Signs It’s Time to Revamp your Budget | St. Johns Bank
Creating a budget is one of the best things you can do to get your finances under control. Budgeting helps prevent overspending, increase your savings and give you a detailed picture about where your money is actually going.
But what happens when a budget is no longer working for you? Here are signs it’s time to refresh your budget.
You Recently Got a Raise
Congratulations! You finally got that raise you’ve worked so hard for.
How does that impact your finances? For starters, it’s a good idea to adjust your monthly budget to account for your new income. Ask yourself where you can allot more of your money, such as an emergency fund or debt payoff. An increase in income can make a positive difference in your monthly budget!
You Aren’t Enjoying Yourself
Entertainment should be a line item in any budget. Without giving yourself “fun money”, you’re sure to feel deprived every month and unmotivated to continue on with your financial goals.
Being on a budget isn’t about not spending money on fun things, but rather, determining a realistic amount of money to spend on them. There are so many ways to have fun at home that don’t require a large sum of money.
But sometimes, it’s nice to get out to dinner or check out the latest movie at the theater. The key is to find a balance of entertaining activities and spend money on them within your allotted budget.
You Aren’t Hitting Your Financial Goals
It takes time, patience and a lot of motivation to hit a financial goal. If you feel like you’re falling short month after month, it may be time to revisit your budget. Is your goal realistic? If it doesn’t feel attainable, consider revising it for a month or two to see if you’re able to achieve it then.
It’s Hard to Stay on Track
If your monthly budget is hard to adhere to, it may not be the correct financial plan for you.
It’s possible that it doesn’t fit your lifestyle. Re-analyze your spending, determine your monthly financial obligations and start with a fresh budget. You’ll be amazed at how much of a difference a new financial plan can make!
Are you ready to get your finances in order? Visit us today to get the accounts, credit cards and loans you need!