Is it time to break up with your budget?

Are bad budgeting habits clinging to your finances like a doomed relationship? No amount of flowers, chocolate or boom box serenades can mend your broken bank account, so it might be time to kick them to the curb. These classic breakup lines may help you part ways with the budgeting habits that are hardest to break:

“We've just grown apart.”

Budgets, like people, change, and it’s important to confront those changes head-on. Make time to review your budget frequently to ensure the savings, spending and bills you’re budgeting for make sense for your lifestyle for today and the future.

If you notice that your budget from college isn’t working anymore, it might be time to transition from pizza money to saving for your kid’s college education.

Need help creating a budget? KEYS® Online has free courses to help you get started.

“Can we still be friends?”

So you started out strong a few months back, but now it’s just not working. A budget, like a relationship, is a work in progress and can be adjusted with your bills, spending habits and income.

Don’t give up when things aren’t 100% perfect the first time; stay amicable and reconfigure your budget until it works for you. Our downloadable budgeting worksheet can help you get a fresh start.

“It's not you, it's me.”

If you find yourself consistently overspending, not meeting goals, or missing important bills, it may be time to admit you might be the problem. To get a clear idea of where your money is going, try a seven-day budget cleanse by tracking each and every item you spend money on.

There are many ways to track your expenses, but the best way is the one that works for you. Examine your real spending habits and see where you could make some changes for improved financial success.

Pro tip: You can enroll in Auto Pay through MyAccount to ensure your GM Financial payments are on time every month.

“I'm ready for something serious.”

After you’ve had a successful run with your budget, you may be ready to set up a serious budget for long-term success. Consider restructuring your budget to help reach long-term goals like saving for a dream vacation or putting a down payment toward buying a house.

“I'm just not that into you.”

Know what you want, but your current budget isn’t it? Get inspired to budget successfully by finding something that drives you to save with these tips:

• Learn how to better understand your credit score.
• Find out more on credit score ranges.
• Explore ways to build your credit score.
• Understand what simple interest is.
• Determine how much car you can afford.

Contrary to popular belief, breakups don’t always have to be bad. Sometimes breaking up with your budget is the fresh start you need. 

By Callie Leahy-Wicks, GM Financial

Callie Leahy-Wicks is a native Texan with a hankerin' for fast cars, loud music and writing about nearly anything that strikes her fancy.