How to stay on track with your financial plan

Now you've got a plan in place, it's time to stick to it as much as possible. Budgets are often started, put on the shelf and forgotten. 

To give yourself the best chance of success, print out your budget and stick it to the fridge or somewhere you’ll see it regularly. Keep yourself accountable. Better yet share your plan with someone else and ask them to help you stick to it.

Make it realistic

An unrealistic financial plan might look good on paper, but it’s unlikely to last in the real world. A simple approach you could try is the 50-30-20 rule. With this approach 50% of your budget goes to your ‘must haves’, 30% to ‘wants’ and 20% to ‘savings and debt’. Read MABS How to budget for creating a realistic budget that works for you. 

Don’t be afraid to make adjustments along the way if you need to. By reviewing your budget regularly and keeping your spending buckets up to date, you will have real control of your finances and can keep up with a sustainable plan. 

Build in some flexibility

Expenses can vary from one month to the next, so it’s a good idea to build in some flexibility to allow for this. In months or weeks when you have a surplus in your budget, make sure to save it for other times when your expenses are higher than normal. 

Some months are bound to have more expenses than others, or you might spend more than you should. It’s bound to happen sometimes! Just make sure you aren’t regularly relying on the flexibility of your budget to create unhealthy spending habits. 

Have some fun

Just because you have a financial plan in place doesn’t mean you can’t have a little fun as well! Try to include a few Euros in your budget, a small amount you can use for anything you like. Treating yourself occasionally can make it easier to stick to your budget in the long run. 

Additionally, reaching financial goals will make you feel empowered to keep pushing forward so make sure to celebrate any milestones along the way. There are many free or low-cost ways to celebrate and keep you motivated. You can take advantage of perks like existing loyalty rewards, points or coupons to help make what you’ve been eyeing up fit into your budget. Or find free entertainment alternatives instead of more costly ones.

Setting yourself up for success 

Overcoming financial difficulties may seem like a long road ahead but there are so many free and accessible services and resources to help along the way. The tips and tools outlined in this series can help you get back on track and develop habits that will help you achieve both your short and long-term financial goals. 

If you find you are still having trouble getting control of your finances, there are plenty of resources to help you. The Money Advice and Budgeting Service (MABS) offers a free, independent and confidential service supporting people with money advice, budgeting, and problem debt. 

Are you a Pepper customer? If you're experiencing financial difficulty, please call us on 0818 818 181, or visit our Financial Difficulties page to understand the options that may be available to you.