Many people come to me and have monthly budgets set up already, but can’t stick to them. There are a few tips to help those struggling with keeping within a budget, one of which is dividing that budget into weekly budgets. There are psychological tips as well that we can discuss during your appointment.
What happens when someone has a monthly budget is they may spend a larger percentage at the beginning of their month, and then slow down on spending the second half. However at the end of the month they may run into two things. Either there is a necessity they need to purchase like groceries, or they become tired of not being able to spend (let’s face it, sometimes it makes us feel good to go shopping!) and splurge.
So I find that in times like this it helps to split the budget into weekly budgets. This allows for the person to see the goal as short term rather than longer term, and helps them plan better as they will more likely know what they will spend on in the week rather than the whole 30 days. It makes it more tangible and easier to feel in control.
For more tips, setup a free consultation with me today to see if we can help you further with your spending or other financial needs.
Knight Consulting 