Creating a budget to manage your finances better is relatively straightforward and easy, but sticking to that budget for prolonged periods is much easier said than done.
Whether you have been budgeting for one month or one year, here are several signs that could be telling you that you may need to reconsider your budget or start taking your budget more seriously.
What are the ten tell-tale signs you should start budgeting more seriously?
If your budget doesn’t seem to be working for you, there could be several signs trying to tell you it’s time to start budgeting more seriously or at least reconsider your budget.
Instead of listing them all, here are just ten tell-tale signs you should refresh/upgrade your budget so that it works for you.
- You live in constant fear at the checkout that your credit or debit card is going to be declined
- Your credit or debit card does get declined regularly
- You haven’t stopped buying unnecessary purchases
- Your bank balance is still less than a couple of hundred dollars (or equivalent currency value) even after months of budgeting
- You have given up on keeping track of your finances/purchases/transactions history
- You have used the same budget for months, but nothing seems to have changed
- You have ended up dipping into your overdraft or into your savings account
- You still forget which bills are due to come out on certain days of the month
- You don’t have enough money for important things like bills/groceries etc.
- You switch between budgeting strategies, but nothing seems to work
- You have lost your job, or your current living/homelife situation has dramatically changed
- You have to borrow money or take out another loan to cover certain costs of things
Can I still subscribe to my favourite TV show, sport, and movie streaming sites or play my favourite casino games while on a budget?
Yes. You can still subscribe to your favourite streaming sites and play your favourite video games or casino games while on a budget. Here are some useful tips so you can still budget and have fun at the same time.
For example, it might be a good idea to check the highest payout casinos, and then only play at licensed casino sites with above-average RTP % (Return to Player Percentage) payout rates. You have a slightly better chance of winning than at casinos with lower RTP % payout rates.
You can then budget even further when you register a real money account at today’s best online casinos. For example, you can use the ‘safer gambling tools’ feature at online casinos licensed by the UK Gambling Commission (one of the world’s top-tier licensing authorities).
That’s right. Reputable online casino operators today actively promote responsible gambling. They try to ensure you have a safer and more enjoyable experience each time you log in to your account to play their games.
You can set deposit limits (e.g., daily, weekly, and monthly deposit limits). Setting session time, spending, and win/loss limits is also possible. These responsible gambling tools are the best way to help you stay within your budget when you play at sites like these.
Also, if you have signed up to multiple streaming sites, such as Disney+, Amazon Prime, and Netflix, perhaps you could cut back on at least two of these streaming sites and then alternate between the three by rotating on a monthly basis. This could save you upwards of $/€/£25 per month.
Also, when you subscribe to Disney+ and Amazon Prime Video, you can make in-app purchases, which we recommend avoiding. For example, you can get early access to films on Disney+ before other Disney+ members can watch them.
These can cost anywhere from $/€/£10 to $/€/£25.00 per movie/season, so you’re just better off waiting like everyone else from them to arrive in your regular Disney+ subscription rather than paying to watch them as soon as they are released.
It’s similar on the Amazon Prime Video website. You can rent or buy the latest movies or shows at an extra cost to your regular subscription, so try to avoid the temptation and wait for them to arrive in your regular Prime subscription like most other people.
Some of the most popular channels you can subscribe to inside your Amazon Prime Video subscription are the following:
- Arrow Video
- BFI Player
- Crime Investigation
- Full Moon
Others you can subscribe to in Prime today are Sundance Now, Gaia, MUBI, Film Box, ITV Catch-Up, History Hit, Hallmark TV, Acorn TV, and Shorts TV, to name a few.
They tend to cost between $/€/£0.99 and $/€/£7.99 per month on top of your Prime subscription, and it can get a little costly if you subscribe to too many of them.
Budgeting doesn’t mean that you have to stop having fun. It just means that you have to be more aware of what you spend your money on and try your hardest not to waste money on things you don’t necessarily need.
It can take a while, but you must be determined to stick to your budget if you want to start saving money for rainy days. You have to stay strong and have plenty of willpower and determination to succeed. It is much easier said than done, but it is possible.