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If you overspend of if your total spending was more than you had budgeted, try to figure out why this happened. The reasons for this could include:
- When you developed your budget you over looked an important living expense or debt
- Your budget isn't realistic. If your budget is too Spartan, it may be impossible for you and your family to live on it.
- You didn't try hard enough to live according to your budget. If you want to make your budget work, it takes a 100% commitment from everyone in your family.
- You had an unexpected expense that month. Maybe you had to work late at the office so that this increased your childcare expenses or maybe your car broke down.
- There were expenses that increased through no fault of your own. For example, the cost of gas went up or maybe your insurance premium increased.
- You saw a drop in your income. Maybe your sales commissions wasn’t what you thought it would be, you had to take a cut in your pay or a client failed to pay you that month.
Your budget should be a game plan
If you find that you’re overspending in some categories and under spending in others, don't be afraid to make changes. Your budget should be more like a game plan than a restraint. It should change as your life and your finances change -- we hope for the better. The good news is that if you do stick to that budget, you'll get your debts paid off quicker. Plus, the day will come when you'll be able to add some extras to that budget – such as things you had to give up for now. You may also be able to start saving more money so that you'll have an emergency fund that would tide you over next time you have one of those unexpected expenses.
Don’t give up
The important thing is to never give up. Sticking to a budget isn’t easy, especially when you have a family that needs to buy into it. You may have to become something of a nag for the first few months – constantly reminding your family members how much you’ve budgeted in certain categories and why it’s important that they stay on budget. But if you don’t give up, you will succeed and your life will get much better.