Creating a Budget For Every Dollar and Sticking With It: Part 3 – Setting Goals

Now that you are tracking your spending, it’s time to think about what you hope to accomplish by starting a budget.

Photo Credit to RambergMediaImage

Starting and following a budget is not always easy, and it takes work, but the rewards will be life changing.  Keep a positive attitude regardless of situations that come up, and believe me, they will come up.  Make the decision to change your financial situation. Regardless of the amount of money you make, you can follow a budget and make it work for you.

Give you yourself and your partner an hour or so to sit down together and talk about the goals you hope to attain by following a budget.  These goals may be as simple as paying down debt and starting a savings or as large as saving to purchase a car or home.  Write these goals down on a piece of paper.  Include long term goals as well.

Now on a separate piece of paper list the order these goals can be obtained.  Some of these goals may be met at the same time, so just list them in order of importance.  The top of the list should start with paying off any consumer debt (credit cards, medical bills, student loans, car, boat, camper, rv payments) you have.  You do not have to list debt separately right now.  We will approach each debt when we actually start our budget.  End your list with the long term goals.


Medical bills

Finish paying off credit card

Emergency Savings

Pay off auto loan

Replace Vehicle

Save for daughters braces (will need in 3-4 years)

Pay off mortgage

Real Estate Purchase

The list does not have to be long or in major detail.  It will serve as a reminder as to what your goals are and where to go next as you meet your goals.  It will help keep you focused. Imagine the feeling you will have when you can cross off the first goal.

Type or neatly write this list up and keep it near the front of your bill/budget binder where you will see it all the time.  Update this list

Don’t forget to continue to track your spending.

A little added inspiration for my readers.  The Peaceful Mom has a wonderful series about how her family lives on less than 28,000 a year.  Such an inspiration!

Coming up next week:  The Beginning of The Budget

Making a habit out of living frugal …..

Have any questions?  Suggestions?  Email me or leave a comment.

*Please remember I am not a financial expert or professional.  I post about what has worked for me and what I have learned from research and helping others.  I cannot be held responsible for any ideas expressed here.  You are to plan, read, follow at your own risk. For more read my disclosure/privacy policy.

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