What are your budget weaknesses?

There must be some reasons why you do not keep to your budget. These you have to identify and look for measures to avoid.

 

These are the areas where you are consistently overspending or where you run out of money at the beginning of the month.

Identifying your weaknesses makes it easier to correct the problem and to develop new strategies to help you control your spending, according to Miriam Caldwell, personal finance specialists.

She advised that you look over your budget for the past few months and identify the areas where you are consistently overspending or transferring money into each month. These areas are the problem areas in your budget.

Some of your categories will be cleaned out as soon as you make the payment, such as utility bills. These categories are not problem categories. Usually problem categories are areas where you have discretionary spending.

Next you need to carefully consider just how much you can truly afford to spend on your various needs.

She said it is okay to have a place where you splurge and spend a bit more, as long as you are staying on track with your other financial goals, and following the rest of the categories in your budget. Remember it is all about choices and how you spend your money. You can make the decisions. You may want to start out the categories with a bit more money in it each month, since it is something you enjoy and a priority in your life. Then you need to stop spending completely.