The common reason why budgets fail is that people lack consistency and follow-through after the initial planning stage, as enthusiasm and motivation decrease when it comes to executing plans. When traditional methods for staying on budget aren’t working, here are some unconventional tips to help you maintain your financial goals:
Argue With Yourself
Sometimes there’s an inner voice that leads you astray and convinces you to make impulsive decisions. To counter this, talk yourself out of it by referring to yourself in the third person or using “You” when addressing your other self. Remind yourself about the goals you’re trying to achieve, as doing so might help you stay focused on your financial plans instead of giving in to temporary desires.
Gamify It
If it becomes hard to find enjoyment in budgeting, consider turning it into a game. Apps like HabitRPG and Epic Win use gaming elements such as experience points, gold, and multiplayer functions to help you stay on track with your financial goals. Level up by achieving targets and lose health when you fall short, making the process more engaging.
Lock It Up
If you struggle with credit card spending, a tool like the Kitchen Safe can be useful. You can seal your cards for a period of time (up to 10 days) in this clear plastic box, preventing easy access while still allowing you to keep track of them. Wrap or tape over the numbers if necessary to avoid temptation.
Give Your Cards Away
If you’re prone to overspending with your cards, give them to a trustworthy person for safekeeping and have them return them only when needed. This helps create accountability, as you’ll need to explain why you ran out of money during the week and what unbudgeted amount you spent.
Freeze Your Cards
An old yet effective idea is to place your credit cards in a block of ice to discourage spending. Fill a container with water, freeze it overnight, put your cards on top, and fill the rest of the container with more water. The next day, your cards will be encased in ice, making them harder to access. Wrap or tape over the numbers if necessary.
Put Your Money Where Your Mouth Is
Websites such as Stickk and Beeminder use the concept of losing money if you fail to achieve your financial goals as a motivator. You don’t need to provide initial payment, but forfeiting funds when not meeting goals can serve as an incentive. With Stickk, you can choose the beneficiary (either an anti-charity or someone you know), providing extra motivation.
Have A Snack
When hunger strikes, your decision-making is influenced by starvation instincts, making you more inclined to go for immediate rewards instead of waiting for a future gain. If you’re tempted to make an impulsive purchase, have a small snack first and reconsider the decision later.
Do you employ any unconventional strategies to stay on budget?
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