KEEPING TRACK OF SPENDING LOH#169

Sticking to a budget and financial goals can be very difficult, especially when we are constantly bombarded with advertisements, sales, and promotions trying to get us to spend more money. It's easy to get distracted and swayed off course. However, with some discipline, planning, and self-control, it is possible to stay focused.

The first strategy is to clearly define your financial goals for the year. Write them down along with specific action plans on how you will achieve them. For example, goals might include saving for a down payment on a house, paying off credit card debt, or increasing retirement savings. Outline the exact amounts you need to allocate each month and where the money will come from. Review this regularly to keep yourself accountable.

Second, create a detailed budget that aligns with your goals. Track your income and expenses each month to identify waste and areas where you can cut back on discretionary spending. Apps and spreadsheet templates can make budgeting easier. Build your budget around needs rather than wants, and allow some flexibility for unexpected expenses. Automate savings and bill payments so the money is allocated before you can spend it.

Third, minimize temptations and limit unnecessary exposure to triggers that make you want to spend outside your budget. For example, opt out of marketing emails and catalogues, silence social media accounts that promote sales and deals, and avoid going to the mall. Discipline yourself to shop only for necessities. Do research online before going to a store so you don't make impulse purchases.

When you do have to go out, make a list beforehand of only the items you need and stick to it diligently. Bring only the amount of cash you have budgeted, and leave credit and debit cards behind to avoid overspending swipes. Enlist an accountability partner who can help talk you out of unnecessary purchases.

Plan affordable non-spending activities for your leisure time rather than shopping, like exercising, reading, or enjoying free entertainment. Pick up a side gig or extra shifts at work to add more income that can be used for non-budgeted fun or savings.

Finally, build your self-control and willpower. When you get tempted, pause and reflect on your goals before acting. Delay the purchase to give yourself more time to consider. Start saying no to offers and deals that don't align with your priorities. Remind yourself that sticking to your budget is more important than any item.

With some concerted effort, the lure of overspending can be resisted. Your budget keeps you focused on what matters most. Turn down the noise of marketing and sales hype. Consistently follow your financial plan, and those tempting impulse purchases will no longer sway you from meeting your money goals.

See you in my next post ❤️❤️

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