INDIANAPOLIS, Ind.- Sticking to a budget is hard for a lot of people!
It’s something that even the best money managers have trouble mastering at first.
What "busts" a lot of people’s budgets?
Dining at nice restaurants is a huge part of our culture, but it’s also very costly.
You may not realize how often you’re dining out instead of preparing meals at home.
It’s a behavior financial expert Pete the Planner says we must track in order to change.
“When you see your habits out there on paper it can kind of shocks you back into a different,” Pete said.
Gone are the days of the “old school” budget model.
Instead, try focusing on how often you’re swiping your debit card.
Pete the Planner recommends that most people aim for between 10-14 transactions per week.
“If we can change the frequency of which she spends money, change her behavior—then she’ll spend less money and she can just focus on “I’ve already spent money 8 times this week, I gotta pick whether I’m going to do it,” Pete said.
Personal accountability is also important when it comes to budgeting.
“We all want to live a lifestyle that is unrealistic—everyone, even if you have a great lifestyle you want it to look like a really great lifestyle,” Pete said.