3 Reasons You’re Procrastinating Updating Your Budget
Clients often tell me they don’t update their budget unless they have a meeting with me. And it makes me cringe. Your budget is set up for you, not for me. It’s a roadmap for your financial security according the goals you decided. If you’re procrastinating updating your budget, whether you’re working with me or not, it might be for one of these reasons:
Time. If it has been a month or longer, updating your budget can seem like an overwhelming task. Print out monthly bank statements. Update your budget a month at a time. It doesn’t have to be all in one sitting. The important thing is that you’re updating your income and expenses to understand where you are today so you can begin to move forward.
Forgetting your goals. Remember that sticking to a budget means you have a plan for your future and will actually meet your goals, even if they seem a long way in the future. Take a minute to remember how you felt when you met one of your goals like paying down a credit card. That feeling is why you need to get back on your budget – you’re less stressed about money and proud of yourself for meeting a goal.
Expenses are greater than income. Your expenses might be greater than income if you’re dipping into savings or using credit cards for everyday expenses. And you’re not taking time to update your budget. It’s a slippery slope back to old habits and to a place you probably don’t want to be. Take time to refocus on what is important in your life. It’s probably not the gadget or new car you think you deserve. It’s about spending time with loved ones and meeting future goals. Slow the spending and get back to budgeting!
Ultimately, you’re procrastinating updating your budget because you’re AFRAID TO LOOK. That’s a stressful place to be. Keep in mind, looking at your current situation is the FIRST STEP but also the hardest. You have to see where you are so you can create your plan to CHANGE IT! I know, it’s scary and you don’t want to look, but chances are, what you’re cooking up in your brain is a lot worse than it actually is!
At Fiscal Fitness, we take the stress out of money using financial coaching and a budget customized to your income and lifestyle. Make an appointment today to get started on a path to financial freedom.