x Eve Woman Wellness Readers Lounge Leisure and Travel My Man Bridal Health Relationships Parenting About Us Digital News Videos Opinions Cartoons Education E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise BULK SMS E-Learning Digger Classified Jobs The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
Login ×
BTV
VAS
DCX
RMS

Five reasons your budget isn’t working for you

Money - By Audrey Masitsa | January 14th 2021 at 11:58:51 GMT +0300
If your budget it’s not working as expected, you’re bound to feel discouraged (Photo: Shutterstock)

The best way to manage your money, achieve your financial goals and become financially independent is to make and stick to a budget.

A good budget captures all your income, expenses and savings.

If you’ve started using a budget but find that it’s not working as expected, you’re bound to feel discouraged and abandon it altogether. However, a look into your budget, expectations as well as spending habits could provide useful information as to why your budget isn’t working.

Below are five reasons why your budget isn’t working for you and what you can do to remedy that.

1. You have unrealistic expectations

Just like any other goal you wish to attain, it takes time to see the results of a budget. If you have made a good budget, give it time to start reflecting the desired results. In the first few months, assess if your budget is working for you and make the required adjustments and then give it time to start working.

Among your expenses, ensure you alott some money for fun activities (Photo: Shutterstock)

2. You’re living beyond your means

  1. READ MORE
  2. 1. How to start a budget
  3. 2. Woman explains how she saved Sh2.5 million in a year - and now she's debt-free
  4. 3. Five ways to get a handle on your expenditure in 2021
  5. 4. How to create a budget

One important step when you’re coming up with a budget is to write down all your expenses. These include fixed and varied expenses i.e. monthly and yearly bills, groceries, entertainment, medical, etc. You then alott money to these expenses accordingly, cutting back on less important expenses to provide more money for others.

If you find that your expenses don’t leave room for anything else then you’re living beyond your means. Sit down and evaluate how you can reduce your expenditure to make it less than your income such that you have enough money for other items in your budget.

3. Your budget leaves no room for fun

You work hard for your money so you should be able to enjoy it albeit in a responsible way. Among your expenses, ensure you alott some money for fun activities such as hobbies and entertainment. This will make the process of sticking to your budget more enjoyable since you won’t feel like you’re missing out.

Learn to say no when it’s an out-of-budget expense (Photo: Shutterstock)

4. You lack discipline

Discipline is one word whose importance I’ve started in my adulthood. It takes a lot to say no to things you want to do but know you shouldn’t. These include activities that will affect your budget.

For your budget to work and work well, you need to be disciplined. Spend only what has been alotted, say no when it’s an out-of-budget expense and plan ahead before making big payments/purchases.

5. You’re don’t adjust it

A budget is supposed to work for you. Thus, if you notice that it isn’t working for you, your expenses and income change or your lifestyle changes, you’re allowed to adjust your budget so that it reflects that. As you assess your expenditure every month, look at how it’s working for you and adjust it accordingly.

Be The First To Comment

Stay Ahead!

Access premium content only available
to our subscribers.

Or Login With Your Standard Account
Support independent journalism

Please enter your email address to continue

Support independent journalism
×
Create An Account
Support independent journalism
I have an account Log in
Reset Password
Support independent journalism
Log in