Here are some keys to successfully maintaining a budget (no matter if you’re a single or family household):
- Consistent income. I know this may seem like a ‘duh’ statement but having consistent income flowing into the home will help meet target budget goals. I know there is a huge entrepreneurial boom happening and that’s awesome! I too have started the path of developing my business. However, I am in a season where I still need my 9 to 5. And it’s by choice! No, I’m not afraid to quit my job. Based on my situation, our household needs this full-time job. I’ve been with the company for almost 14 years now and provides great medical benefits for our household. That’s important because of the medical conditions within our household. I understand starting your own business, being a freelancer, or taking a number of contractor jobs as a great way for flexibility and freedom. However, if you continue to find yourself complaining about your financial situation, then its best you find you a more permanent J.O.B!
- Intentionally perform better spending habits. This may include writing down the budget and stick it on your fridge to remember what bills are due. I develop the budget for our household and my husband gets frazzled if I don’t put that budget on the fridge! It’s not that he doesn’t already know because most of our bills are consistent but he likes to see it. But we must be intentional about having better spending habits. Call it a routine – discipline – habit – I don’t care! The point is be intentional and consistent.
- Put your money where it’s not always easily accessible. Some people do well with having a savings account with their checking account. They can go online, see money in their savings, and not be tempted to spend it. However, others don’t have that same power to resist. And that doesn’t make that person weak! That person must admit that weakness and combat it by putting their savings money in an account they can’t always see. This may mean finding other online banks to start a savings account. Some actually offer great interest rates and a low initial deposit to open the account! I encourage anyone who is serious about saving to seek a different bank if they are serious about saving money.