Its your Budget - Own it!

Its all numbers on a glossy paper until you actually Stick to It

Like a New Year’s resolution that loses steam and dies as soon as it is made, for most people are always carried by the hype rather than the actual will and understanding of benefits to making any resolution and decision to become a lifestyle, a budget that is beautifully crafted but not followed will wither and die. No, it’s not the budget that will die, it is you the individual concerned that will soon be swimming in so much debt that you will find it hard to breath – let alone become that millionaire that we want you to be.

Many people have over the years come up with very good budgets. Still a few people are rich. Why is that?

The difference lies in each our abilities to define what we want to do, who we are in relation to what we want to do, and the will to actually do that which we set out to do.

Own It

So now you’ve made your budget - the next step is to track your budget over time, and in that way make sure that you are sticking to it. The only way to succeed in budgeting is if you Own your Budget!

If you find that you aren't able to follow your budget successfully, it may mean that your plan isn't flexible enough. Go back to your budget, review each entry and understand your allocation to each. Before spending think through the following;

What are your financial goals and priorities (will including such item in your budget help you reach your goals?). Consider the alternative and ask the following questions

•          Can I do without?

•          Can I continue to use what I already have?

•          Can I make it instead of buying it?

•          Can I borrow someone else's?

•          Can I substitute with something less expensive?

•          Or can I rent a few days instead of buying?

•          Is it a need or a want? – should I buy it?

These are some of the questions you need to ask yourself before you decide for certain that an item is a must have in your budget. Ask the questions, and then revisit your numbers, adjust a few times until you find the balance that works for you. If you still decide to include it and in that case acquire it, before you set out to pay for it make the comparisons, check pricing and ensure that you are buying at the right price. Understand that even small savings can add up on repeated purchases.

BE PATIENT WITH YOURSELF. KNOW YOUR LIMITS.

TO CHANGE A HABIT DOESN’T TAKE AN OVERNIGHT DECISION SO DON’T EXPECT MIRACLES TO HAPPEN OVERNIGHT......