If you’ve managed to draft a monthly budget and stick to it, kudos! Many people know the theory, but they have trouble putting it into practice. No one is saying it’s easy, but it’s not impossible. Paying attention to where your money comes from and goes to is phase one of your financial management: managing bills, putting money aside for an emergency fund or saving for major expenses like a house or a car or major events like starting a family or sending your kids to college.
On the other hand, just because you’ve received a five-star rating from your budgeting app for how carefully you’ve drafted your budget, doesn’t mean it will work just as smoothly in real life. There’s actually a strong possibility that you’ll have to adjust your budget more often than expected, in order to meet your budgeting and saving objectives. So, let’s see what it is that you’re doing wrong and need to change if you want to live a better life.
You never have any money
While this might seem pretty clear, constantly struggling to make ends meet is an obvious indication that there’s something wrong with your current budget: it’s either unrealistic and impracticable or you’re not doing everything on your part to stick to it.
Chin up! All’s not lost yet. You can still do something to make your budget work: adjust it in a realistic manner and change your spending habits, even if we’re talking about minor changes, to make your money last longer every month. Also, check out 10 Unconventional but Legal Ways to Make More Money.