Budgets fail when they are not realistic, and guilt about spending is often the enemy of financial wellness. Author Sam Beckbessinger shares some advice on how to set up a budget that works for you, not against you.
So, you’ve divided your money among your priorities, allocated funds for social events and cellphone bills alike, and then the unexpected happens: those big bills that aren’t as regular, but perhaps catch you off-guard when they roll around each year. From university fees in January to holidays in December, or tax bills and medical emergencies. These are more difficult to budget for, as they are unpredictable and too large to settle monthly.
“There are always going to be unpredictable things that crop up in your life. And I think this is exactly why most budgets fail, because they don’t account for that.”An old adage advises to “pay yourself first”, which reminds people that managing where money goes is as important as managing where it does not go. Beckbessinger recommends opening a second bank account to get control over saving money too.
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