Sticking to a Budget: 10 Budgeting Tips for Beginners (2024)

Sticking to a Budget: 10 Budgeting Tips for Beginners (1)

Whether you’re new to budgeting, or have made one but never followed through, you might need some tricks to really make it work. Here are some simple budgeting tips for sticking to a budget once and for all.

Let’s face it – managing your money can be challenging. Last week we learned how to change our perspective and create a budget. Now we better look at ways to stay the course.

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  • Budgeting for Beginners: A Step-by-Step Guide to Getting Started
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You probably already know that having a budget means telling your money where to go. As the boss of your own finances, it’s important to have a system that will allow budgeting to be less complicated and more effortless.

Here are 10 tips and tricks that will make sticking to a budget much easier!

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👉 Join our FREE 3 Day Budget Quickstart Challenge! It’ll walk you through creating a custom budget for YOUR exact situation.

1. Get everyone involved

When you first begin living on a budget, it really helps to get the other people in your household on board. It’s important for your family members to know in advance that the spending habits will be changing.

You’ll get a lot less resistance if you keep them informed. Share the reasons why you started budgeting, and the benefits that will come from it.

Present the new financial plan as a very positive thing, or a ‘game’ of sorts. Let them know that you’ll need their support. And that everyone can help in their own way.

Sticking to a Budget: 10 Budgeting Tips for Beginners (3)

2. Keep an eye on your grocery bill

If there’s one place that your budget can quickly go astray, it’s food. In fact, besides your housing, it might be one of your biggest expenses.

Be intentional about how much you’re spending at the grocery store. Meal planning can really go a long way in helping with this. You’ll save lots of money, and stay within your budget.

If you struggle to manage your grocery budget, check out these helpful resources:

  • 5 Ways to Save Money on Groceries (without coupons!)
  • Slash Your Grocery Budget in 5 Days with this FREE ecourse
  • Get Started Meal Planning Today: 10 Super Easy Tricks

3. Read a book

Educating yourself about personal finance really isn’t as difficult as you’d think. The #1 way that I learned how to manage money was by reading The Total Money Makeover.

The wisdom in that book was so helpful and inspiring that we were able to totally turn our finances around. It was truly a money makeover.

Here are some resources to makeover your finances:

Sticking to a Budget: 10 Budgeting Tips for Beginners (4)

4. Budget for every dollar

A budget is simply a financial plan in which you tell your money where to go. That means that every dollar needs an intention.

If you have money left over after paying your bills, decide exactly what you’ll do with it. It could be paying extra on your credit card or student loan debt. Or adding it to your emergency fund or savings account.

You’ll end up blowing money on random stuff if you don’t have a plan for each and every dollar.

5. Pay debt off quickly

Does your budget feel tight right now? Paying down debt will make it seem more spacious.

Check your budget and see how much of your money goes to debt repayment. Imagine if you got to keep all that extra money instead of giving it away?

The faster you pay off your debt, the less you will pay in interest. Plus, you’ll be able to start achieving those financial goals sooner!

6. Be patient with yourself

If you have an overachiever personality, maybe you get frustrated when you can’t attain budgeting perfection immediately.

Managing your money is an ongoing process, so try to accept that it consists of tons of small choices and changes.

Be realistic about what how much you can change at once. You may need to slowly decrease spending in certain areas, instead of a sudden, major overhaul.

You know yourself best, so continue experimenting with what will really work for you.

7. Always track your spending

The key to sticking to a budget long-term is to track your spending. That means keeping a list of where your money is going.

From groceries, to eating out, to clothes, to other miscellaneous expenditures. You’ll be able to see where your money goes on a weekly or monthly basis.

Sticking to a Budget: 10 Budgeting Tips for Beginners (6)

8. Know the difference between a need and a want

A need is something you have to have to survive, and a want is pretty much everything else.

You need to eat; you want to eat filet mignon. You need clothing; you want to buy 5 new sweaters at Nordstrom.

Spending less is the #1 way that sticking to a budget will be successful. You might need to get creative!

Sometimes I have a problem with buying things just because they are a ‘good deal.’ And often they really are a very good deal. But it’s still wasted money if they don’t serve any good purpose.

By just asking ourselves ‘is this a need or a want?’ before adding it to the cart, we can quickly eliminate a lot of unnecessary spending.

9. Make more money

If the thought of spending less money repulses you, there is another solution. Sticking to a budget is a whole lot easier if you earn more money!

That could mean getting a higher paying job, asking for a raise, or (my favorite) starting a side hustle.

Making money on your own little side business is incredibly rewarding. I know you already have some sort of skill that people need. And are willing to pay you for.

You can scale it to whatever extent you want. The income possibilities are almost endless really.

Here are 21 ways you can earn extra money!

Sticking to a Budget: 10 Budgeting Tips for Beginners (7)

Related reading:

  • 21 Ways to Earn Extra Money
  • 5 Ways to Make Money From Home with No Experience (+ the resources to get started!)

10. Monitor and adjust

Your budget is like a living thing that needs to be monitored on an ongoing basis. You’ll be able to see monthly what is working and what needs to be adjusted.

No budget is ever set in stone, and you will keep learning how to tweak it. Maybe you decided that you didn’t allocate enough for groceries. Or you paid off your credit card, so you have extra money to use somewhere else.

If you’re always overspending in a certain area, increase how much you allocate to that category. Adjust your budget so you spend less elsewhere to accommodate it.

Monitoring your finances will keep you motivated to spend wisely and keep your goals in focus. Please don’t give it up because it gets difficult sometimes. Find a way to make it work for you.

A budget isn’t a jail cell; it’s the tool you need to live the life you want, long-term.

You can do it!

You’re starting to see all the ways that you can make sticking to a budget work. It’s a personal thing. And it’s up to you to manage it however works best for you.

Start by budgeting for every dollar, keeping track of what you spend, and reading a book to improve your personal finance knowledge.

Forget that notion that you’re ‘not good with money.’ You are either not yet super knowledgeable about managing your finances, or you just don’t care to be. Be honest with yourself.

Here’s your opportunity to fix it.

Anyone can do this – even you! Change your financial future by sticking to a budget.

Go forth and budget, my dear!

P.S. Don’t forget to join theFREE 3 Day Budget Quickstart Challenge! It’ll walk you through creating a custom budget for YOUR exact situation.

Sticking to a Budget: 10 Budgeting Tips for Beginners (9)

Sticking to a Budget: 10 Budgeting Tips for Beginners (2024)

FAQs

How do I start sticking to my budget? ›

Start by Setting a Realistic Budget
  1. Gather Financial Statements. ...
  2. Know Monthly Income and Expenses. ...
  3. Calculate Your Budget. ...
  4. Keep Your Saving Goals in Mind. ...
  5. Set Up Auto Draft Payments. ...
  6. Take a Step Back Before Buying Impulse or Large Purchases. ...
  7. Watch Out for the Small Stuff. ...
  8. Use a Budgeting App.

What is the 70 10 10 10 budget rule? ›

This principle consists of allocating 10% of your monthly income to each of the following categories: emergency fund, long-term savings, and giving. The remaining 70% is for your living expenses. 10% – Long Term Savings – Saving for big expenses such as university, new home, retirement, etc.

What is the 10 rule budget? ›

When using the 60/30/10, you'll allocate 60% of your monthly income towards essential expenses, such as gas, utilities, groceries and rent. You'll designate 30% of your income for discretionary spending, such as shopping or dining out, and the final 10% is either put in savings or used to pay off high-interest debt.

Why do I struggle to stick to a budget? ›

Make your budget goals realistic

Goal setting is ingrained in budgeting, and like anything in life, if your goals are too challenging to achieve, you will struggle to meet them. Therefore, you must set realistic budget goals that you will likely keep throughout the year to keep yourself on course.

What is the 50 20 30 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.

How to budget for dummies? ›

How to budget for beginners
  1. Calculate your total monthly income from all sources. ...
  2. Categorize your monthly expenses. ...
  3. Set budgeting goals. ...
  4. Follow the 50/30/20 budget method. ...
  5. Make changes to your spending habits. ...
  6. Use budgeting tools to track your spending and savings. ...
  7. Review your budget from time to time.
Jun 20, 2023

What is the best budget advice? ›

In the 50/20/30 budget, 50% of your net income should go to your needs, 20% should go to savings, and 30% should go to your wants. If you've read the Essentials of Budgeting, you're already familiar with the idea of wants and needs. This budget recommends a specific balance for your spending on wants and needs.

How do you start a budget when you're broke? ›

Here are some tips for building a budget if you don't have one:
  1. Track your income. You should include your salary, any side hustles, and any other sources of income you may have.
  2. Categorize your expenses. ...
  3. Allocate your income. ...
  4. Leave room for flexibility. ...
  5. Track your progress.
Mar 15, 2024

What is the golden rule of the budget process? ›

What Is the Golden Rule of Government Spending? The golden rule of government spending is a fiscal policy that a government should borrow only to invest, not to fund current spending. In other words, the government should borrow money only to make investments that will produce long-term benefits for the future.

What is the simple budget rule? ›

The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings. Learn more about the 50/30/20 budget rule and if it's right for you.

Which budgeting method is best? ›

5 budgeting methods to consider
Budgeting methodBest for…
1. The zero-based budgetTracking consistent income and expenses
2. The pay-yourself-first budgetPrioritizing savings and debt repayment
3. The envelope system budgetMaking your spending more disciplined
4. The 50/30/20 budgetCategorizing “needs” over “wants”
1 more row
Sep 22, 2023

What is the 60 10 10 10 10 rule? ›

60% Solution

In the 60% solution method, you cover all your wants and needs with 60% of your budget. The other 40% is for saving. Then, that 40% gets divided up into three savings categories (10% for retirement, 10% for long-term savings, 10% for short-term savings) with 10% left for “fun.”

What is the 70 20 10 money rule? ›

The 70-20-10 budget formula divides your after-tax income into three buckets: 70% for living expenses, 20% for savings and debt, and 10% for additional savings and donations. By allocating your available income into these three distinct categories, you can better manage your money on a daily basis.

What is the no spending rule? ›

Irregular plural nouns are nouns that do not become plural by adding -s or -es, as most nouns in the English language do. You're probably familiar with many of these already. For example, the plural form of man is men, not mans. The plural form of woman is women, not womans.

How to create a personal budget and stick to it? ›

Here are 11 ways to help you stick to your budget so you can jump start your savings, reach your goals and thrive.
  1. Sleep on big purchases. ...
  2. Never spend more than you have. ...
  3. Stick to a lower credit card limit. ...
  4. Budget to zero. ...
  5. Try a no-spend challenge. ...
  6. Stop paying for fees. ...
  7. Plan your meals. ...
  8. Do your grocery shopping online.

How should a beginner budget? ›

Try the 50/30/20 rule as a simple budgeting framework. Allow up to 50% of your income for needs, including debt minimums. Leave 30% of your income for wants. Commit 20% of your income to savings and debt repayment beyond minimums.

How to make a budget and keep to it? ›

Here are steps you can take when making a budget to ensure that it fits your lifestyle and financial goals.
  1. Determine Your Income. ...
  2. Calculate Your Monthly Expenses. ...
  3. Set Realistic Goals. ...
  4. Track Your Spending. ...
  5. Pick a Budgeting Plan. ...
  6. Stick to Your Budget. ...
  7. Above All Things, Remember Your Goals.
Jul 13, 2023

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