Family Budgeting: Reasons Behind Failure

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Many people make an honest attempt to budget, but become discouraged and give up before they are able to accomplish any significant financial gain. The top three causes of budget failure come into play before you even begin to set up your budget. Awareness of these budget busters, is your first line of defense in the Battle of the Budget.

Here are the keys to taking control of your family budget:

Budget Buster #1 - Negative Attitude

It cannot be emphasized enough--a positive attitude about budgeting is essential to your success. If you think of budgeting in negative terms (such as a financial diet, financial handcuffs, restrictive, penny-pinching, a sacrifice, etc.), you are sure to fail, unless you are a martyr or a masochist who finds some strange reward in a punishing experience. For purposes of this article, we will assume that you are neither.

A positive attitude means you think of a budget as a means to an end--a way to achieve your dreams and goals--and that postponing the instant gratification of spending all the money you earn is worth the rewards you will earn in the end.

Budget Buster #2 - Lack of Motivation

What is your motivation for budgeting? Are you trying to appease a nagging spouse? Following the terms of a debt repayment plan with a consumer credit counseling agency? Complying with an agreement made in bankruptcy court? These are not bad motivations, but they are external pressures and will probably not be easy to maintain over time. The best motivations are internally generated: do you honestly believe that budgeting can help you meet your goals?

Budget Buster # 3 - Unrealistic Expectations

What do you expect to gain from instituting and following a budget? Do you think that setting up a budget will reveal large caches of hidden cash or that the budget fairy will sprinkle fairy dust over your budget and magically transform your spending habits after a month or two of tracking expenses?

The reality is that budgeting is an endurance event--those who stick with it, through thick and thin, will come out ahead financially. Do not expect miracles. What you will see, if you stick with it, is steady and measurable progress towards the goals that really matter to you.

Starting a budget without having a positive attitude, internal motivation, and realistic expectations, will probably set you up for failure. You can greatly increase your chances of success by ruling out the three biggest budget busters before you even begin.

Family budgeting - just the thought of it makes most of us cringe. 

Ironically, one of the first remedies for any debt or credit repair strategy,  is to take a long hard look at the budget and financial patterns within the household! It is almost like running a diagnostic.

To take a closer look, you are, in effect, placing your family budget under a magnifying glass and microscope. This can prove both challenging and painful for most people but budgeting is the first step. A close second and the sometimes overlooked but ever-important reward,  has to keep the motivation going! In other words, as your achieve budget goals give yourself or your family a treat as a reward for a job well done.

As you carry out your family budget plan, and continue to experience the benefit of the budgeting cycle, it may seem to be an uphill battle at first but soon you will see big dividends.

Cash management, savings, planning for retirement, setting financial goals etc. active and hands-on, are becoming increasingly important for the survival and well-being of our families. The marketplace has become extremely competitive for jobs, prices fluctuate wildly for basic commodities such as food and energy. More than ever we need to be prepared by getting our family budgets under control.

Be your own best expert with coming up with new ideas on how to save money, budget better and spend less! Your unique strategies stem from a deep understanding of your own situation, demands, and needs. Discover which tips and ideas work best for you.  After all, fiscal management and finances are definitely not one-size-fits-all. Your lifestyle, needs, and wants are personal and unique to your situation and so are the solutions. You just need to find your unique solutions and begin applying them to your family budget as soon as possible.

Jim DeSantis is an Internet Reporter and former TV News Editor who would like to give you a free family budget plan to get you started on the road to financial health. No email or sign up required. Go to Free Family Budget Plan - here! 

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