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Expert Answers to Biz Questions Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz. 4 Reasons Why Your Budget is Failing   If your budget is failing, that doesn’t mean you should give up! Simply rework the budget and identify where you are falling short. A budget that isn’t working can be more of a hinderance to your finances than an asset! Here are a few reasons why your budget is failing- and how to fix it.   It’s Not Realistic If you’re resorting to being overly restrictive as a means of budgeting, it was doomed from the start! Leaving no wiggle room doesn’t account for unexpected expenses or impulse purchases, which can make you feel too restricted. The solution to this issue is to have restrictions, but still give yourself some room for fun or extra purchases. Your budgeting method should help you cut back, but that doesn’t mean give yourself the bare minimum of fun! This can actually lead to overspending, which can end up hurting your budget!   You Don’t Have Goals It can be easier to keep your budget on track if you have goals. They can be your motivation to keep on track, just as any fitness or financial goal will. It’s much easier to have a specific goal in mind, rather than just to save money. If you took out a title loan recently, be sure to make your priority reasonable! Whether you took out your title loan in Los Angeles or Mississippi, your goal should be attainable and realistic. Some ideas to get you started for your own goal are: Saving for a House Paying Off A Debt or Bill Like a California Title Loan Saving for a Car Creating a Savings Account for a Rainy Dy or Recession Saving for a New Baby or Wedding     Often, setting small milestone goals can be beneficial for motivation. Think of a small goal in comparison to your big goal. If your long-term goal is to pay off all of your debt, celebrate when you’ve paid off one credit card! Keeping those smaller milestones can work wonders for your motivation to keep going.   You’re Not Keeping It with You Where most people fail during their budget is keeping it consistent. To do this, it can be beneficial to keep it with you at all times! Whether that be with a physical ledger or a budgeting app on your phone, keeping your budget with you ensures you are staying on top of your purchases. Additionally, it can be helpful to record all your purchases as soon as they happen, especially if cash is used. This way, you can keep yourself accountable throughout the week, and potentially make fewer impulse purchases.   You Aren’t Changing It As you meet your goals and evolve financially, your budget should be evaluated. Every 3 to 6 months, you should be evaluating your budget. Have your goals been met? Go through your financial records and see where things are working, and where you can cut back. IF you are overspending in one category, it may be time to shift around your priorities. For example, if you are consistently overspending in your eating out/entertainment category, consider bringing your lunch to work, or limiting yourself to eating out once a week. Enter your search terms Submit search form       Search Idea Cafe Web Small Business Tax Center • Idea Cafe Home • Sign Up • Biz Grant Center • CyberSchmooz •Coffee Talk with Experts • People in Biz Profiles • Starting Your Biz • Biz Planning • Running Your Biz • FREE Trade Publications • Marketing • Financing Your Biz • Human Resources • Legal & Biz Forms • Managing Your Biz • eCommerce • You and Your Biz • Gen X • Work@Home • The Fridge • De-Stress • Send an Award • Send an eGreeting • Yoga @ Your Desk • Web Guide • Idea Cafe in the News • About Idea Cafe • Advertise on Idea Cafe • Contact Us • Privacy Policy • Site Map • Small Biz News Copyright 1995-2024, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc. DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages. TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.