After the government takes enough to balance the budget, the taxpayer has the job of budgeting the balance. Unknown

We all strive to nurture a saving attitude but we always seem to fail.

The only avenue through which we can succeed in saving is through sticking to a budget, but this again has proved to be a hustle. Many have formulated their budgets, but few have actually succeeded in sticking to them. As William Feather puts it, “A budget tells us what we can’t afford, but it doesn’t keep us from buying it.” A budget is indeed a fundamental tool through which you can achieve financial success, it is only through budgeting that you can get out of dept and live a comfortable financial stress free life.

So, why isn’t your budget working for you?

Do you have a realistic budget?

Our budget formulation is guided by our personal wishes, feelings and perceptions and so are the cuts we make. In most cases we fail to realize at that the numbers we have assigned won’t work. There are certain necessities, such as food, which we shouldn’t gamble with, take for instance you stay alone, it would only seem sensible to budget for a one man’s meal in your monthly budget. Now picture this, your relative from the village falls sick and decides to come stay at your place while he or she seeks medication. Most likely, all the food expenses will be on you so in the long run you will find that what you had initially budgeted isn’t enough and you are obligated to encroach into your savings in order to survive.

The trick is to keep an open mind when it comes to formulating the budget, such fluctuating expenses such as food, electricity, and water should be given some flexibility.

Did you give yourself enough room for fun?

Slashing on your entertainment options is a sure recipe for failure. We all need a bit of fun in our lives, and you might have to limit it to KSh 2,500 a month if your budget is really tight. This KSh 2,500 can help stop you from blowing KSh 5,000 over the weekend. This extra little bit of money can prevent you from feeling deprived, which could subsequently lead to over spending.

Exercise some self control.

In the long run you will have to weigh your options: do you just not care enough about your finances to stick to your budget? Are you focused on instant gratification? Or is achieving financial accountability an important aspect in your life? There is no two way avenue when it comes to this. You will simply have to find ways through which you can exercise some self control, and if it means you will have to avoid some streets where you tend to make impulse buying, then well and good.

Is your budgeting method strenuous?

Sticking to your budget may entail constant tracking of your expenses, evaluation of your spending and balancing of your checkbook. While to some this may not be a big deal, to others it can be pretty demanding. Am glad to inform you that there is a simpler option, you can switch to the envelope system where you can store the cash required for the different categories in their respective envelope thus enhances easy accountability(for on the envelope budgeting system will be on our subsequent posts). It is though important to note that sticking to your budget entails constant tracking of your expenses, sitting down and working on your budget for five minutes a day can help keep you on track and lets you know how you are fairing on with the budget.

Are your financial goals realistic?

If you earn KSh 20,000 but are saving up to buy a 15Million Shilling car , then I am sad to tell you that your dream is farfetched. As we say down at the Coast, “Mtu hujikuna afikapo”. Try to have realistic financial objectives. If it is to settle a major debt, then you can opt to make small payments until you complete the entire amount. Having realistic goals would motivate you more to stick to the budget, plus you should always remember to reward yourself whenever you accomplish your financial goals.