Small secrets to making big gains
The Secret to Keeping Your Budget on Track
by Darlene Arechederra
A Beginner's Guide to Budgeting Success
10 Reasons to Use a Cash-Only Spending Plan
Staying Motivated to Continue Digging Yourself Out of Debt
B-u-d-g-e-t. The very word can cause us to tremble in our new boots! But a hard-working soul need not fear. There's a simple way to win the battle of the budget. It's great fun, and what better time to get started! So what's the secret? Build some rewards and fun into your budget!
Think this tip is too simple to be effective? Consider the last time you blew your budget. You were probably zipping along just fine. Life was great. A month later, you slipped up just a bit. Two months later, boom! Your budget's blown, big time. How long did it take you to get back on track after that?
Think back on your most recent project. Was there a reward waiting for you after completion? If not, did you feel as if the project took forever, with no light at the end of the tunnel? Your rewards will serve as a mini-light at the end of your tunnel.
How to Set Up Your Goodies List
Here's where the fun starts. Your Goodies List will be your own personal list of rewards, fun, or items you'd like to buy or do. Jot down some things that excite you, things you can look forward to. Why? Because there's no budget on the earth that will work if you have no motivation to keep going.
How to Use Your Goodies List to Motivate You
For every month (or week) you're able to stay on track with your budget, reward yourself with one item from your Goodies List. Keep your reward in a range you can easily afford (just make sure it's enough to motivate you.) Try $40 or less for a monthly reward. For weekly, try $10. Even $5 can energize you.
In the past, you might have felt as if you were giving up things to stay on track. You'll find that you're not giving up anything at all. You're simply targeting the things you really want or need, and rewarding yourself for not making those budget-blowing purchases. It's easy to burn out or feel deprived if there's nothing to show for your hard work.
Imagine how much simpler life could be if
you were debt free.
Affordable Suggestions for Your Goodies List
If you're longing to change the colors in your bathroom, try a towel to match your new color scheme, a can of paint, a new shower curtain or a new rug.
If you dream of taking up writing, try taking a course on writing, buy a book on writing a best seller, pick up some paper, pens, resources, software for writers or establish a new writing area in your home.
If you yearn for fancy new tires for your hot rod, try this idea. For each month/week you stay on track, write yourself a check for your reward amount and tuck it into an envelope. When you've saved up enough to purchase one tire, go shopping! Write one check for the tires, then destroy the other checks. Update your checkbook, making up any small difference. Buy your tires one at a time as you "earn" them. If there's a huge discount for buying more than one at a time, simply keep saving your checks until you can buy more than one (only do this if you can stay motivated.)
Do you simply want to feel more secure? If money itself will motivate you, consider this idea. Write yourself a check as your reward instead. Use it to open a savings account. Name your account, writing the name on the cover of a pocket notebook. Carry it in your pocket or purse, tracking every deposit you make in this notebook. Keep your balance up to date. Make it a big deal (it is, you know).
So, how motivating is that? Keep in mind, your rewards are not just for keeping your budget on track. Use your Goodies List to help you ward off procrastination and keep you energized to complete your projects (even those dreaded chores). Now, tweak your plan until you've got it working for you. Go ahead. Get started today!
Darlene Arechederra offers simple, unique strategies to help others move from spending to saving. She believes the trick is to discover which ideas work best for each person because money isn't one-size-fits-all. Darlene encourages others to discover their own unique strategies for saving money!
Take the Next Step
- Let the fun begin. What's on your "goodies" list? You might try some of these small splurges.
- Find out why you might need a spending plan instead of a budget.
- Get control of your financial life. Subscribe to Financial Independence, a free daily email that provides you with the tools to help you gain that control and achieve financial independence. Subscribers get a copy of Are You Heading for Debt Trouble? A Simple Checklist for FREE!
Share your thoughts about this article with the editor.
Debt from my past is preventing me from saving for my future! Tell us: Yes, debt is hindering my ability to save and I could use help dealing with it! or No, debt is not a problem but I am trying to get ahead financially!
More Money Tips & Tools
- How to get a faster tax refund
- Personal finance calculators everyone should use
- Why you should know your credit card payment cutoff time
- Saving-money secrets of the rich and frugal
- 5 low-risk ways to earn higher interest now
- How to save money fast
- 7 IRA withdrawals that don't trigger a penalty
- This week's Readers' Tips