Author Box
Articles Categories
All Categories
Articles Resources

What Is Hindering My Budget Efforts

July 25, 2012 | Comments: 0 | Views: 158

8 Things That Are Undermining Your Budget Efforts.

Do you want your budget to succeed? Of course you do, why else would you be budgeting if you didn't want it to succeed. You may not be aware of this but there are factors that limit your success with budgeting, as the old saying goes to be forewarned is to be forearmed. In this article, I will highlight 8 issues that 90% of people will have to deal with when they are budgeting. Identifying and overcoming these 8 issues is essential to your efforts to stay on the right track and achieving your budgeting objectives without hindrance. Without further ado the issues.

1. Failing to set an objective - Many people who have set out to budget will attest to this issue, a budget which has no clear goals defined will quickly fizzle out. There is no way that you can honestly expect to stick to a budget for any length of time if you have not set a clear goal for it. You have probably heard this before, but budgets are just like weight loss programs, they are simple to implement, but get a tad difficult to stay on till the end. You have to have a desire to succeed - your objective should be your main source of determination to see things through.

2. Inability to adapt to changes - I do not mean this in a negative way, what I am trying to say is that when on a budget most people are trying to live within that budget sometimes to their detriment, everyday life on a budget is not a source of scintillating excitement, truth with most things in life, Subtract the pleasure from your favourite past time and you'll dislike it a whole lot more. The point I'm trying to make here, make an allowance in the budget for all the things you love and enjoy currently. You are a lot more likely to stick to the budget over the long term if you can still enjoy yourself, and don't deprive yourself. Take away point leave room for all the things you love and enjoy in your budget.

3. over budgeting - Over budgeting is what happens you cut back excessively, essentially you scale back way more than is necessary, and you wind up depriving yourself of necessities in order to achieve whatever goal you have set faster. Bottom line is that it is fine to scale back but do not scale back so much that you deprive yourself of things that you may want or need.

4. Unexpected/Unplanned expense - Life can be unpredictable, and of course no one is able to predict when emergencies or unplanned obligations will crop up; however what you can do is prepare yourself in the event that any unforeseen circumstances do creep up. For this reason it is beneficial to establish an emergency fund so that you have a means to cover any unexpected expense that life throws at you, as they say "Fortune favours the prepared".

5. Outgrowing your budget - Good news you have achieved your goal, and you have accomplished what you originally set out to achieve with the budget, Congratulations you have developed and exercised some will power. Don't fall back to old habits too quickly, why not carry on budgeting, whilst expanding your horizon, and imagine more grand goals and aspirations for yourself.

6.Having unattainable goals/expectations - quite simply it is hopeless to stick to a budget, when your end goal is unrealistic. All you are doing is setting yourself up for frustration and unnecessary hassle. Your budget has to have a purpose which is both measurable and plausible. If you can't measure it refrain from having it in your budget.

7. Neglecting to control your expenditures - Failing to monitor and rein in your expenditures, spending is the equivalent of cutting your nose off to spite your face. Tracking your expenses has all the appeal of climbing Mount Everest but in reality, it's not really that difficult. When you understand exactly where the money goes, it helps keep you in control and makes following the budget through to completion far easier.

8. Succumbing to "must have it now" syndrome - I have left this till last, as it is often the biggest hurdle to overcome, and it is a hard one to get under control; Living on a budget can be an enlightening experience, it shows you how susceptible you are to your whims. You can never tell when or how you are going to be tempted. If you impulsively fell like you need to shop, a method of maintaining control is to employ the need vs. want rule ask yourself "do I need it or do I just want it?" and be brutally honest with yourself. If that doesn't curtail your desire, you could also employ the 2 day rule, it's quite simple, you hold off purchasing anything for 2 days, and if you still feel that you absolutely NEED it after those 2 days, then by all means go out and buy it.

Tega Diegbe is a professional Debt Advisor at Debt Out LTD. For any type of debt advice or debt management help, Give debt out a call on 01296 489 387, or visit

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Budget Problems


Budget Help


Budgeting Objectives


Budget Efforts

The 3 Month Payday Loans is most suitable options for the people who do not possess assets. There are a variety of loan options for the people who are willing to pledge assets against the cash

By: Cameron white l Finance > Personal Finance l July 09, 2013 lViews: 560

For many people, bankruptcy can make their world fall apart. The apparent loss of reputation coupled with the inability to take financial decisions can deter anyone from thinking clearly. But all is

By: noragwilt l Finance > Bankruptcy Lawyers l November 18, 2012 lViews: 304

If you are availing payday loans with monthly payments, it is easy for you to obtain quick money from online lending companies.By getting the best deals of loan, you can save money in terms of

By: Malen Cheks l Finance > Loans l November 16, 2012 lViews: 289

Loans online have become the popular source of income and people can make smart decision of taking it.Now, don’t go anywhere and sit in your home silently. Such deals would bring you money without

By: Marsh Jone l Finance > Loans l November 13, 2012 lViews: 288

Loans for the unemployed would let you feel comfortable with your unstable conditions due to jobless period.If you compare the rates of a few lenders, you would definitely get the suitable lender to

By: kelse roy l Finance > Loans l November 13, 2012 lViews: 467

By taking cash advance for bad credit, it is easy for you to improve your credit status. This loan is useful to relieve financial stress. This loan is totally free from credit verification and

By: Honard Nork l Finance > Loans l November 09, 2012 lViews: 301

Do you live from paycheck to paycheck? A few days out from payday are you living on the bones of your butt and counting every cent?

By: Nick Milicichl Finance > Budgetingl August 01, 2012 lViews: 237

Cutting costs doesn't have to be complicated. There are many small, daily steps you can incorporate to save money. These small changes gradually become a comfortable part of your lifestyle, and you

By: Jessica Geraldl Finance > Budgetingl July 29, 2012 lViews: 194

Learning to manage money is one of the hardest things many of us ever do. This article takes a look at some of the strategies you can use to change your relationship with money and get out of debt.

By: Toussaint Perezl Finance > Budgetingl July 27, 2012 lViews: 216

Money: The Tool of Life Managing your money can be difficult as there are so many opportunities to spend, spend, spend. This article gives advice on managing money so that you can repay debts, save,

By: Toussaint Perezl Finance > Budgetingl July 26, 2012 lViews: 186

Food shopping on a budget? When you enter any supermarket, you will fall victim to marketing. Marketing is simply the well researched science of what makes people buy. Don't fall into the marketing

By: Julian Beamsl Finance > Budgetingl July 24, 2012 lViews: 163

Constructing amazing days out on a budget each month, or, even every three months can be quite a challenge. Sometimes all we need is a change of scenery, to get a breath of fresh air, or just simply

By: Kristin Greenwoodl Finance > Budgetingl July 22, 2012 lViews: 159

This article provides some basic tips on how you would go about creating a budget that you are more likely see through to completion. Approach with an open mind and i hope you learn something from it.

By: Tega A Diegbel Finance > Budgetingl July 19, 2012 lViews: 132

Discuss this Article

comments powered by Disqus