Forbes.com recently released an article discussing budgeting and why it does not work for most people. The article related budgeting to dieting. It sounds like a great idea and you’re excited to get started, but once you actually begin, there is nothing fun about it. You may start strong but eventually slip up and slowly, or all at once, go back to your bad habits. Not only are you back to spending too much, but now you’re more likely to binge spend to make up for all that saving. Sounds a lot like dieting right?
Like dieting, there are many different approaches when it comes to saving money. My best advice is to not jump in too fast, go slow and learn while you save. The best way to start slow is to start small. Don’t begin budgeting every aspect of your life; start with the easy stuff.
Start Small: Go through a normal day and record everything you spend money on. Now go through that list and choose one thing that is not essential to completing that day’s task. Did you buy a midday snack, coffee, or even worse, a lottery ticket? Choose something and completely cut it out of your daily spending habits. It will be much easier to not spend anything on one thing then spending less on everything. Over time cut more money wasters out of your day and even begin to find ways to spend less on the necessities.
It’s easy to begin budgeting, you just have to get started!