I recently wrote a post on budgeting and explained the technique I was going to try. It has worked out for me and I’ve actually changed my technique.
My previous budgeting strategy was to only have a play with %20 of my paycheck. The first couple of months was hard and I fell went over my budget a couple of times but, I learned from my mistakes and took a new route.
I began using the Mint App. Mint is a a money managing program that allows you to track where your money is going daily. It also gives you an opportunity to check your credit, and specify how much you want to spend at various places.
This app has helped me alot because I was able to control where my money was being spent. I don’t check the app everyday because I am alerted when I’m getting close to my reaching my budget or when I haven’t spent money in a certain category.
Although the tools are great and I have been able to to manage where my money is going I stil have been struggling with one problem. I still “Spend Way To Much.”
I read a post (which I forgot to copy the link), about maintaining your finances a couple of weeks back stated I wasn’t satisfied with something else in my life. The lack of satisfaction caused me to spend.
The blog said once our needs were met we felt satisfied. However, many people have gotten their needs mixed up with their wants and that is why they tend to spend more or feel unsatisfied.
After taking in the information I began to think about what my needs were and be grateful for being able to take care of them. Since I had money saved up I would reward myself, and it was still hurting my pockets.
I decided to come up with a way of to stop spending my savings. I had a problem of reaching a certain point and then splurging when my bills were paid, and at the end of the splurge I would get upset because all the money I saved up was spent. My new strategy is to not spend.
Yes! It is easier said than done and it will be a journey, but there are a few steps I would take on the way which I have listed below:
- Do not think money has to be spent: I do not know why, but I always think I need to buy something.
- Be still: As money builds in my account I feel like I need to be out and about. Instead of going somewhere and having to spend money, I am going to be still.
- Appreciate the things I already have: I realized if I continue to buy stuff I will not be able to appreciate the things I already have, so instead I’m going to take time out to enjoy them.
Since this is my next lesson I am teaching myself about money. I can not wait to allow my accounts to continue to grow instead of me dipping into them.