How to Live on a Budget without Feeling Restricted

One of the reasons why so many people hate doing budgets or can’t stick to them is because they can often feel limiting. However, this is only true if you don’t take the proper approach. Budgeting should be liberating and about setting goals, not stopping you from enjoying life and the fruits of your labour. So, how can you live on a budget and still feel comfortable? Here are a few tips that you can follow.

Assess Your Relationship with Money

Maybe you’ve heard of the Five Love Languages or the Myers-Briggs personality test, but some tests will allow you to assess how you think about money. This is very important as your beliefs and approach to money will dictate some of your habits, and unless you’re aware of those kinks in your personality, you will not be able to make conscious changes to bad patterns. If you don’t know what your money personality type is and how to make the proper adjustments, we suggest you check out this money personality quiz by the Money Couple. 

Leave Some Space for Fun

Some people would suggest that you concentrate on fun and entertainment last. We say it should be a priority if you want to keep your sanity. Not allocating enough space for entertainment is also one of the many reasons why people give up on their budget. You can set money aside for all activities, or you could allocate a portion for each activity you like to do. The latter approach would be a good idea if you have very specific pastimes, like online gambling, for instance.

For people who are into online casinos and gambling in general, many agree that you shouldn’t go over the 10% of your weekly gross mark. This will be more than enough for you to have fun without it hurting your overall finances. You could stretch this money further by tucking your winnings away and reinvesting them. Another thing that will help is picking the right casino. You have casinos like that offer great deals to new and regular players. This will allow you to keep your expenses under control while adding a bit to your weekly bankroll.

Create Wish Lists

One of the biggest enemies of budgeting is impulse buying. You won’t hear many financial experts talking about wish lists, but these could be essential for you to not go overboard. Basically, instead of buying some items that you want but don’t need on the spot, you should go back home, take the time to research how you could get them for as little as possible, and add them to a wish list. You can then work on saving up for them by taking portions away from areas of your budget that allow it. This is also a good idea when planning for gifts so you don’t get hit with brutal expenses at the last minute.

These are just a few simple tips that could help you build a realistic budget and stick to it. You’ll also feel liberated by it instead of trapped.

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