-0501

Financial Success: Five Tips for Budgeting Your Money Better

Mortgages, insurance payments, car notes and other monthly expenses including the cost of gas and groceries are often the most thought about budgeting items. It’s after that many people forget that their budget still applies, and that is where it becomes more common for budgets to fail. A good budget requires a thoughtful mind, a comprehensive knowledge of your finances and dedication. However, a few good tips that help you budget your money better are always welcome in just about any budget.

Pay Yourself First

If there is one mistake that most people make with their budget, it’s forgetting to pay you first. Your savings is your most important monthly expense and should not be ignored. To help you budget better all year, add your savings into your expenses as if it is your mortgage or your car payment. When you pay that first, you don’t see that money and feel as if you are missing out.

Remember Infrequent Expenses

Your mortgage is due monthly. Your car payment is due monthly. Your cell phone payment is due monthly. Your trash pickup fee is due quarterly. Since you don’t pay this bill often, you might forget to include it in your budget. While it does not seem like such a big deal, it is. It can throw off your entire budget in an instant, so be sure you remember to add in all the things that are due at any point throughout the year to keep your budget on track. Making a calendar of what expenses are expected can be a great way to get organized.

Allow for Indulgences

Budgeting your money effectively requires allowing yourself a little wiggle room from time to time. It can be quite discouraging to budget a tight budget and never give in to temptation. Allow a little wiggle room for things such as a vacation, a date night here and there and other things that you enjoy. When you are able to budget your money and still enjoy your life, you’re more likely to stick to it. Depriving yourself at all times is a surefire way to set yourself up for failure.

Learn from Your Mistakes

Take a look at your past financial mistakes and ask yourself how you can improve upon them so you don’t make them again in the future. Perhaps you overextended yourself at Christmas because you failed to budget for this time of year throughout the year. It’s easy to improve your budget and forgo making the same mistake twice when you look for the lesson in past mistakes. For example, get help from the Austin experts in home loans in order to get the best mortgage rate possible. This can free up some very much needed funds for other, more important things.

Always Have Something to Look Forward To

If you want your budget to improve and work long-term, provide yourself with something to look forward to at all times. Perhaps that something is a weekly manicure or a night out with friends. Perhaps it’s a monthly massage. Whatever it is your budget allows, always have something to look forward to. It prevents you from becoming too focused on what you’re missing being on a budget since you’re too busy focusing on something fun and exciting in the near future.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.
Tim Esterdahl

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