10 Common Budgeting Mistakes You Might Be Making

https://www.youtube.com/watch?v=QV6L3Ard93Y

When we are trying to budget there are a lot of mistakes you can easily make that make it hard to follow your budget and achieve your financial goals. Here are 10 common budgeting mistakes that you'll want to avoid if you want to achieve financial freedom.

1:11 - #1: Not Finding a Budget That Suits You 2:22 - #2: Not Automating Things 3:26 - #3: Not Checking In With How You're Doing 4:25 - #4: Overspending 5:00 - #5: Making a Budget That Is Too Tight 5:45 - #6: Not Seeing Budgeting as a Skill 6:41 - #7: Having Everything Mixed Up and Not Having Clarity 7:57 - #8: Not Paying Yourself First 8:47 - #9: Not Budgeting For Things Like Christmas and Presents 9:41 - #10: Not Putting Aside Money For Big Bills or Holidays

Transcription

when we're creating a budget or trying to budget there's a lot of mistakes that you can easily make that can make it really hard to follow your budget and really hard to achieve your financial goals so in today's episode I want to talk about ten different common budgeting mistakes that you may be making right now and don't worry I'm pretty sure I've made every single one of the mistakes on the list hi i'm ryan from on-property helping you achieve financial freedom and budgeting can be a really dirty word it could be something that we like to avoid but if you want to actually achieve your goals if you want to invest in property and achieve financial freedom then you will need to budget and you will need to save that deposit and budgeting putting money aside spending less than you earn is a big part of growing as an investor and having money so you can invest so I've done many different budgets throughout the year years and made a lot of different budgeting mistakes and so hopefully you can learn from these mistakes and not do them yourself so see myself make these mistakes as well as other people so the first biggest mistake and this is the one that kind of kept me back for years was actually not finding a budget that really suits you and suits your needs there's a lot of different ways to budget out there people use everything from the envelope method where you actually get out physical cash and put it in envelopes and set it aside people do that people use applications for it I used to track our budget in an app people use spreadsheets there's all sorts of different ways that you can do it ultimately the way that I found works for me was to actually set aside money and automate a lot of the regular payments so things like my monthly internet phone bill rent all of that sort of stuff even car registration I used to save for on a monthly basis I would set that all aside and then I would give myself a weekly amount of money that I could spend and then I can spend that on whatever I want during the week so some of that might go to groceries some of that might go to going out and depending on the week depends whereas fence I'll finally found one that works for me so have a look at the different budgets out there and try them and find the one that's going to suit you best the second mistake is not automating things so there's a lot of payments and a lot of things that happen in your life that are automatic generally most people get paid on the same day every single week or in the same date every single month so that is automatic and so to make budgeting easier when you get paid having a lot of things happen automatically just makes your budgeting on autopilot something you never have to think about and it's automatically happening so paying yourself first putting money aside for the big bills saving for your holidays paying off debt if you have all of that stuff happening automatically as soon as you get paid you set up a scheduled payment that's recurring in your bank that money goes to where it needs to go so once it's au...