27 Apr Budgeting – Yuk! (Part 1)
We’ve all heard it’s important to budget. The reasons make sense. Yet, it’s rare to meet the person that actually budgets. It’s even more unusual to meet the person who budgets and then tracks their progress. I place budgeting right up there near the top of the list of those activities we might put on our list of New Year’s resolutions – activities such as losing weight, stopping smoking and exercising. We start with great intentions and we quickly fall into the very routine we want to change. For many of us we give up and stop trying.
Making changes can be easier than we think. We need to start by making a few small changes. Let’s start with how we think. Our actions reflect what we believe.
Many of us visualize the word ‘budget’ to mean we are going to find something we’ve got to give up. Most of us have a long want list so the idea of making our ‘I wish I could . . .’ list even longer is not attractive. To make matters worse, why would I give up something today if I have no idea what I’m going to gain? It’s almost impossible to be motivated by giving up something you enjoy. The whole idea behind motivation is to move us closer toward achieving something that’s really important to us.
So, let’s start by asking ‘What’s really important to you?’ What do you want to be able to do in the next 5, 10 or 15 years? If you don’t achieve this, how will you feel? How much money is needed to achieve each goal? Make your list today. Prioritize it. Share it with your partner. Compare your lists. Talk about them, prioritize them and then create a shared list of priorities. Place your list of achievements in visible places like on your refrigerator door, in your portfolio and your wallet.