Let's talk about the importance of a personal budget. Responsible personal finance is the first step to achieving your long-term financial goals, like buying your dream car or going on a world trip. If you find yourself making excuses for not making a budget, you’re not alone. Creating a personal budget isn't always easy, but it's definitely worth it! Read on to discover how you can get past them and truly achieve your financial dreams!

1. My personal budget will restrict me a lot

You’re probably used to spending money without realizing the impact it's having on your personal finances. Spending money can be exhilarating and exciting, and when you make your first personal budget, cutting down on expenses may look restrictive.

A good way to look at budgeting is it's a way of being in control of your money, rather than putting restrictions on yourself. Starting small and working your way up is a good way to start budgeting, and you'll likely find that small changes in your personal finance will not severely impact your daily life. You can't have a budget without sacrifice, so you will need to let go of some things. To make this easier, try to remember that you're budgeting now to accumulate wealth for your future.

2. My partner won’t be on board with my personal budget

It can be challenging to make a personal budget when your spouse or significant other isn’t on board. When you're in a relationship, budgeting always works better when it's a team effort. Getting on the same page with one another to budget your money is the first step. Even though you might have different spending habits and financial goals, you can achieve your goals together with a united front.

Why not come up with a household budget that says what each of you must contribute weekly or monthly? Depending on your circumstances, you can split the amounts equally or according to your income.

3. I don’t have enough money to budget or track spending

Many people think that you need to budget only when you make a lot of money. The importance of a personal budget remains the same no matter how much you earn. In fact, when you have a low income, budgeting becomes even more critical. Each dollar you save now will build up over time. Even if it doesn't feel like much, keep putting money aside. Once a day, you'll find that you have more than you thought!

4. My irregular income won’t let me budget

Having an irregular income doesn't mean you can't budget! Working part-time or freelancing can mean that your paychecks will vary, so try to estimate your income average over 3-4 months. If this isn't possible, pledge to save a percentage of your pay each week (about five or ten percent), no matter what you earn.

5. I was never taught how to budget my personal finances

It's highly unlikely that your parents, your school, or your college taught you how to budget. However, that's no excuse because there's so much information out there to help you budget! The internet is full of resources to help you learn about personal finances and track spending. Don't let excuses get in the way!

6. I’m not good with math or spreadsheets

A lot of us are scared to make a personal budget because we think we're not good with numbers, calculations, and spreadsheets, but it doesn't take much to learn. There are plenty of videos on YouTube about budgeting and how to use Microsoft Excel. You can even invest in a paid course on sites like Udemy or Skillshare to learn how to track spending and make spreadsheets. You can earn a certificate from these sites that can add life skills to your resume. Talk about a win-win situation!

Pro-Tip: You don't even need to learn if you don't want to! Plenty of budgeting apps like You Need A Budget (YNAB), Mint, Simplifi, and Personal Capital make budgeting super simple (and even fun!).

7. My personal budget just doesn’t Work

If budgeting didn’t work for you, you probably gave up too early. You need to budget diligently to reap the benefits. Sticking to your personal budget takes patience because it's part of a long-term plan. Hang in there and persevere. In a few short years, you'll be glad you did!

No matter how much you earn making a personal budget and sticking to it is the best way to achieve financial goals and desires.