Did you know more than 70 percent of people live paycheck to paycheck? Some of these people who are living paycheck to paycheck may shock you. There are people with six-figure incomes praying for the next pay day to come faster. How is this happening? Well, they most likely don’t have a budget or are not budgeting properly. Budgeting can be hard for some people, even those with bigger paychecks, especially those who make excuses not to do it.

Without a budget, you may not realize where your money is going. A few dollars here and there can really add up. Before you know it, your bank account is almost on “E”, and you have no idea where you spent your money. Without a budget, you can’t look back and see where the money went or where you’re overspending. By keeping track of your funds, you’ll know exactly where you can start saving money and spending less.

In short, without a budget, you can’t really keep track of your spending and money. It can become stressful to always worry about money. It’s time to stop worrying and start making a budget!

At Montoya & Associates, we love putting people in control of their financial future. For this article, we wanted to share some of the top excuses people use to keep them from creating a budget.

How to Stop the Excuses and Start a Budget

• Excuse: Irregular income. If your income varies month to month, budgeting can be more challenging, because you are unsure how much money you’ll bring in week to week. Fix: If your income is irregular, a budget is even more important. It will keep your spending in check, especially during the lower-income months. You’ll get used to spending a certain amount, so you’ll have more money to save during the higher-income months.
• Excuse: Not good at math. You don’t have to be a math whiz to create a budget. Fix: Budgeting is basic math not calculus. Calculate all your expenses and your income and see how much you’re left with. Then, you can divide how you spend and save your money.
• Excuse: Too busy. When you initially create a budget, it could take a couple hours of your time. It can also take up time to check in on a regular basis. Between work, errands, and other responsibilities, you just can’t find the time to do it. Fix: Budgeting doesn’t have to take up a ton of your time. Once the initial budget is set, you only need about 10 minutes a week to make sure you’re still on track. There are also financial advisors and mobile/web applications that can make this process easier for you.
• Excuse: I keep track of my spending in my head. You know and see what you’re buying, so you know where your money is going. Fix: We spend more than we think we do. Dinner. Cable bill. Water bill. Toilet paper. Rent. Gas. Car insurance. A late-night movie. A bag of gummy worms for the movie. All these things add up, and there’s just too many purchases in a month for you to remember them all. If you write them down, you’d be surprised how much you’ve spent in a month.
• Excuse: Don’t have any money to budget. You live paycheck to paycheck, and there’s not enough money to even bother with. Fix: You do have money, it just seems like you don’t because you don’t have a budget.

Looking for a Financial Planning Advisor?

By creating a budget, you are seeing where the money is going, so you no longer have to wonder where it went. You can allocate money for bills, food, healthcare, entertainment, etc.

Budgeting is easier for some than for others. Many people want their budgets to also hep with their financial future, but don’t know how to make that happen. Budgeting and financial planning can be made easier if you work with professionals to help you come up with a plan.

At Montoya Financial Strategies, we want to help our clients budget for now and the future. Our team knows that a comprehensive financial plan is essential in personal money management. We will help you organize all your financial information into an easy-to-understand format. We will help you establish clear and realistic goals for success and help keep you on track with your goals.

Our financial advisors will sit down with you and help you understand all ways you can start budgeting and planning.

Let’s get you started budgeting and planning today! There’s no time to waste! To get started, click our financial planning page to learn more or call us at 800-965-5554.