The Key to Budgeting? Discipline

So my last post on the key to keeping a budget directed you to a video in which I talked briefly about discipline being they key. The secret to budgeting isn't having the newest, fanciest app installed on your phone. There are many, MANY great tools/apps/computer programs available that can help you maintain a budget. Some of them are amazing! But they are NOT the key to you maintaining a budget.

As I established in my last blog, keeping a budget is imperative to you reaching financial freedom. A budget allows to know and track precisely where ALL of your money is coming from and where it is going. When you budget and know these exact figures you are better able to afford (debt-free) the things you need and want. That is by definition, financial freedom. And who doesn't want that!?

But accomplishing financial freedom isn't easy. Most of us feel like no matter how much money we make we never have enough to go around. Why is that? Especially when most of us understand that if we kept a budget we'd be more likely to achieve that lofty goal of financial freedom. Keeping a budget requires discipline. It requires you to actively record/input all of your expenses and income streams. That takes a lot of effort. It takes also takes a lot of time and energy. But the time and energy invested in budgeting will be one of your best investments you'll ever make.

So the question becomes, how do I muster up the discipline to actually sit down and do a budget. I think the first place to start is with an accountability partner. If you lack the discipline to stay on top of maintaining a budget, then purposefully seek someone that you can trust and you know WILL hold you accountable. Someone that won't be afraid to ask hard questions. Someone that will encourage you to do the right things and inspire you to do difficult but necessary things. Meet with that person consistently so that you will consistently be challenged to stay on top of your budget (because inconsistent budget is essentially no budgeting).

I think this is so important and so valuable that if you can't find an accountability partner than it is worth paying for a life coach to be that person. But find that person that will hold you accountable! Again, if you are struggling to stay disciplined it will benefit you tremendously to have someone in your life speaking to that weakness. The cost of that coach should pay for itself ten-fold in the long-term so long as they hold you to keeping your personal budget.

You can do this. First, determine that you ARE going to start and maintain a budget. But you CAN do it. You're designed and created with the fortitude to accomplish difficult and inspiring things. Whatever you do, press on. Don't give up. Just because you may have fallen short in budgeting in the past doesn't mean that you are destined to repeat. You are actually destined for greatness. Use your resolve to create a new path. Resolve to be disciplined! The reward will be financial freedom!

The Key To Maintaining a Budget

At some point in almost all of our lives we realize the importance of following a budget. Maintaining a budget helps us know where our money is and where it is going. If we are able to effectively budget, we know how much money is coming in (income), how much money is going out (expenses) and a balanced budget ensures that our expenses don't exceed our income. In doing so, we can avoid debt (or eliminate debt) and save money. Sounds pretty simple, right?

Then why's it so miserably hard!? Why, when at the tips of our fingers are countless amazing budget/personal finance tools available, is it so dang hard to keep a budget!? Some of these budgeting apps and programs are so good they can almost tie your shoes.

I'm not going to get into all of the reasons as to why you should budget (you need to come to this on your own) and I'm not going to break down how to actually setup and follow a budget. I'm simply going to tackle the issue as to why it's so hard for most of us to sit down and actually execute budgeting. Because if you can't hold yourself to actually doing a budget, the budgeting app/program is useless.

The same problem exists for many of us in many areas of our lives. Think about it. How many times have you heard (or maybe you yourself said), "This year is going to be different. This year I'm going to start eating right and exercising and.........bla bla bla." It takes a week or 2 and they (you) are right back where they (you) started.

I answer the question in this video:

The bottom line is this; you can do it. Regardless of your past, you can get your finances in order and maintain a budget. The result will be the financial freedom you long for! If you need help getting started, give me a shout!