Budgeting is a concept that we have all heard about. There are multitudes of budget forms available on the web, collections of books that can teach and guide us in this habit, and loads of studies that reveal its countless benefits. Yet, many of us still don’t do it! Why not? Here are a few reasons I believe many of us don’t budget, and why we should reconsider.

“I don’t have time.”

You don’t have time not to. If there’s one thing I’ve learned as an adult it’s that you make time for the things that are important to you. I promise you have time. It may mean less time doing something that’s more fun, but there is time. Honestly, after the first couple of budgets, it takes less and less time. There may be occasions where more attention and time are necessary, but once you find your rhythm its more maintenance than hard work.

“But it’s hard!”

I was having lunch with a friend at work last week when we began talking about budgeting. He regrettably shared how he and his wife have tried to budget in the past, but were discouraged by how challenging it was. He pointed to difficulties like fluctuating gas prices and unexpected expenses. Listen, budgeting is tough. But trust me, it gets easier! When Maura (my wife) and I first started we hit some serious speed bumps. Maura had just left her job as a full time Nanny and taken a part time job. Budgeting seemed like torture at the time, but looking back it’s the only thing that kept us afloat. Now that we’re both back to full time wages, budgeting has become a regular part of our life.

 

“I don’t need a budget.”

This time last year I had just graduated college and was working full-time at my current job as a video editor. I was still living with my parents rent-free and I had way more money than I needed. I thought I didn’t need a budget because I could pay my bills (including my minimum student loan payments) and still have plenty of money left over. I even saved money and gave to my church. The problem with this method of handling money is that today I have nothing to show for that time in my life. I had a unique opportunity to attack my debt and pile up cash. Instead, I literally have no idea where the money went. Today, even though we have less left over at the end of each month, Maura and I still manage to save more and pay more down on debt thanks to budgeting.

 

Do you follow a written budget? Do you know exactly where every dollar of your hard earned money is going? If not, is it for one of these reasons? If so, go ahead and take the first step! Jump in and see what happens! I would love to hear what you think about budgeting! Please share any tips, stories, or encouragement in the comments. I want to hear from YOU!

This morning as my wife, Maura, and I sat down to review our budget, I was bracing myself for how little money we were going to have left after bills.  We were recovering from paying everything we made over our minimum needs into our wedding and honeymoon. Plus, for the week we were gone, Maura only got paid for one day, making her check half of what it normally is. Over the last four weeks, we have had to jump on opportunities to make more money, closely watch our spending, and even scrape together loose change! But, not only did we meet our budget, we exceeded it! Here are a few suggestions to build momentum when times start to get tight.

1. Take Inventory.
Believe it or not, you have a TON of untapped capital around you right at home. When Maura and I were raising money for our wedding, one way we generated income was through good old-fashioned yard sales. We simply took one Saturday per month, put stuff in our yard, and made money! I promise you there are things in your home that you either have forgotten about, never use, or simply don’t need. Those same items will turn into cash if you simply put forth the effort to move them from your house to your front yard. The best part, some things that didn’t sell this month may get sold next month. Another option might be sights like Amazon, Ebay, or Craigslist.

2. The “B” word.
I hate to say it but writing out a monthly budget has honestly been the most powerful tool for Maura and I in taking control of our money. I am continually amazed at how much money we are able to funnel towards saving when we are intentional and conscious of what our money is doing. The first time I realized how much I was spending on eating out I was blown away. It’s simple, but that doesn’t mean it’s easy. Most things that have a big payoff aren’t! Simply write your income at the top of a piece of paper, followed by expenses, then what’s left over, pile into savings! If you already have a good sized savings account ($500-$1000) start piling on your debt! It takes work, but trust me, it’s worth it!

3. Use your skills.
You have skills! Use them! When I was in college I made a music video and a Kickstarter video for a local artist for some extra cash. Maura is excellent with kids, so she often babysits for extra income. What skills do you have? What jobs have you worked in the past and what are you doing for a living now? What are your hobbies? Start there. Any money you make over your normal salary can work exponentially in your favor to gain momentum.

These are just a few examples of how I have gained momentum in tight times. What are some of the hardest times you’ve had? How have you gained momentum and gotten back on your feet? Share your story in the comments! I would love to hear from you!