How to Make Yourself More Accountable to Your Budget

Setting a budget is the key to properly manage your finances. It serves as your roadmap to how you could possibly reach your goal in a timely manner. But contrary to popular belief, creating a budget won’t limit the amount of money you get to spend.

Instead, it provides you a direction based on what you tell it to do. Despite that, sticking to a budget can still be a difficult feat for some. With that in mind, we listed down some effective ways on how you could hold yourself accountable to your finances.

Set Some Affirmations

Creating affirmations can be a great way to achieve any goal. They remind you of what is important and transport those ideas into your subconscious. You can put them in your phone as an alarm in the morning so you’re immediately reminded of your goal as soon as you wake up. For instance, if you have a financial goal of saving S$10,000 this year to invest. Your affirmation could be, “I’m happy that I was able to save S$10,000. I’ll use this money wisely so I could grow my net worth.”

Limit Your Access to Your Money

A lot of people waver on their stand to stick with budgets because they have easy access on all of their hard-earned cash. The easiest way to keep that from happening is to separate your bill account, spending account and savings account. Automate your savings to your savings account, your bills to your bill account, and whatever is left can go to your spending account. Managing your finances in this manner will remove any temptation of using your money for any other purposes.

Monitor Your Expenses

Most people who fail to stick with their budget are not really aware where they went wrong. When you regularly monitor your spending, you create a mechanism that’ll hold you accountable on your finances. As you make purchases and subsequently track your expenses, you get to evaluate where you’re unnecessarily spending and stop as soon as possible.

Recreate Your Budget

You’re in complete control of your budget; so for you to hold yourself accountable, you need to create a budget that perfectly fits your lifestyle. Whether it’s increasing your income or decreasing your expenses, focus on how you could recreate a budget that’s suitable to the lifestyle you want. Never assume that you’ll fail at something you have the power to change.

With the right tricks and discipline, holding yourself accountable to your finances – specifically your budget – won’t be as difficult as you first imagined it to be. In fact, simply putting the aforementioned tricks to work is already enough to make yourself stick with the budget you created.

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