4 Reasons and Mistakes Why Your Budget Isn’t Working

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4 Reasons and mistakes why your household budget isn’t working, and the steps you can take to fix those.

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As a part of TRUE Self Care, we Moms need to know that keeping our finances in order is actually a part of keeping our stress levels down. The only way to keep control over your money in  your household is to budget properly. But sometimes even with the best effort, our household budget isn’t working.

Make a list of all of your incomings and outgoings, making sure to only include expenses that are actually necessary, and you’ll be able to keep an eye on exactly how much you’re spending. But sometimes you might find that you’re still overspending. If you find yourself in this category, here are four reasons your budget isn’t working for you still.

 

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The Budget Isn’t Big Enough

 

If you’re really trying to save money, it’s tempting to set yourself a tiny budget but that isn’t always going to work. When you’re creating a household budget, you need to be realistic about what money you need to spend. For example, if you don’t budget enough for food each month, you’ll have to spend outside your allowance.

As soon as you break the budget and start spending extra money, your mindset changes and you’re more likely to overspend on other things. Even though it’s tempting to make the budget as small as possible, you’ll have a much better chance of sticking to it and saving money if you make sure that it’s realistic.

 

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You’re Paying Full Price For Things

 

If you do want to try to cut down your budget but still include everything that you need to buy, you need to stop paying full price for things. Obviously, you’re not going to be able to get discounts on every single thing that you buy but you can save money on most things. Buying used or refurbished items is an easy way to save, especially when it comes to electronics like phones and laptops.

When you’re shopping for food, always use coupons as often as possible and buy the things that are on sale. Online shopping is another easy way to save because you can use cashback sites on most major retailers and claim back a small amount of the money you’ve spent. If you use these handy tricks to stop paying full price for things, you’ll find that it’s a lot easier to stick to your budget.

 

You Haven’t Budgeted For Entertainment

 

It’s important that you’re only putting necessary expenses on your budget but it’s a mistake to think that entertainment and leisure time isn’t a necessity. Everybody needs downtime and eating out at restaurants or going for a drink costs money. If you don’t put it into your budget, you’re going to end up spending the money anyway and the budget will fall apart. While it might seem like a good idea to cut out all of your spending on leisure activities to save money, it won’t work.

 

You Haven’t Budgeted For Annual Expenses

 

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When you’re drawing up your budget, it’s easy to gather all of the bills and add your monthly expenses up, but people often forget about their annual expenses. Things like car insurance that are paid as one lump sum still need to be a part of your budget. Put the money in your budget and set it aside each month, that way you won’t be taken by surprise when it comes time to pay those bills. {Check out the post How to Create a Working Budget for Your Household to see how we budget for annual and quarterly expenses using an ‘escrow’ account.}

 

Avoid these 4 common mistakes and your budget will be a lot more successful, and you’ll also help eliminate that added stress.

 

Click the image below to grab your Household Budgeting Binder!

 

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How do you correct it when your budget isn’t working? Let me know in the comments below!

 

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