How to stick to your monthly budget

Now I don’t know about you, but while creating a budget might be the easy part. Sticking to one certainly isn’t. I mean we all start off with good intentions right? But then life comes in the way. Or you get into the habit of dipping back into your savings pot midway through the month. Now, If you’re not sure how to create a budget, then you see mine here. But if you already have one, but struggle to stick to it. Then here are my top seven tips on how to stick to your monthly budget.

WRITE EVERYTHING DOWN

Now this might seem like an obvious one, but trust me it works. If you make a note of where every single penny goes, then you can easily look to plug any ‘money leaks’. For me, this is nearly always on food or unexpected purchases. Which leads me to the next point…

SLEEP ON BIG PURCHASES

Now I’m impulsive spender. I mean, I’m impulsive in almost aspect of my life. But especially when it comes to spending money. But one thing that has really helped me with sticking to my monthly budget. Is sleeping on a big purchase. And asking myself whether the purchase will mess with my budget? Will it throw off my savings goals? Does it benefit me? Will the benefit outweigh the cost? If I decide after a day that the benefit doesn’t outweigh the cost, then I probably didn’t need that purchase in the first place.

DON’T SPEND MORE THAN YOU HAVE

Again, this might be an obvious one. But spending a little more this month will soon add up, and can easily put you back into debt. If you do have to make an unexpected purchase. Or pay an unexpected bill then use your emergency fund. After all, this is what it’s there for. If you’re not sure how to start one, then this post will help you.

MEAL PLAN AND SHOP ONLINE

Whenever I feel like my spending is getting a little out of control. Or that I’m not sticking to my monthly budget. I always refer back to meal planning and shopping online for my food. That way, I only order exactly what I need and I’m not tempted by the offers in the supermarkets. I mean I can’t be the only one who ends up spending £35 more than they intended to every time they visit a supermarket?

TRIM THE FAT

Go through your direct debits and bank statements and see where you can trim some fat. Do you have subscriptions that could be cancelled? A gym membership that doesn’t get used? A video streaming platform that is never watched? They might seem like small savings but it all adds up.

TRY A NO SPEND CHALLENGE

I’m not suggesting you do a no-spend challenge every month, but I found that keeping my spending to a minimum during the week really helped me stick to my monthly budget. The weekend was usually when I spent the most, so I try to make sure I have three no spend days during the week to balance it all out.

PAY YOURSELF FIRST

And finally, don’t forget to pay yourself first. I used to wait until all my direct debits were paid. And then use whatever was left as my fun money. It didn’t work that great though, as I never knew what would be left and would just spend and hope for the best. Now I make sure I pay myself when the direct debits go out. That way, my fun money is in a separate account and I know exactly how much is in there for me to spend on myself.

So these are my seven tips on how to stick to your monthly budget. Let me know in the comments below what other tips you use to stay within budget each month.