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When to Start
A natural question is when are good times to start using a budgeting system, or, put
another way, when to implement a budget.
The best time to start a budget is right now.
As the old adage goes, there is no time like the present. Procrastination is your enemy!
The sooner you begin a budgeting system, the sooner you can begin reaping all of its
benefits.
In his book The Pursuit of Wow, Dr. Tom Peters makes an emphatic, impressive
point about change: beginning new habits, acquiring new skills, pushing yourself to
excellence, and adopting new lifestyles. He says:
The first 99.9 percent of getting from here to there is the determination to do it and
not to compromise, no matter what set of roadblocks those around you (including peers)
erect.
The last 99.9 percent (I know it adds up to more than 100 percent—that's life) is
working like the devil to (1) keep your spirits up through the inevitable storms, (2)
learn something new every day, and (3) practice that something, awkward or not and no
matter what, until it's become part of your nature.
In short, if you want to have excellent money management skills, you can simply resolve
right now to do just that. That decision will shape your actions, decisions, thought
patterns, experiences, and successes for the rest of your life.
All that said, there are certain "triggers" that offer inviting "clean
breaks" and make excellent and natural starting points for a new budget:
- A change in your marital status.
- A change in the number of people living in your household, such as the birth or adoption
of a new family member, a child leaving the nest, or a parent coming to live with you.
- A new job, a promotion, or a raise.
- A new home.
- Retirement.
- A major purchase, such as a car or vacation home.
- January 1st (or the beginning of any month).
- The beginning of a quarter or tax period (e.g., April 15th).
How to Start
With the development of any new habit -- and budgeting is just that -- a habit, the
standard advice is to start small. Take baby steps, push yourself forward to the next one,
and praise yourself for the last one. Starting with some of these "periphery"
money behaviors will provide the springboard you need to dive in!
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