Sticking to my budget

Barbara

OK, I know Kathy just talked about BudgetWatch, but because I believe it is an amazing tool, I just have to talk about it again and share my experience.

Now, over the years, I've employed numerous budgeting methods  — everything from a strictly cash-only system, to writing down each purchase in a notebook, to the Diet Coke® Savings Plan. But nothing stuck.

So when BudgetWatch became available, I went though the motions to create my budget. Couldn't hurt, right?

Well, much to my surprise, this method is sticking! Why? Here are just a couple things that make this method easier for me:

1. Location, location, location: If you go into Wells Fargo Online® Banking regularly (to check your funds, pay bills, monitor what has been posted to your account, etc.), it's only one more click to check how well you're adhering to your budget. For me, having to go out of my routine to keep track of my budget, like through an Excel spreadsheet or other program, was a huge deterrent to sticking with a budgeting system.


2. Automatic comparisons: One of the big things that can throw a budget off is not having a good picture of your spending habits when you create it. Sure it's great to say you want to spend just $150 on groceries each month, but that may not be realistic. BudgetWatch gives you a picture of what your spending has actually been. You can even automatically fill in your budget based on your average spending each month.


3. Fluid budgeting: We're getting to the end of the month, and I'm starting to see some red categories (meaning I've spent over the allotted amount). However, some of my categories have a surplus. It's easy to swap some budgeted funds from one category to another if needed to keep you in the black. Or you can just keep track of "what's left" (your money inflow v. money outflow) to make sure you don't spend more than you have.

And the proof is in the Jello® pudding  I packed for lunch! Earlier this week, Staci sent me an invitation for a group lunch. Unfortunately, my restaurant spending category has only a whopping $0.31 left. Now, what about moving some clams from other categories? Well, most of the extras are already earmarked for some home expenses (story forthcoming) for which I hadn't budgeted. So, instead I sent my lunch regrets and brown-bagged it. A small victory, but I'll take it.

Have you found a budgeting system you can stick to? Perhaps BudgetWatch?