Budgeting Step 4 - Commit to the Plan

Part Five in Our Series on Budgeting to Reflect Your Values

Start this series from the beginning

We did it! We got honest about what we spend, we decided how to change it, and we came up with a plan!  What more could I possibly ask of you?  Well, see, we have to do it.  I’m pretty sure you don’t want to be financially responsible only on paper.  How are we going to make that beautiful budget we just created a reality? 

What’s going to motivate you to stick to this?  Are you and your spouse going to make a pact and hang a goal sheet on your fridge?  Will you ask a friend to hold you accountable?  Whatever you decide, just take some sort of action, and have a clear reward for a success. 

This isn’t going to go perfectly in your first month.  You are creating a habit.  Habits take time. Don’t beat yourself up when things don’t go perfectly, but keep trying.

If you are married or following this plan with someone else, you both need to commit.  This cannot be a one-person effort.  You are a team.  Let’s get you on the same page and moving in the same direction.  You might not totally agree on every detail, but we can establish some ground rules and agree to abide by them.

What are you going to do differently now that you have a budget that reflects your values?  How is this going to change what you do every day?  What are you going to say when the waitress asks if you want another drink?  What happens when you run out of fun money for the month, and it’s only the 20th?  What kind of results will you get if you succeed?  How are you going to celebrate when you’ve successfully made it through your first month? 

It may sound silly, but think these things through.  Practice them if you have to.  This is like most things in life; we need to commit in order for it to work. 

About the Author

Stephanie Vail is a member of the Custer Financial Advisors team.  She specializes in helping millennials with financial literacy and planning.  To learn more about Stephanie and Custer Financial Advisors, visit www.CusterFinancialAdvisors.Com or email Stephanie at SVail@lpl.com.