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How do you stay motivated with budgeting?
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MEM62 said:The assurance and peace of mind afforded by budgeting is motivation enough.
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blue.peter said:MEM62 said:The assurance and peace of mind afforded by budgeting is motivation enough.1
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I think it is the word budget or budgeting that people have the issue with. As it can have negative connotations like ‘ being on a budget’ or being restricted in what you can spend.
in reality it is basically deciding how to split up your monthly pay cheque or pension to live life as best you can without feeling restricted, unless your circumstances dictate otherwise5 -
Rich1976 said:I think it is the word budget or budgeting that people have the issue with. As it can have negative connotations like ‘ being on a budget’ or being restricted in what you can spend.
in reality it is basically deciding how to split up your monthly pay cheque or pension to live life as best you can without feeling restricted, unless your circumstances dictate otherwise3 -
MEM62 said:Rich1976 said:I think it is the word budget or budgeting that people have the issue with. As it can have negative connotations like ‘ being on a budget’ or being restricted in what you can spend.
in reality it is basically deciding how to split up your monthly pay cheque or pension to live life as best you can without feeling restricted, unless your circumstances dictate otherwise
For me having and sticking roughly to a budget gives me peace of mind first and foremost.
It helps me plan how much I can afford to pay for a new car, a holiday, a meal out etc etc.
It helps keep me out of debt.
It has helped me and my husband retire 8 years early.
It has enabled me to help my adult children and grandchildren with monetary gifts.
We would not be able to do any of those things if we did not know how much money was coming in, how much is committed to essential outgoings and how much is spare to spend on things we would like and need. In other words a budget.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Rich1976 said:I think it is the word budget or budgeting that people have the issue with. As it can have negative connotations like ‘ being on a budget’ or being restricted in what you can spend.
in reality it is basically deciding how to split up your monthly pay cheque or pension to live life as best you can without feeling restricted, unless your circumstances dictate otherwiseI also think that unless someone has very simple finances, they should consider a paid-for app. I use YNAB. I could certainly recreate that functionality in Excel, I have the skill set. But I put a value on my time.Fashion on the Ration
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I wouldn't necessarily recommend this, but my finances have become so complicated since last summer, with stoozing and multiple credit cards, current and different types of savings accounts, plus I have different sources of income.
If I didn't budget carefully and keep on top of this then I'd very quickly get into a real mess.
That is highly motivating for me to stick with budgeting. I never did it properly before last summer but now I enjoy it. It feels good to know how much I can spend where with confidence.1 -
Sarahspangles said:Rich1976 said:I think it is the word budget or budgeting that people have the issue with. As it can have negative connotations like ‘ being on a budget’ or being restricted in what you can spend.
in reality it is basically deciding how to split up your monthly pay cheque or pension to live life as best you can without feeling restricted, unless your circumstances dictate otherwiseI also think that unless someone has very simple finances, they should consider a paid-for app. I use YNAB. I could certainly recreate that functionality in Excel, I have the skill set. But I put a value on my time.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.2 -
Sarahspangles said:I also think that unless someone has very simple finances, they should consider a paid-for app. I use YNAB.Not necessarily. People should use whatever works for them.Pen and paper is quite good enough if it's what they prefer. That's what I started with in the 1980s. As I said above, I now use AceMoney. Yes, I paid a little money for it. That was a one-off payment made about 15 years ago. But if I was starting out now, I might well use MMEx. That's free, and appears to have all the functionality that I'd want to manage 24 accounts and two sources of income (increasing to three later this year).I wouldn't even consider YNAB because of its subscription pricing model. That's an absolute killer for me. But, of course, if you're happy with it, that's fine.
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Totally get what you're going through. Budgeting can be a real challenge, especially sticking to it for the long haul. Personally, what's helped me is breaking down my goals into smaller, achievable steps. I set realistic targets and celebrate the wins along the way. Tracking my spending, even if it's just jotting down notes on my phone, has been a game-changer. It gives me a real-time view of where my money is going. Also, I've started using the cash envelope system for stuff like groceries and entertainment. It keeps me in check and helps curb unnecessary spending. Find what works for you and don't forget to cut yourself some slack – we're all a work in progress!
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