Have you ever been paid a sum of money… Had great intentions about not overspending for the month and looked back mid-month to wonder what the hell happened?
Been there. Done that.
I remember when I first started working full time, everybody would be counting down to that wonderful day… PAYDAY!
And what would happen a couple of weeks into the month? Everybody would be stressed as they had more month than money.
I remember wondering why this kept happening over and over again, despite the stress it would cause.
This was when I first started learning about saving, budgeting and money management.
I realised early on that most of us were just missing one simple thing. A budget.
That was it. An effectively managed budget.
This would avoid all of the stress and hassle caused by blindly blowing our paycheques every month.
After I started implementing a budget for myself, something surprising happened.
I noticed that not only did my money start lasting me the entire month, I also experienced some benefits that I hadn’t anticipated!
If you have been meaning to implement a budget to stop your money slipping through your fingers, I will share with you what I discovered below.
#1 - Freedom
This was the last thing I was expecting. When I first sat down to get my budget in place, I couldn’t help but think to myself “Here we go. Something else to restrict a fun life”.
But the funny thing is that I experienced the total opposite of restriction. I experienced a new level of freedom.
Hang in there with me… I will explain.
One of the elements that really did this for me was my budget for entertainment. As I now had a set amount allocated for this, I began to really assess if I wanted to attend a social gathering before agreeing to it, which meant that I spent more time doing things I genuinely enjoyed.
I also stopped feeling guilty for declining something. I didn’t realize how most of the things I agreed to were just because I felt bad saying no.
I had a new sense of freedom in what I did and didn’t do!
#2 - Stronger friendships
When we don’t have solid friendships, it can have a huge impact on our lives. We are social beings and everything feels much more inflow and happier when we have great friends around us.
I never would have thought that budgeting would have led to me cultivating better friendships.
I found that as I was being more deliberate with my spending and socialising, I also made sure I was fully present when with friends.
My full attention was there with them, I was fully engaged at all times - I valued this time even more. I noticed that over a short period of time, my friendships became stronger and more supportive because of this. This had a big impact on my happiness and overall fulfillment.
#3 - Feeling in control of life
I didn’t realise it at first, but prior to having my budget system in place, I felt like money’s b*tch. I felt like I was at its mercy. It controlled everything I did or didn’t do and it was the scapegoat for many things I disliked about my life.
Often thinking things like “I WISH I had more money so I could do that”... “WHEN I make more, I can experience that”.
But the truth was, I had given up my control to money. I was letting it bully me around and tell me what I could and couldn’t do.
After implementing my budget, that flipped on its head. Now I was the one in control. I felt a new sense of empowerment and it felt amazing!
In order to live a life without unnecessary financial stress, budgeting is a vital component that so many of us miss. This is often because it sounds too simplistic to be the answer to many of our financial problems.
But if you want to get on top of your money, I believe it is a MUST.
If you’re reading this, you are highly likely to want to be in control of your finances - am I right? If so, here are three things to think about to get you moving with your budget:
Why do you want to set a budget up in the first place?
What duration of time will your budget span? (EG - A Month/A Week?
What budget categories will you set in place?
Everybody has heard about budgeting before. But what most people don’t understand is how to effectively set up a budgeting system that actually works FOR them and not AGAINST them.
To fast track and simplify getting started with your budget, download our FREE printable budget kickstart sheet.