Budgets make the world go around. Household budgets, Business budgets, Local Council budget, budgets to run countries, they are all necessary for success.

Every day, money flows in and money flows out of your household. How you manage the flow of your money is vital and can make the difference between your success and failure.

It’s imperative that you learn the skill of being a budget keeper, rather than a stressor.

If you did the work from last month’s Blog, you would now be surrounded with five people who are good with their finances and always stay within their budgets.

  • Are you an emotional tyrant about your budget?
  • Are you a budget criticiser?
  • Do you over spend or squeeze the life out of your budget?

If you answered yes to any of these questions, then you have some work to do. It’s time to sort your budgeting problems out.

If you want to take control of your budget and go from a Budget Stressor to a Budget Keeper understandably sacrifices will be needed, but rest assured, you can do it.

Here’s the 5 Most Common Stressors That Cause Budgets to Blow Out:

The Emotional Money Tyrant – Do you make budgets that are too strict?

If it’s too tight, there’s no room to breathe, make mistakes or be spontaneous. Projects are known for blowing budgets, so it’s important to allow for contingencies and factor additional funds into your budget whenever you can.

Partners can feel micro managed and eventually rebel or, they may be too afraid to tell you the truth.

Emotional money tyrants can strangle the fun out of saving and this can put pressure on relationships. It’s important to Know when to loosen the reigns.

Broke on the Inside – Living a Life-Style you can’t afford is destined for tears and shame. You are living a lie and when it comes undone it’s often embarrassing or you’re hoping it never catches up with you.

Bad news, the TRUTH always catches up with you. Trying to keep up with the Jones’s is a deep feeling of not good enough.

You may even feel like a fraudster hoping things will change, however, you need to change your broke habits before they break you.

Trying to impress people with your money reflects a low self-esteem.

Unexpected Expenses – These are a part of life and forgetting to put money away for the unexpected must fix, can range from a minor hiccup through to bankruptcy. It’s essential to remember.

That’s why there is a rule of thumb that says if you can save three months of expenses and never touch it, that’s like real insurance. If you lose your job or need to fix the car, someone falls ill, and you need to take time out or fly to see them or on the positive side a once in a lifetime concert or a dear friend has a birthday trip away. You and your mortgage are covered.

The Purpose of Your Budget – The real purpose of your budget is to simply put you in financial surplus so as to provide a happy lifestyle that meets your basic needs. Additionally, fulfil your Dreams and Desires.

Budgeting for the Recalcitrant Mind – What a challenge, you need therapy because no matter what, you will buck the plan, even when you know it’s in your best interest.

There’s no yielding, not even for the greater good. Progression is possible; you just need to know your terms.

Here’s 7 Question to Think About:

  1. Are you the person who sets the budget or is it a collaboration?
  2. If not, who does, and do you respect them and their budgeting knowledge?
  3. Are you the one who breaks the budget the most?
  4. What areas do you break the budget e.g. food, cars holidays?
  5. Why do you break the budget – guilt parenting, emotional eating or are you a sucker for a sale?
  6. How does it make you feel when you break the budget?
  7. Do you criticise yourself, justify, pretend it didn’t happen, don’t tell or avoid the bills?

In the end the recalcitrant mind says no one tells me what to do, not even me. Do you get attention for keeping or blowing the budget? For some people, even negative attention is better than none.

Take control of your budgeting skills today and MAKE A PACT TO ACT and I assure you, your life will start heading in the right direction.

If you have any questions or need help or guidance please send me an email or give a call on M: 0414 778 476 or visit me on Facebook @freedomchoiceacademy.

Zoe is the director of Zoe Slater Counselling and CEO Freedom Choice Academy. She studied at The Australian College of Applied Psychology, Sydney Campus and completed her Diploma of Counselling and Communication at the Brisbane Campus. Zoe is an Associate Member with the Queensland Counsellors Association Inc and a member with Australian Counsellors Association.

 

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Finance Tips Money Stress to Success – Set Your Budget Mindset