9. Too Busy/Stressed to do a budget at all.
If your budget takes so much time to maintain that it leaves you no time for relaxation then sooner or later you will abandon it. It is destined to fail.
You need a system that takes just a few minutes a week.
These days we all lead busy lives working hard to try to earn enough to get on top of our finances. In fact, we seem to be working harder and harder for longer and longer to the point where we can be so busy or so stressed that we just can’t bring ourselves to even want to think about sorting out our finances when we do get a bit of spare time.
We just want to relax, not get depressed!
Consequently the budget never gets sorted out and the stress goes on, causing us to feel the need to work harder and longer to get on top of the finances!
That’s a ‘Catch 22’ wouldn’t you agree?
I said you need a system that makes your time commitment so minor you will be happy to continue.
If it takes you about 1 minute to log onto your internet banking then I reckon you can use my Simply Budgets system and have it not use up more than 5 minutes of you time each week.
- Find today’s date on your budget print-out.
- Log onto your internet banking to find your budget’s account balance.
- Compare your ‘target’ account balance from your budget print-out with your ‘actual’ account balance from your online banking.
- Check for any payments you may not have made since last week and make a mental adjustment to allow for these.
- If your actual account balance is higher than your target account balance then you have finished your budgeting for the week!
- If it is not higher you need to identify why and make a note of this for your next budget review session.
- Only if it is seriously lower would you need to spend more than 5 minutes checking to see what you need to change so you can get back on track.
That’s it, stop the clock! Less than 5 minutes for most weeks wouldn’t you agree?
If you know you have your time for budgeting sorted out give yourself a big tick for number 9!