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Are you failing at your budget? The best thing you can do is admit that, and then you can take steps to fix the issue.

Are you “failing” in following your budget*? You’re not alone. A lot of people struggle with the following of the budget.

And that’s okay!

You’re not really failing if you acknowledge that you’re not following it. You can then look at the budget again and figure it out. You’re only failing if you bury your head in the sand.

There are reasons you’re failing at your budget

There are plenty of reasons why people don’t manage to follow their budgets. The main ones are:

• The budget* wasn’t realistic
• There are new life changes you haven’t considered
• It’s a bad month but you can get back on track
• The budget simply doesn’t work for you anymore
• You’re not determined enough to stick to it

There could be other, more personal reasons why you didn’t stick to your personal budget. You don’t need to share them with anyone, but you do need to take steps to get back on track.

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Get back on track with your personal budget with these steps

The exact way you go about getting back on track will depend on the reason for failing at it in the first place. Here are some factors to consider.

Was your budget realistic for your circumstances?

Let’s start by looking at your budget*. Was it realistic when you set it? Did you try to cut down your expenditure so much that you can’t even afford basic bills? Did you not plan for any emergencies or one-off costs that are involved?

It’s essential that your budget is realistic. Maybe that means not saving as much as the experts tell you to, but that’s okay. Saving something is better than nothing, and as you get better at sticking to your budget, you will find it easier to scale back your spending a little more.

Has life changed financially?

Maybe you added a new pet to the family, or maybe you’ve lost your job. If you don’t factor these into your budgets, you will find that you fail. After all, your financial situation has changed, and you need to work that in with your expenditure.

Maybe you’ve just taken a temporary pay cut because of shorter hours worked for childcare needs. That’s fine if it works for you, but make sure you have the budget for that. If you suddenly have more money coming in, you need to budget again. You can save more, but if you don’t budget, you’ll likely spend the money instead.

Are you struggling with determination?

One of the hardest parts of your budget is sticking to it because this requires willpower and determination. Do you have that? Maybe you often give into FOMO or impulse purchases. It’s important to change the way you think about buying items. This is doable—I can guarantee that because I’ve beaten it!

You need to know your financial goals. I have a dream board in front of me. This shows me what I would like to achieve, whether it involves a vacation or to buy a house. This is going to be personal to you, so think about what you want to gain in the near and far future. The more you look at the visuals, the more you remember what you’re saving for. This helps you curb those impulses.

I also like to think of impulse purchases as hours that I need to work to make that money. If it’s only an extra hour of work, it could be worth it. If it’s more than that, I have to really think about the expenditure.

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Why are you failing at your budget? Share your thoughts in the comments below.