Solutons Lounge

How to create a budget without skimping on joy


When you’ve got multiple bank accounts, credit cards and random cash bills hiding in wallets and bags, keeping track of where your money is going can quickly feel like a full-time job. 

But you need to ensure you have enough to fulfil your financial commitments, or to pursue certain goals. Not tracking your expenses is also risky for your financial security. Case in point: A reader of mine who recently lost over S$4,000 when her credit card was compromised.

One thing is for sure: If you’re hoping to attain financial freedom, you need to learn to budget well and stick to it.

BUDGETING IS A KEY LIFE SKILL

In a book aimed at helping him prepare for primary school, my son wrote: “I will learn how to spend money”.

I laughed and gently told him that no one needs to learn how to “spend” money – rather, he needs to learn how to budget instead.  

Most of us probably first encountered this in primary school. Think back to when your parents gave you pocket money each week. How long did it take you to discover that if you blew it all on snacks or toys on Monday, you’d have to go hungry for the rest of the week?

Those early experiences taught us to prioritise, plan, and save up for things we really wanted (in my case, my favourite story books). 

As adults, budgeting isn’t all that different – but the “B” word doesn’t always carry a positive connotation. 

Many seem to think it’s about being stingy or giving up things we enjoy. We balk at the thought of cutting out favourite foods or saying no to fun weekend outings with friends. 

But budgeting isn’t about depriving ourselves. It’s simply about having a plan and making conscious decisions about our money and what matters most to us.



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