Resolving To Budget In 2016

In 2013, Forbes Magazine reported that just eight percent of people will achieve their New Year’s resolutions. Eight percent. That number seems depressingly low. So we want to take a look at common New Year’s resolutions and things that you can do to insure you are part of that eight percent. This week we will feature a different resolution every day with some helpful tips and hints for sticking to it.

Since we’re a bank and we think money is pretty important we’re going to start with the dreaded “B Word.” That’s right. Today we’re talking Budgets.

People are often intimidated by the idea of a budget. The truth is, you work extremely hard for every penny you make. A budget is an easy way to know where your money is going and that it’s working for you.

One of the first steps to taming your finances is knowing where your money goes. Making a budget helps you to know where your money is going and will, if used correctly, help keep you on track. Budgets can be made with a spreadsheet on your computer, a mobile app or just a pen and paper.

Sadly, making the budget is the easy part. What trips folks up is sticking to their budget. And that’s what we’re here to talk about today. Anyone can make a budget but it’s an altogether different thing to stick to it for more than a few days, much less a month or year.

Here are some thoughts to help you stay on track and loyal to your budget in 2016.

Look at it daily – This may sound like a nuisance but it is vital that you keep your budget at the top of your mind so that you’re not tempted to go off script, spending money you don’t have. Hang a copy on your fridge, keep it in your handbag, your dayplanner or on your smartphone. Then take a moment every day to look at it and remind yourself why it’s important to stick to it.

Keep visual reminders – Is there a reason that budgeting is important to you right now? Maybe you are trying to pay off a mountain of credit card debt. Make a chart of your debt so you can see the balance decline each month. Are you saving for retirement or for a big family vacation? Place an image representing that goal somewhere you will see it every day. Study that image and imagine how following your budget will help you reach your goal!

Identify and eliminate weaknesses – Are you an Amazon impulse shopper? Are you a sucker for a Kohls sale or for a bargain at the grocery store? Stop and think about the places and things that trigger unplanned spending. Stop going to the mall every time you’re bored if you are an impulse shopper. Delete your credit card info from Amazon to slow down when buying all those “Lightening Deals.” If you horde food, take a detailed list to the grocery and don’t buy things that aren’t on the list.

Give yourself an allowance – A lot of parents give their kids an allowance to teach them how to handle money responsibly. Why not do the same for yourself? Give yourself a reasonable amount of money each week that you can use as “play money.” This play money will give you a little freedom to have some fun without damaging your budget. If you want morning coffee and lottery tickets and you blow your weekly allowance in two days, you will know it’s time to reconsider your spending habits.

Think before you spend – Remember when we told you to look at your budget daily? We also suggest you look at your budget every time you’re thinking about spending money. Whether it’s a trip to the grocery store or an online shopping spree at home, look at your budget and consider the repercussions before you buy. It may feel good to buy that Blu-ray today but where will the money come from? Is it worth taking the money from your grocery budget or your retirement savings just to watch a movie? Thinking about your money and your budget and how they work for you are half the battle. Having the strength to actually do what your budget says is the other half.

Set rewards goals– Following a budget sounds like an easy thing to do but it is actually sort of tough. That’s why it’s important to treat yourself once in a while. Is there something you especially enjoy? A manicure or bubble bath? Maybe an evening in front of the tv or at a favorite restaurant would make you happy. Reward yourself each week or month that you follow your budget!

A few final words –

Remember, a budget is a living organism with potential to change regularly. The cost of gas increases sometimes and your heating bill fluctuates with the weather. It’s important to adjust and recover as needed. If you spend too much today, that’s no reason to become discouraged. Just make the necessary adjustments to cover the cost of groceries and move forward.

It sounds cliché but budgeting really is mind over matter. Mental presence, awareness of goals and willpower go a long way toward helping you be true to your budget. Be strong and you can be among that eight percent!


Stick To Your Goals

Many Americans view a new year as a fresh slate, an opportunity to make resolutions and life changes. Yet fewer than ten percent of those people actually achieve their goals.

Did you resolve to lose weight, save money or maybe just to be more organized this year? If you have already abandoned your resolution, don’t despair. It’s never too late to make changes and every day is the right day to work toward your goals.

Some experts say it takes thirty days to form a habit. That means you have to repeat the same activity for thirty days in a row before it becomes part of your lifestyle. If you approach your goals one day at a time, and just keep going, you can turn those resolutions into reality.

Here at VCNB we put together a cheat sheet for sticking with it and following your goals:

Write down your plan. Write down your goal. Write down how you will achieve your goal. Post it somewhere visible and study it regularly.

Identify saboteurs.  Sometimes a saboteur is your mother who encourages you to eat just one more cookie or that email from your favorite retailer. It could be a negative co-worker who is happiest when they are raining on someone’s parade. Identify the source and find ways to combat the negativity or temptation they bring to your life.

Buddy SystemFind a friend with similar goals and hold each other accountable by swapping tips and lending support.

Baby steps. You didn’t gain the weight overnight. Chances are you did it one bite at a time. That means losing weight can’t happen all at once. Think about small things you can do to reach your goals. If you’re losing weight, don’t try to overhaul your entire diet at once. Instead, start by skipping your nightly dessert and walking through your neighborhood in the evenings.

Schedule time. Make an appointment with yourself to work on goals. Set an alarm on your phone to remind you that your goals are just as important as anything else you will do today.

Celebrate accomplishments.  When you reach a milestone, give yourself a small treat. If you’re saving money, give yourself a few bucks to go to the movies or buy that fancy coffee you love so much. Just don’t go overboard and undo your hard work!

Be kind to yourself. Be your own cheerleader. Remind yourself why you started on this journey and replace negative self-talk with positive affirmations.

Focus on the journey, not the destination. Achieving goals is about changing habits. Why do you spend too much money? Do you shop when you’re stressed or bored? Why do you smoke? Why do you overeat? Finding the answers to these questions often is key to changing your habits.

Keep record.  Make a chart to monitor your debt pay-off. Keep a food diary or use a phone app to monitor calorie intake. Keep a checklist of all the areas in your house that you want to organize this year or write on a calendar each day that you didn’t smoke a cigarette.

Get help.  If you are dealing with a serious addiction or a problem that you can’t handle alone, find a support group or seek counseling. There is no prize for struggling alone and there are people and organizations who can help.

Don’t give up. Whatever you do, just keep trying. You most certainly will face obstacles and setbacks but remember not to give up the thing you want most in this world for the thing you want right now.