How I Stick to a Budget Without FOMO
Something that I often hear from people is how limiting a budget can feel. If you consider setting a spending limit on items limiting then, maybe? But remember, you are the one that is setting those limits and we all have to have limits. Money is not unlimited so unless going into debt is a goal of yours, you have to know when to say no.
I am here to shout from the rooftop that I don’t see my budget as restricting. I see it as something that gives me permission to spend, and here’s why.
Your budget is like that best friend when you are at the mall that says, you need that shirt, get it! It is saying, hey, you set money aside for this specific thing, what are you waiting for?
When I help clients create their first budget, we start the process with creating a list of everything that brings them joy. Do you value spending time with family and friends? Do you like traveling? Do you always need the latest gadget? Is it your personal mission to try every brewery in Minnesota?
Whatever you find value in, you want to make sure you are incorporating spending for those areas! My budget always includes a category to save for the Twins home opener, the Minnesota State Fair and Black Friday. Non-negotiable. These are experiences that are affordable and have become a tradition with close friends.
Maybe in your previous life (pre-COVID) friends always do a last minute pricey brunch and you feel guilty when you go, and when you don’t. Start setting aside a small amount of money each week, or with each paycheck, so these events don’t break the bank.
We still have to say no to some things since our money isn’t infinite. But saying no to something you don’t value is a lot easier than saying no to something that you do.
Start today with writing out all the things that truly bring you joy, a little soul searching one might say. Figure out how much you can afford to spend on these items and make sure they are in the plan. And remember, no item is too small to start saving for. My car tabs are way less annoying when I save $5 a month versus $60 at the DMV, that’s a happy hour!
