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Trying to rein in your budget for 2024? Check out these budgeting mistakes to avoid!
The following is a guest post by Jessi Fearon:
I seriously can’t believe that it’s already 2024. But here we are! Chances are you’ve probably created a whole bunch of goals for this year, and maybe you’re already chucking away at them. That’s fantastic!
But I also know, as I’m sure you do as well, that keeping the New Year Resolution energy going all throughout the year is very difficult. After all, we don’t know all that life is going to throw at us this year. We could be faced with unforeseen heartaches, immeasurable joy, or even a combination of the two.
And since many of us (me included) set financial goals for the New Year, I thought I’d share a few mistakes that I see all the time in my coaching clients and ones I’ve made many times before.
3 Budgeting Mistakes to Avoid:
If you want to stick to your financial goals this year, watch out for these budgeting mistakes as the year rolls on!
1. Not Tracking Daily Expenses.
Yes, I know this one is tedious and will not always be fun, but I cannot emphasize enough just how powerful tracking your daily expenses is!
This is a must if you want to rein in overspending! Nothing forces you to become more aware of your spending and where your money is going like having to track each one of your expenses. I have a budget planner from Erin Condren to track ours, but you could use anything — a sheet of paper, the notes app in your phone, or a spreadsheet.
I’m a huge fan of manually tracking (i.e., not relying on an app to do it for me) because, in our digitized world, we have become very disconnected from our money. Many of us don’t even write paper checks to pay our bills anymore — we do it all online! So there’s a bit of a disconnect between our bank accounts and our brains. The best way to fix that is to track our spending manually.
2. Underestimating Unexpected Expenses.
I get it — they’re…
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