You forget about your goals.
As Misty Weltzien, CFP, ChFC, CLU, managing partner with Pacific Advisors has explained, budgeting is not an easy task, and it becomes even more challenging after the initial excitement disappears and you forget about your goals.
In order to not forget about your goals, Weltzien recommends creating different saving accounts for each goal in particular. Also, you need to make sure you rename the accounts. Instead of letting it be ABC100002, name it ‘New car/house’ or ‘John’s Debt-Free College Education.’
If you like to travel and you’re drawn to adventure, name your saving account ‘2021’s trip to Europe’ and you’ll find yourself more connected to your goal. Also, it will motivate you to achieve it, so you’ll find it easier to stick to your budget, explains Weltzien.
Make sure to also check: 6 Things That Prove Millennials Are More Money Savvy Than Their Parents.
