I’m going to let you in on a little secret to budgeting. I only know a few people that do this, and it’s kept them debt free for a lifetime. Frequency is key.
Rather than budgeting monthly, do it once a week. My wife does her budget weekly; every Sunday night. It’s practically a ritual for her and she has done it all her life. When I first learned about this ritual I thought she was going overboard by doing it so frequently, but she also has no debt, at all.
Her concept is simple; she has a weekly budget where she spends less than she makes and she follows it. Also she keeps a file folder where she tracks it all weekly. It’s all written down. There is an old saying, “what gets measured, gets managed”
Budgeting is simple; you just have to care enough about your personal finances to do it. If you care enough about your health to drink bottled water instead of sugar laden pop but are in debt because you don’t care about budgeting, you are only getting part of the picture.
If you have debt and are already budgeting, maybe trying stepping it up a notch and budget weekly rather than once a month.
People don’t need more discipline, they just need better rituals.
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