Are you following a budget and saving hard but you feel it’s still not enough? I feel you. Sometimes I do. And I know most people too.
This usually happen when you compare yourself to others, when you’re getting impatient with your goals, not budgeting correctly or maybe trying so hard for yourself. It could also be a perfect time to re-visit and re-calibrate your financial goals.
Creating and following a budget is the basic and fundamentals of financial literacy. And by being financial literate, it can help you make wise decision about your hard-earned money. Not only on spending but in budget and saving too.
If you’re following a budget and saving hard right now but always feeling guilty about yourself(because you deprive too much) or if you’re saving so hard but only adding a little fraction each time(not enough or maybe too much because again you deprive yourself) more likely than not, you’re not going to make it.
And sooner than later you’re going to explode. Here’s what I mean.
When you create your budget plan, you should separate each category and allocate budget for each wisely. And strictly spend or save those amount for each category.
It’s not good that only because you want to save more money fast, you’re going to increase your savings and allocate so little for yourself. Or you’re going to cut budget on food where you won’t eat breakfast or dinner to save more. That’s not going to work in the long run.
Remember, you should always pay yourself first.
Paying yourself first means while you’re working on a budget and saving, you’re still have some for luxury and entertainment. You should enjoy while saving. Have a budget for that!
Again as mentioned, separate budget for each category and strictly follow that budget. There maybe times that you may need to adjust(need to allocate more for food and cut a little back on electricity) so make sure you update the plan if needed.
Don’t deprive yourself. If you do this, you’ll burn out and most likely you’ll quit. Budgeting and saving is like a diet plan, you can’t just “GO ALL IN” one time big time and then done. It’s a process. It’s a long time process. Let me quote, “patience is a virtue“.
So when you’re following a budget and saving hard but still not enough, here are some of the things you might need to do.
1. Check your budget and saving plan
Maybe you’re doing it wrong or you’re not allocating correct on some portion of your budget. You can do this by comparing previous expenses and savings vs. the current. By doing this you’ll see if you are still on the budget or running out.
Here’s a new article that shares the smart ways on how to budget effectively and consistently.
2. Don’t compare yourself to others
It’s summer again and for sure you’ll see your friends pictures and photos while having vacation and splurging hard. Don’t be intimidate. If you can, why not.
But if not, don’t feel left behind. If it’s not your goal or not the time to go on vacation because of a budget, then don’t do it. Focus on other things. Time will come you’ll have your own moments too. Don’t compare yourself and remain focus on what you want in the long run.
3. Don’t deprive yourself
Don’t get confuse with this and #2. What I mean by not depriving yourself is you’re always feeling guilty when you do your budget and saving and deep inside you want to spend some for yourself.
Again in #1, check and visit your budget and saving plan again. Maybe you’re not giving some for yourself. Again, don’t forget to pay yourself first.
Just to share, me and my wife have some little budget for entertainment before she gave birth to out little one(we’re kinda busy now). We sometimes go out to movie and dinner. We spend. And yes, that’s part of the budget too.
You should do the same. Again, depriving yourself will not make it in the long run.
4. Need to earn more
Another thing you need to consider is your income. Maybe you need to look for ways to earn additional income to supplement your budget and saving plan. Earning more could give you more room for either allocating more to each category of your expenses or increasing your savings. There are many ways you can earn extra income right now. You can start a blog and earn money on the side or you can do other online and offline work.
Here’s the list of how to earn money online in the Philippines.
5. Re-visit and re-evaluate your financial goals
There are some changes in life that also affect our budget and saving plan. Our financial goals. Maybe you need to re-visit and -re-calibrate them again to align for what you have right now and what you want in the future.
People change and situation change. Make sure what you’re working is still what you want. You may read more about the reasons why you need to re-visit and re-calibrate your financial goals here.
These are just 5 of the things you can do when you’re following a budget and saving plan but feel not enough. Any of these 5 can give you idea that you can work on to help you get back on your track.
Again financial freedom is a long process. It’s a journey. Just take one step at a time.