Any athlete can create a budget. The best athletes, however, are able to stick to their budgets by using discipline, patience, and sacrifice to hold themselves accountable.
Below are a few of the ways I was able to find success in creating and sticking to my budget.
7 Tips for Budgeting Like a Pro
Be realistic. Setting an unrealistic budget or unrealistic goals will only set you up for failure. Pretending like you won’t need new clothes or like an emergency expense won’t happen isn’t realistic. Instead, be practical with your expenses. For example, you can set a goal purchase workout gear or equipment only when its on sale, avoiding impulse buys.
Start small. Once you’re ready to start the budgeting process, start small. Make gradual cuts to your living expenses like housing, transportation, utilities, groceries and others to help your budgetig process get off to a great start.
Wait on big purchases. Resisting the impulse to buy new furniture, a new wardrobe, or other big ticket items can help you stay within budget. Waiting until you have savings to cover the purchase, or when items go on sale is great practice.
Hold yourself accountable. If your budget doesn’t include every expense like impulse buys or accidental purchases, you won’t be bettering your situation. As difficult as it might be, include every expense to hold yourself accountable and create a realistic budget.
Meal prep. Preparing your meals at home and freezing dishes has helped us save hundreds of dollars every year. Going out to eat is reall fun, but spending money eating out or ordering takeout adds up over time. Making the time to grocery shop and cook your own meals is one way you can stick to your budget.
Check in, often. When you first start watching your spending, it’s important you review your budget often. When Kurt and I started our journey of growing our wealth, we had weekly budget check-ins to ensure we were on track with our spending and savings. While we don’t review our budget that frequently now, we still will check in every few weeks to make sure we’re spending within budget and reaching our savings goals.
Watch subscription services. Many subscription services that exist today I’d consider luxury expenses. If you pay a fee for monthly subscriptions like Blue Apron, Fresh Direct, Stitch Fix, Hulu, Netflix, etc., make sure they aren’t making you go over your budget.