8 Simple Reasons Why Your Budget Isn\'t Working

Create: 2018-08-13
Update: 2018-08-15
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Budgets are great for achieving goals and keeping your finances under control


Dear Hugo Blakey

Budgets are great for achieving goals and keeping your finances under control but they can be hard to stick with. Here’s 8 reasons why your budget isn’t working:


  1. Your budget isn’t right to start with – this might be because you didn’t carefully work out the numbers. It’s ok, just take the time to write down your actual expenses by looking back through bank statements and receipts to establish the real amounts.
  2. It’s not a realistic budget – making your budget ‘tight’ is great but not if you’re leaving yourself absolutely nothing to live on. Some things can’t be reduced in cost, so accept them as they are and make a budget that works.
  3. It’s too hard to follow – if you’ve got transfers and payments happening in lots of different directions, it can be difficult to keep track of your budget. So simplify it as much as you can or get an app that will help make things easier.
  4. Too many people involved - if there’s more than one person involved in running the budget and making decisions, it can be tricky to stay on track. So assign the budget to the most responsible person in the household and abide by their plans. More importantly though, everyone needs to be open and honest about their spending for the budget to work properly.
  5. Your budget doesn’t stack up – if you’re spending more than you earn then your budget simply won’t work. Which comes down to honesty and having restraint. Just take another look at what you’re spending your money on and soon you’ll see what expenses can be avoided.
  6. Are you communicating with everyone about it? – if you haven’t told everyone in your household about the budget then spending could go beyond your limits, making it impossible to succeed. So talk with everyone and make sure they’re all on the same page.
  7. You’re not giving yourself any rewards – following a tight budget for a long period of time can be demoralising…  So make sure that there’s some special rewards along the way, like keeping a small amount aside each week for a monthly movie night or bi-monthly camping trip.
  8. You’re just not saving – having a budget is great but if you’re not putting any money aside then your budget will only keep you in a ‘holding pattern’. So work out a way to be able to keep money aside, or get some financial advice on your options.


Our specialist financial counsellors can give you some great tips and advice about your situation just by calling them on 1300 003 328.  We’ll help you get your finances under control and create a financial plan that’ll help you move forward. 


We’re here to help you, so feel free to call us anytime. 

Best regards,
Karl Robinson
Chief Operating Officer at Credit Counsellors Australia


PS: There’s nothing stopping you from getting the results you’re looking for. If you need help, then get in touch with us today by hitting ‘reply’ to this email or calling us on 1300 003 328.




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