Top 3 Cool Reasons That Will Make You Want to Budget, Plus How to Find Time to Budget

3 Reasons to Budget

I hear people say, “I don’t have time to budget. It just takes too much time and it’s not really worth it.”

This is my response, “I believe we make time for what we want to make time for.”

If we are missing the importance of budgeting then we won’t make time for it. Let me give you 3 reasons why budgeting is important and a way to find time to budget.

Budgeting Reason #1 – Goals

Our budget is our spending plan; it’s what helps us achieve our financial goals and helps us make the best decisions about our money. We can see how much is coming in and how much is going out and make changes where necessary.

Following a budget ensures we’ll always have enough money for the things we need and most desire and helps us not to spend money on wasteful things or shallow wants. It helps us stay out of debt or can help us work ourselves out of debt.

We should also build our savings and retirement amounts into our budgets. We don’t want to leave those important financial items out.

Spending time on our budget is one of the most important things we can do. It helps us set ourselves up for success with our money. Even if you feel like you have enough money, are investing in retirement accounts, have savings and have some leftover. I’d ask, are you really spending the rest of your money wisely. Are you reaching your financial goals? Just being able to see how much is coming in and how much is going out, helps us to realize how much is leftover and then we can decide the best place to put that money. If it’s thousands or hundreds, there’s different places we can invest that money, but if we don’t know how much is leftover, we can’t decide on the best vehicle for that money.

Budgeting Reasons #2 – Saves Time

Once we have our budget set up, it helps us save time in the future. We are tracking our spending, making sure it’s aligning with our goals. When we are updating our budget, we can see what’s coming up in the months ahead. We can plan for birthdays, weddings, baby showers, etc. We can budget amounts for those special occasions ahead of time. We’ll already know what our budgeted amount is and find a gift in that price range.

We won’t need to waste time looking at gifts out of our price range and we can schedule those events on our calendars ahead of time.

Also, we won’t be wasting time trying to figure out if we can afford something. We’ll be tracking our spending and putting money toward our goals. We’ll know how much we have and won’t have to waste time or energy looking for things not in our spending plan, our budget. We can focus our time on what’s really important to us.

Budgeting Reason #3 – Reduce Anxiety

People tend to have a lot of anxiety around money. Not being fully aware of how much is coming in and going out can be very stressful. It’s a fear of the unknown. We make a purchase, but then keep thinking, can I really afford that? Maybe I should return it. Money can make us feel sick to our stomachs, knowing we have a lot of debt or worrying about our financial future, if we’ll be able to retire or be able to afford to go to school.

If we are taking a look at our finances and setting up our budget, we can reduce that anxiety. We can put a plan in place to pay off the debt or start adding to our retirement fund. Usually people think it is worse than it really is and even if it is bad, getting a plan in place to take care of it helps us rest easy.

Now that I’ve given some reasons about how important a budget is, here’s a way we can find time to budget.

Finding Time to Budget

I want you to do an experiment. Try tracking your time for at least a week. Write down everything you do and how long you are doing it. Just keep a sheet of paper with you and when you switch tasks, write down the task and the time. Or you could do it on your phone, just entering in the time you start something new and what it is. Try it for a week if not two. I think you’ll see you have more time than you think.

Budgets don’t have to take that long. You can look over your finances each week to make sure you’re on track or if that’s too much to start with, do it once a month. As you get it going, it should only take about an hour.

Brides spend 36 days planning their wedding, which only lasts for a day, Our finances are with us our entire lives; I think we can find a couple hours a month to review them.

Here’s a couple of ideas for you to find more time.

In 2015, people watched Netflix about 1 and half hours PER DAY on average(1). And I’m sure that number went up in 2016. If we have time to watch an hour and half of TV per day, pretty sure we can find an hour per month to update our budgets.

“The average person has five social media accounts and spends around 1 hour and 40 minutes browsing these networks every day.” (2)

One hour and 40 minutes per day is quite a chunk of time. I’ll be the first to say we don’t need to be spending that much time on social media (unless it’s our job). A lot of us (myself included) spend a lot of unnecessary time on social media. It’s easy to get sucked in watching cat videos. 😉

So just cutting down on social media (not even getting off) and watching one episode less a month on Netflix, we’ll have more than enough time to budget.

Even if you aren’t big on social media or Netflix, after tracking your schedule, I’m sure you can find time to budget. Look to see what’s really not as important as reaching your financial goals and replace it with budgeting time.

Want to set up your own budget? I’ve made it easy for you with step by step instructions in my Budgeting Bootcamp Course. Click here to learn more about the course.

(1)http://time.com/4186137/netflix-hours-per-day/

(2)http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/11610959/Is-your-daily-social-media-usage-higher-than-average.html

I know there’s other reasons to budget, share your favorite reasons below!

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