It happens. Where you spend more than you remember, or more than you expect to and there goes all the savings you’ve worked so hard to maintain. But we’ll give credit where credit is due; you have a budget in place to have blown when a lot of people don’t even have that. Because that’s the first step when it comes to saving money and being on track financially is having a budget or don’t keep a spending journal to monitor and keep tabs on what they’re saving versus what they are spending.
So to have blown your monthly budget already that must mean you have an idea of your spending habits to know how you’ve gone over budget in the first place. Awareness and acceptance are the keys to understanding the state of your current financial situation and setting an action plan as to how you’re going to rectify or make sure you are financially in a good spot to make it to the end f the month is your next step.
By being aware you’ve blown your budget this will help you be more cautious when it comes to your spending for the rest of the month. There shouldn’t be any extra expenditures when you’re already in a financial bind. Understanding how you got yourself into this financial situation is what also needs to be addressed. Did you miss a bill payment and the interest is adding up? Is it a big month in terms of expenses? Has there been an emergency where financial assistance is required? No matter what the situation, understanding why you’re in the financial spot you are is what will help you get out of that bind, but will also help you prepare for the future accordingly. Lessons learned!
When you’re in this kind of financial position, or know you’re getting close to going over budget, there are many options people take advantage of. As financially stressed you may be, your main focus should be getting back on track and you can do that by reevaluating your expenses and seeing where changes can be made, seeing your financial planner for professional advice and any bank changes you could need or applying for a payday loan to float you until your next paycheck.
What you don’t want to do is start ignoring your bills and any other payments as this can lead to bigger financial issues and if neglected affecting your credit score causing more financial stress; or avoid your financial situation with any money mistakes you could be making.