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The Single Budgeting Tip You Need for Financial Success!
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If there is one thing we have discovered while writing about finance, it is that you want to know the easiest way to achieve financial freedom!
We don’t blame you.
We live in a culture where we want everything fast and now. The idea of delayed gratification doesn’t sound too exciting.
And, no one wants to talk investing!
It’s amazing how many millennials and young adults we have discussed personal finance with, who believe that spending money now, to better enjoy life, is far better than putting money aside for decades down the road.
It’s our culture. It’s normal. You aren’t alone if you still think this way!
Instead of writing all about the necessity to save every penny you earn, we’ve found one budgeting tip that can make your financial journey significantly easier and more fun!
It’s a simple tip, but after reading about this one small change, and after implementing to verify it’s accuracy, we’re excited to share the news!
In this article, you’ll discover:
- Common myths regarding saving money and personal finance
- How to get started with budgeting
- The ONE TIP you should use today to save money better!
We’re glad you’ve stopped by to learn how to improve your financial situation and your future! While you’re here, you might as well pick up your FREE workbook to improve your budgeting mindset and financial goals!
3 Common Myths: The Reasons Why You Shouldn’t Budget
Myth #1: Reaching Financial Freedom Isn’t Possible for Me!
When looking at all your debt, and how long it may take to pay it all off, it’s scary! It can be overwhelming!
There are plenty of stories out there of women who tried and failed. Keeping with a budget is no joke! It takes time, dedication, and continual effort.
But, there are so many who have succeeded!
There are tons of women who have paid tens of thousands of dollars of debt off! Plenty of families have paid off all of their debt and have learned how to invest for their future.
So, what makes your situation different?
There are plenty of reasons why you may have not had great success so far, but it does not mean you should stop trying!
Common reasons people give up include:
- Not enough family support
- No formal guidance or enough knowledge in personal finance
- Not enough motivation
We get it. It isn’t a easy path. But there are so many resources available that can help you over the edge!
It may be books, or a free app that keeps you on track. Maybe it is keeping up with the #debtfreecommunity on social media, or having an accountability partner.
Just know that, even if you’ve heard of the financial journey not working for some, your financial situation has unlimited potential!
Myth #2: It Takes Too Much Time and Effort!
The easiest way to get started budgeting is simply to start learning!
Get a free budgeting app, read a book, and just pay attention to how much you earn and spend!
It truly is that easy!
In fact, the worst thing you could do right now is go full-on with budgeting. Some people start cutting out all of their extra spending, and do too much at once!
The idea is to ease into it!
Reaching financial freedom takes changing your habits. It isn’t so much about acts, rather, it’s about behavior modification.
How many fitness coaches or personal trainers have you heard tell their clients to try to run a 5k on the first day of training?
You can’t try to apply for a CEO position if you have no experience!
Meaning…you will learn as you grow. You will learn slowly. You will discover new methods, ideas, and mentors as time passes.
You don’t need to be great right now. You just need to be willing to try!
Yes, maintaining a budget takes time. It’s true!
But, if you’re willing to put in that effort now, and be willing to learn and be okay with having an occasional fail, then you will be ten steps ahead of everyone else!
Myth #3: I Don’t Need to Invest Right Now! I Have My Whole Life to Do That!
If you haven’t discovered your net worth, stop everything and do this!.
Seriously!
The first step to budgeting is learning about your financial situation. All your debt, liabilities, loans…laying it all out there and accepting it.
It get all the more real when you realize you’re in the negative and have been living by a thread.
It’s unfortunate that so many young adults have the mentality that we don’t need to invest.
Investing is hard. I’ll invest when I get a real job. Investing is for men. Investing is for adults. I don’t have money to invest…the excuses can go on and on!
Truth is, you have no idea when your last day on earth will be. You may be here for 5 more days, 5 years, for 5 decades.
Many use the excuse that they’d rather enjoy life now, instead of putting all their money aside for “one day”. A day that may not even be seen with your eyes.
Some real stuff to think about, right!?
We believe that it is important to save for the day that you can own your dream home, sit with your partner on the porch, watching your grandkids run in the yard, and not have one financial worry.
It’s about changing your priorities!
We’re glad you’ve stopped by to read this article because we’re going to dive into the one way to enjoy life while saving for your future!
RELATED ARTICLE: The FIRST Thing to Do Before Budgeting
The Single Tip You Need for Your Financial Journey:
Set your priorities and spend your money on what is most important to you right now.
Okay, that’s a broad tip. Let’s explain more!
Let’s say you live on coffee. You absolutely must buy a coffee every morning. Yet, you’ve read that you need to give up the small spending to pay off your debts and reach financial freedom.
Not so much!
When laying out your budget, you realize you spend a lot on your coffees, but it really does make your morning and helps you through work.
Guess what? Keep buying your coffees!
Yes, keep spending your money and be proud of it. It is odd advice, but has been proven to be a solid motivational tool.
Now, the key with this is to quit buying other items in your life that aren’t as important to you. Maybe that could be you stopping eating out, or quitting a subscription service.
Remember, quitting cold turkey when talking saving money is a recipe for failure!
Let’s review another example!
You review all your expenses, income, and bills with your husband. You think he spends too much on his sock collection, and you could save a lot of money each year if he would just be happy with his 50 pairs of patterned socks.
If you take away what’s important to him, the likelihood of him being a partner in the financial journey will not be too good.
When you tell him that he needs to stop buying socks, to save money, you give a valid point. The money could go to pay off an entire credit card in a year. Yet, he counters with stating that you spend too much on running shoes. He isn’t wrong, you spend around $500/year on new shoes. You can quit your shoe purchases, but he refuses to stop buying his socks.
In a situation like this, challenge him with giving something else up, but keeping what’s important to him. He tells you that he can quit spending on his beard grooming kits and will eat out 2 less days a week. It ends up being equal money to giving up his sock addiction.
Now, these are simple examples as to how to approach this budgeting idea.
If there is anything you get out of this article, it is that your chances of success with saving and budgeting are extremely slim if you give up what makes you happy.
If you love eating out each week, choose a day to eat out! You can eat out less, but don’t give it up!
Habits take time. If you ever tried to wake up early in the mornings or tried to lose weight, you know this.
Your financial journey is no different!
So, when looking at this next month’s budget, try something new:
Keep spending on one thing that is very important to you, and give up something that isn’t as important to you.
The key here is to give something else up! You can’t just try to justify that you absolutely need your beauty subscription box, your monthly shopping haul, and daily smoothies. That’s not how this works!
If you feel you can’t give something up right now, consider what other things you can give up to take it’s place.
You may end up giving up that one thing to save money in the future, but today doesn’t have to be that day!
To keep on your financial journey, if you’re happy, you’ll find yourself reaching financial freedom far sooner than the others who are struggling with maintaining motivation.
It’s all about compromise!
Keeps what’s important to you, and rid of what’s not as important!
Let’s Summarize!
- If you are brand new to personal finance, money management, or budgeting, then scroll back up and get your free workbook! It’s a perfect way to learn all you need as a beginner!
- Ready to start your financial journey? Discover your net worth before you do anything else! Do it for free here!
- Being happy during your financial journey will do you wonders! Don’t go cold-turkey with trying to give everything up when trying to save money. It is a recipe for failure!
Thanks for stopping by, ladies! Never stop learning!
ThirtyEight Investing
All advice and opinions provided in this post are reflections on experience and are for educational and entertainment purposes only. Please see our disclaimer page details.