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  • Writer's pictureVictoria Wallis-Smith

Before you think of budgeting, ask yourself this...

Budgeting is a word that’s often associated with sacrifice and restraint. And right away, the negative connotations start – who wants to do budgeting if it’s all about sacrifice?


But it’s important to recognise that budgeting is not the goal… it’s simply a tool to manage your money better. So, if budgeting isn’t the goal, what is?

Thinking. Ask Yourself. Money Coach. How to Budget.

What’s most important to you?

Well, if life was peachy, and we had everything our hearts desire, I think we’d agree there'd be no need to manage our money.


But life doesn’t work like that.The reality is money is finite but there are infinite ways to use it.


Using your money efficiently means using it on what’s most important to you – things like security, family, travel & experiences, personal development & growth, career, friendships, community – your goals!


For me, good money management means working towards and achieving my goals – using my finite resource (money) to live the best version of my life (which is actually another finite resource).


Ask yourself this

Setting your goals can be hard, and prioritising them might be even harder. And that’s okay.


Improving your money management isn’t going to happen overnight – and it’s not a set and forget. Goal setting is something that you’ll revisit and continue to develop.


So, while you’re identifying your goals, ask yourself this:

“If I could wake up tomorrow and feel good about my money, what has changed?” What would there have to be more of, or less of, to ease your money worries.

The answer to that question gives you a focus – your pain point and a goal.


And why is that important?


Because that pain point and that goal gives you a direction and a purpose – and now your budget isn’t about sacrifice and restrain:

  • Your budget is a tool that’s helping you work out where your money is going, and it’s giving you the clarity and the confidence that your spending is in line with your goal.

  • Your budget lets you see the tangible improvements you’re making, and with that, the motivation to keep going.

Your new best friend

Instead of thinking about budgeting as something you should be doing (but don't really want to), think of it as your new best friend.


It’s not there to tell you what you can’t do – it lets you know what you can do… with some rules. And those rules are what keeps your money management in good order:

  • Yes, you can…. After you’ve saved.

  • Yes, you can…. When you’ve cleared that debt.

  • Yes, you can…. If you cut back on eating out.

Budgeting can help you achieve your goals – if you approach it with a positive mindset, and with clear intent and purpose, rather than one of sacrifice and restraint.


Need help with budgeting?

If you’d like to know more about a better approach to budgeting, and what rules you need to have in place, schedule a Let’s Chat call using the link below – we’ll have a chat on the phone to see if we’re the right fit for each other, and if money coaching is what you need.


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