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5 simple ways to reset your budget right now

Finance 101
Man standing on the top of a mountain arms raised out and greeting the sunrise


Managing your money isn’t easy. Sometimes it’s tough to keep up with bills, not overspend and save as much as you should. And all these things can really throw your budget out of whack. But the good news is that it’s never too late to turn things around and reset. And these simple tips can help get you started.

1. Try a no spend week 

It may sound small, but just seven days without making a purchase can significantly impact your finances. It can also help you better understand and improve on any bad financial habits you may have picked up.

  • Find a week where things are low-stress and when no vacations, birthdays, or special events are happening. That way, you won’t be forced to buy anything you don’t want to.
  • Make a list of all non-negotiables like your mortgage, utilities and medication. Then put a little cash aside for things like gas and perishables.
  • Don’t stock up on groceries beforehand. Instead, plan out your meals using only the things you already have. This will also prevent you from being tempted to grab fast food.
  • Keep yourself motivated by deciding how you’ll use the extra money you’re saving. Maybe it’s for a vacation, your kid’s college, or an emergency fund.

2. Take away temptation 

In just one click, you can purchase pretty much anything your heart desires, which can lead you down a rabbit hole of unneeded spending. But by avoiding all the things that tempt you to buy in the first place, you’ll have a much better shot at staying within your budget.

  • Unsubscribe to all those enticing sales emails offering deep discounts. It’s also smart to unfollow bloggers on social media that promote item after item. 
  • Disable autofill on all shopping sites as well as on your phone. This will force you to work harder for whatever you’re trying to buy. 
  • Use the 24-hour rule. This means, if you find something you want, wait a full day to buy it. That way, the thrill will wear off a bit and it will give you some time to decide if you really need it.

3. Revisit recurring payments

Since they’re small and easy to forget, subscription charges can inflict much more damage to your finances than other types of purchases. So it’s really important to keep a close eye on these charges before they end up eating away at your budget.

  • Take a look at the big picture. Break out your last six months of bank statements and credit card bills to see just how much you’re spending on all your subscriptions.
  • Consider which subscriptions add value to your life and which are just frivolous. For example, your cell phone is probably a necessity, but that 3rd streaming service probably isn’t.
  • Keep tabs on all those subscriptions you still want. Some services tend to start low and go up over time, so if you see this begin to happen, negotiate the price or find a cheaper alternative.
  • Try pausing your subscriptions. This will help you save a little bit of money now, then once you’re ready, will allow you to go back without having to sign up or lose any content.

4. Save without thinking

It may be hard to believe, but saving money can be just as easy as spending it. To do it effectively, you’ll need to make the saving process as simple and effortless as possible.

  • Open a savings account that’s separate from your checking or one from a completely different bank. That way, it will be much harder to transfer and use those funds. 
  • Set up automatic savings at your bank. This will help you avoid second guessing what to do with the money.
  • Save percentages, not amounts. If you’re putting in 10% of your paycheck every week, that percentage will remain the same no matter how much your income goes up in the future.  

5. Find an accountability partner

Now that you’ve got your budget under control, a great way to keep the momentum going is to lean on another person. And your significant other can be the perfect choice. They already share the same goals as you, are familiar with your finances and will benefit from your success just as much as you will.  

  • Schedule regular check-ins every week or at least a couple times a month. Remember, the more you can communicate, the better off you’ll be.
  • Always be honest about your debt, spending habits and what kinds of goals you want to achieve. Hiding things will just hurt you both in the end. 
  • Make sure to develop a plan about what kinds of goals you want to achieve. For example, maybe you want to cut down on takeout for the next month and put the extra cash in savings.
  • Be open to all feedback. Listening to your spouse's advice without getting defensive will only help you break those bad habits and keep moving forward.  
 
 
 
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Financial planning and investment advice provided by John Hancock Personal Financial Services, LLC (“JHPFS”), an SEC registered investment adviser. Investments: not FDIC insured – No Bank Guarantee – May Lose Value. Investing involves risk, including loss of principal, and past performance does not guarantee future results. Diversified portfolios and asset allocation do not guarantee profit or protect against loss. Nothing on this site should be construed to be an offer, solicitation of an offer, or recommendation to buy or sell any security. Before investing, consider your investment objectives and JHPFS’s fees. JHPFS does not provide legal or tax advice and investors should consult with their personal legal and tax advisors prior to purchasing a financial plan or making any investment.