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Speaker 1: Why your budget keeps failing you, and more importantly, how

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Speaker 1: to fix it quickly. Welcome back to start here the

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Speaker 1: very special miniseries within Sugar Mama's Fireplay, where I answer

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Speaker 1: your real life money questions and help you get started

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Speaker 1: with clarity, with confidence, and with direction. Today's question really

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Speaker 1: hit me in the heart because it's something that so

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Speaker 1: many people struggle with but feel too embarrassed to talk about.

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Speaker 1: Someone had the courage to write to me and say, Hi, Canna,

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Speaker 1: I need help with my budgeting. No matter how hard

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Speaker 1: I try, I cannot stick to my budget and I

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Speaker 1: always run short before payday, which means I end up

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Speaker 1: using my credit card debt, creating more debt for myself.

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Speaker 1: I feel like I'm going around in circle. Can you

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Speaker 1: please help me or show me how to get started

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Speaker 1: with my budget now? First of all, thank you so

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Speaker 1: much for having strength and courage to ask this. There

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Speaker 1: is absolutely no shame in struggling with a budget. It

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Speaker 1: doesn't mean you're lazy, and it definitely doesn't mean you're irresponsible.

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Speaker 1: It simply means that you don't have the right structure

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Speaker 1: or the right system in place to support you. Budgeting

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Speaker 1: isn't all about willpower and self control. It's really about

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Speaker 1: building and creating the system, the habit of the routine

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Speaker 1: that supports your real life, your real goals, not your

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Speaker 1: idealized life. So let's talk about why budgets fail and

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Speaker 1: give you some really important steps, tricks, hacks, and strategies

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Speaker 1: that will help you fix the problems with your budget.

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Speaker 1: All right, let's start here. If your budget keeps failing you,

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Speaker 1: it's not actually you that's the problem. It's the budget.

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Speaker 1: Budgets usually fail for like several main reasons, and today,

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Speaker 1: as I said, I want to talk you through each

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Speaker 1: one in detail, but more importantly, show you how to

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Speaker 1: fix them simply, practically and quickly. Now, before I begin,

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Speaker 1: these tips come from the exact foundation that I teach

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Speaker 1: inside the Sugar Mamma Budget and cash Flow Academy. So

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Speaker 1: if you love today's episode and you think, oh my goodness,

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Speaker 1: this is the type of help, guidance and advice that

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Speaker 1: I need for my budget, please know you can enroll

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Speaker 1: in this course. And this course includes templates, it includes instructions,

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Speaker 1: it includes videos to follow, even back up podcasts, and

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Speaker 1: on top of that, it includes a one on one

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Speaker 1: session with me for up to an hour online where

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Speaker 1: we go through your budget together, but more importantly, we

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Speaker 1: go through your new cash flow system. It's going to

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Speaker 1: support your budget. That way, we look at all of

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Speaker 1: those expenses, make sure we look at all the opportunities

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Speaker 1: to save more money. That helped make sure that this

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Speaker 1: rituals routine, this new system of yours works for you

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Speaker 1: so that you can get through your pay cycle, but

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Speaker 1: also you can start achieving all of your goals and dreams. Now.

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Speaker 1: I will link in the podcast notes all the details

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Speaker 1: for you, but if you have any questions at all,

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Speaker 1: feel free to send me an email or send me

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Speaker 1: a DM on Instagram. But please note this exact academy

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Speaker 1: is how I personally run my own budget and cash

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Speaker 1: flow system, and it's something that I actually started and

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Speaker 1: built when I became a single mother and was on

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Speaker 1: a really tight budget with some significant responsibilities that I

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Speaker 1: had to manage all on my own. So I know

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Speaker 1: that this system works because it still works for me today.

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Speaker 1: All right. Tip number one, your budget has got to

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Speaker 1: be written, it's got to be visible, and it's got

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Speaker 1: to be updated on a regular basis. The first mistake

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Speaker 1: people make when they're doing their budget is they have

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Speaker 1: that in their head, this will never ever work your budget.

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Speaker 1: It's got to be written down, and it's got to

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Speaker 1: be somewhere where you can access it quickly, like on

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Speaker 1: your phone, on your desktop, on your laptop, even like

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Speaker 1: if you have a journal on your bedside table. And

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Speaker 1: you've also got to make sure that you update it

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Speaker 1: on a regular basis, ideally every week, because a budget

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Speaker 1: is actually a living document, not a once off project. Now,

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Speaker 1: this is where so many people just go wrong, very

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Speaker 1: very quickly. And when people say to me, you know,

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Speaker 1: my budget's not working for me, the first question I

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Speaker 1: ask is, well, show me your budget now. If they

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Speaker 1: can't show me their budget within three seconds, this tells

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Speaker 1: me everything. A written living budget gives you incredible accountability,

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Speaker 1: but it also gives you this powerful awareness. And these

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Speaker 1: two things are absolutely essential if you want a financial change,

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Speaker 1: a financial shift, a financial breakthrough, So make sure your

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Speaker 1: budget is written down. Two is to check your long

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Speaker 1: term transaction history. Most budgets fail because people only include

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Speaker 1: those like easy to remember expenses like you know, the

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Speaker 1: ones that quickly come to mind, like your red or

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Speaker 1: your mortgage, petrol, groceries, phone bill, gym membership, Netflix. But

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Speaker 1: they forget the ones that can actually wreck your entire month.

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Speaker 1: Those are the irregular ad hoc ones like the annual

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Speaker 1: car Red Joe and CTP, other various insurances, strata school fees.

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Speaker 1: If you have kids and the school camps and the

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Speaker 1: kids school friends birthday gifts, then there is obviously the

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Speaker 1: kids school uniforms and sporting equipment. Then you've got those

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Speaker 1: annual subscriptions, medical expenses, dental expenses, particularly those ones that

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Speaker 1: you know are once off, like you know, crowns or

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Speaker 1: root Canal. You've also got you know, family members and friends,

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Speaker 1: birthday parties, you might have Christmas time or any other

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Speaker 1: religious festivity that you choose to celebrate. Then there are

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Speaker 1: things that happen in life. You're like, the opportunity to

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Speaker 1: get some constant tickets that are really hard to get,

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Speaker 1: or someone really special that you'd love to go and

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Speaker 1: seeze once offen a lifetime opportunity. There also might be

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Speaker 1: things like you know, weekends away and you know, other

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Speaker 1: various gifts throughout the year. These aren't actually surprises, they're

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Speaker 1: really predictable when you do your research and look at

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Speaker 1: your long term transaction history. We just tend to forget

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Speaker 1: about them because they don't come up on a monthly

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Speaker 1: or a regular basis. Now, this is exactly why I

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Speaker 1: tell my budget and cash flow Academy students go back

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Speaker 1: at least twelve months if you can. You've got to

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Speaker 1: see your real spending, not the version you kind of imagine.

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Speaker 1: And if you skip this step your budget it's already

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Speaker 1: designed to fail you. So please print off twelve months

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Speaker 1: with expenses, go through every single transaction so that your

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Speaker 1: budget is bulletproof. Tip number three and that is to

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Speaker 1: simply take your time. This is a really big one

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Speaker 1: because so many people rush through their budgets and budgeting

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Speaker 1: like they're filling out a really boring form. But a

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Speaker 1: rush budget is, to be honest, a broken budget. Posset

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Speaker 1: off a cup of tea or even a glass of

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Speaker 1: wine if you need sit down without any distractions, you know,

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Speaker 1: a quiet place so you can focus properly and give

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Speaker 1: yourself space and time. Because when you're hurried, like everything

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Speaker 1: in life, you miss things. You make mistakes, and the

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Speaker 1: things that you miss are always going to be the

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Speaker 1: ones that come back to bite you. So take a

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Speaker 1: deep breath and look at everything in detail. Take it

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Speaker 1: slowly and look at it carefully. Great budget is not

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Speaker 1: something that you smash out in ten minutes. It's something

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Speaker 1: that you craft intentionally and thoughtfully over a couple of days.

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Speaker 1: Which is why I recommend people almost dedicate a weekend.

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Speaker 1: Obviously not throughout the whole entire weekend, but they dedicate

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Speaker 1: their weekend a couple of hours year, a couple of

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Speaker 1: hours throughout the weekend, so that you have it done

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Speaker 1: come Sunday night and can feel really good and feel

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Speaker 1: really proud with your new knowledge, insight and awareness of

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Speaker 1: your spending needs. So take your time in doing your budget.

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Speaker 1: Tip number four and that is round up every single figure.

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Speaker 1: This tip alone has saved so many people. Never budget

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Speaker 1: to the nearest dollar. Promise me this always round everything up.

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Speaker 1: So sixty three dollars expense becomes a seventy dollars expense.

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Speaker 1: One hundred and eighteen dollar per month expense comes one

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Speaker 1: hundred and fifty dollars per month expence, a four hundred

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Speaker 1: and eighty dollars per month expense becomes a five hundred

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Speaker 1: dollars per month expence. Why because prices fluctuate, life fluctuates.

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Speaker 1: Your budget needs that breathing room, that buffer, that's safety net.

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Speaker 1: When life just does this for you, and when you

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Speaker 1: round up, it creates this safety buffer for yourself. It

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Speaker 1: creates flexibility and also creates protection. It makes it easier

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Speaker 1: to stick to your budget. And these small buffers prevent

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Speaker 1: credit card reliance, emotional spending spirals, and those mid month

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Speaker 1: panics where you think, oh, my goodness, my bank account

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Speaker 1: balance is looking a lot lower than what it really

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Speaker 1: should be at this stage in my pay cycle. So

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Speaker 1: if you have been budgeting to the exact cent or dollar,

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Speaker 1: that could be the reason why your budget keeps failing you.

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Speaker 1: So go back, look at everything and round it up. Now.

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Speaker 1: Tip number five, keep your budget honest. I'm going to

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Speaker 1: say that again, Keep your budget honest. This is the

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Speaker 1: one that requires the most amount of self awareness, honesty,

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Speaker 1: and a little bit of self reflection. You know, we

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Speaker 1: love the idea of being a better version of ourselves,

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Speaker 1: and we love the idea of like cooking every meal

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Speaker 1: at home, going to the gym daily, buying no takeaway

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Speaker 1: coffees or lunches, and avoiding uberates forever. But let's keep

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Speaker 1: it real. A budget has got to reflect your real self,

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Speaker 1: not the perfect version or future version of yourself that

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Speaker 1: you're hoping to become, So be honest with yourself. If

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Speaker 1: you get Uber eats twice a week, put it in

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Speaker 1: your budget. If you buy French champagne once a month,

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Speaker 1: put it in your budget. Your budget's not here to

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Speaker 1: shame you. If you love beauty fashion and like to

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Speaker 1: buy a pair of jeans a month, or burns some

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Speaker 1: musca a month, put it in your budget. Be honest

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Speaker 1: with yourself. Absolutely nothing improves when we lie to ourselves,

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Speaker 1: and budgets fail when they are built on this aspiration

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Speaker 1: instead of reality. So please don't try and skim the

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Speaker 1: details of your real life. There is no shame with

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Speaker 1: your budget. Just put it in correctly, fairly and honestly,

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Speaker 1: and do not feel guilty whatsoever. This is you, your life,

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Speaker 1: and your money, and if it belongs in your budget,

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Speaker 1: that is perfectly fine. Tip number six you only need

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Speaker 1: two main accounts. Now. One reason why budgets feel messy

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Speaker 1: is because people have too many accounts, or actually sometimes

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Speaker 1: not enough. So inside the Sugar Mamma Budget and cash

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Speaker 1: Flow Academy, I teach a really specific system built around

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Speaker 1: two core accounts. Now, there are other accounts, but just

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Speaker 1: for simplicity. I'm just going to focus on the two

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Speaker 1: most important ones because they do all of the heavy

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Speaker 1: lifting for you and help make sure that you don't

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Speaker 1: run out of money before payday. So the first account

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Speaker 1: is your everyday account. Now, this is for all of

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Speaker 1: those daily, weekly, fortnightly, and monthly expenses, so like groceries, petrol, rent,

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Speaker 1: weekly spending, weekend spending, money, debt repayments, gym memberships. Then

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Speaker 1: the second account is your financial float account, and just

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Speaker 1: as it sounds, it acts as a float for you.

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Speaker 1: And this is for all of those quarterly, biannual or

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Speaker 1: annual expenses. So you can think about like strata. You

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Speaker 1: can think about electricity, you can think about gas, you

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Speaker 1: can think about your registration, any particular insurances that you

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Speaker 1: pay on an annual basis. They all come out of

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Speaker 1: your financial float account, which you contribute to on a

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Speaker 1: regular basis. And when I say you contribute to on

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Speaker 1: a regular basis, you contribute to it every single time

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Speaker 1: you get paid. Now, in the sugar Man Budget and

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Speaker 1: cash Flow Academy, I actually explain how to work out

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Speaker 1: the split between the two accounts, and when you're at

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Speaker 1: a stage where you have a sufficient float you can

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Speaker 1: start allocating money into separate savings accounts which are earmarked

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Speaker 1: particularly for financial goals such as saving up a deposit

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Speaker 1: or saving to invest or saving for superannuation retirement even

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Speaker 1: but for the time being, to help get you started,

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Speaker 1: just focus with those two accounts first until you feel

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Speaker 1: comfortable and confident with your cash flow and know that

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Speaker 1: your budget is finally working for you safely and securely.

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Speaker 1: And the thing is, when everything is mixed up in

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Speaker 1: just one account or lots of different accounts, it is

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Speaker 1: pretty much impossible to know what money is actually available

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Speaker 1: and what money is allocated to what expense. This is

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Speaker 1: not about restriction, it's about clarity and really keeping things

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Speaker 1: simple and easy to follow so that you actually do

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Speaker 1: it and you want to do it. And then tip

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Speaker 1: number seven, and that is to include your financial goals

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Speaker 1: in your budget. This is the most important shift for

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Speaker 1: you and the most important point in today's episode. Your

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Speaker 1: budget should really reflect your future, not just your present.

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Speaker 1: So if you've got say, credit card debt, as this

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Speaker 1: listener has, how about putting a repayment plan in your

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Speaker 1: budget so you really prioritize having that credit card debt

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Speaker 1: finally paid off For good. So if you want to

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Speaker 1: maybe start investing, perhaps you put a regular investing plan

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Speaker 1: into your budget, even if it's only twenty dollars per week.

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Speaker 1: The point is you're getting started, and you're prioritizing it

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Speaker 1: by putting it in your budget and making it organic habit.

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Speaker 1: You don't need to think about it. It just happens

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Speaker 1: because you follow your cash flow ritual and system you've

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Speaker 1: built yourself. And if you want to build an emergency fund,

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Speaker 1: which I should say is essential before you start investing,

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Speaker 1: you can actually allocate this in every single payday cycle

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Speaker 1: so that you can see it quickly and easily build

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Speaker 1: without having to work too hard. As I said, it

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Speaker 1: is about organic habits within your budget, and as the

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Speaker 1: saying goes, what gets budgeted gets done. Now, on that

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Speaker 1: note of including your financial goals into your budget, your

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Speaker 1: friend is automation. Automation obviously removes the emotion and the willpower,

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Speaker 1: the inconsistency, the guilt, the avoidance, the impulse, the distractions.

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Speaker 1: It turns your goals into habits, and your habits are

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Speaker 1: the ones that help create results, positive proud results for you.

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Speaker 1: So if you can automate absolutely everything, however, don't get

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Speaker 1: lazy with automation. Make sure you are regularly checking your automation,

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Speaker 1: and if you see that there's an opportunity to up

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Speaker 1: the end anti and increase your automation, please go and

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Speaker 1: amend that regular automation plan. For example, if you have

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Speaker 1: a credit card repayment plan of say one hundred dollars

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Speaker 1: per month, but realize you could actually afford to do

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Speaker 1: a little bit more, then increase it to say one

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Speaker 1: hundred and fifty dollars per month. Whatever your budget says

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Speaker 1: you can safely afford to achieve these goals. A good

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Speaker 1: budget will quickly allow you to see the shifts and

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Speaker 1: the breakthroughs, and it will probably become a non negotiable

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Speaker 1: in your life. You respect your budget, You admire your budget.

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Speaker 1: You is down proudly with your budget and of course

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Speaker 1: that matching cash flow system. Now what should this particular

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Speaker 1: listener do next? Well, as I say, right now directly

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Speaker 1: to this beautiful listener who wrote in, you are definitely

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Speaker 1: not going around in circles. You are doing the work,

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Speaker 1: you are trying. The fact you already have a budget

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Speaker 1: shows me that you're willing to change your future. You

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Speaker 1: just now need the system that supports you, not the

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Speaker 1: one that sets you up to fail, which it sounds

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Speaker 1: like what this budget has right now. So we need

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Speaker 1: to do a new budget. We need to start with

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Speaker 1: these seven steps that I've just shared, and you need

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Speaker 1: to give yourself patience and compassion. Doing a budget is

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Speaker 1: not an overnight transformation. It takes a bit of time

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Speaker 1: for it to start working, for you to understand how

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Speaker 1: it works, to stick to it, to help build that

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Speaker 1: routine and that habit system. You know. It is a skill,

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Speaker 1: but it's a skill that gets easier and easier every

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Speaker 1: time you review and check your budget. And it's not

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Speaker 1: something you're supposed to magically know how to do doing

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Speaker 1: a budget. It's not taught in school and it's definitely

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Speaker 1: not taught in university. So don't blame yourself or feel

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Speaker 1: embarrassed or ashamed that you are struggling with your budget.

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Speaker 1: The truth is no one ever taught you until now.

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Speaker 1: For this listener right now, and of course everybody else

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Speaker 1: listening today's episode, if you would like some support, some structure, support,

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Speaker 1: some step by step with accountability, with the tools, with

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Speaker 1: the templates, with the instructions, with the videos, the podcasts,

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Speaker 1: and of course meet at the very end for that

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Speaker 1: one one session. Please make sure you go and check

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Speaker 1: out the Sugar Mamma Budget and cash Flow Academy. It

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Speaker 1: is designed for people who feel stuck, feel overwhelmed, or

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Speaker 1: feel unsuccessful with their budgeting and cash flow needs. This

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Speaker 1: is not about shaming you or patronizing you. It's about

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Speaker 1: creating a warm and empowering and completely judgment free space,

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Speaker 1: a space with me where I will literally hold your hand,

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Speaker 1: so I will link in the podcast notes exactly where

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Speaker 1: to find out more information and how to enroll for yourself.

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Speaker 1: But whether you join in or not, please note this.

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Speaker 1: You can rebuild your financial life through a better budget.

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Speaker 1: You can master your money by understanding your living expenses,

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Speaker 1: your goals and of course your distractions and temptations. And

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Speaker 1: sticking to a budget absolutely is possible, but only when

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Speaker 1: you have the right foundation through the correct matching corresponding

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Speaker 1: cash flow system that I can teach you. All right, everyone,

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Speaker 1: thank you so much for listening to today's episode. I

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Speaker 1: really hope that this has helped you with any of

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Speaker 1: your budgeting questions, So never hesitate to send me a

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Speaker 1: d M on Instagram at Sugarmama dot tv. All right,

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Speaker 1: I'll see you next week on Sugar Mama's Fireplay chowp