LWL12. Sticking to a Budget
CHECK-IN – Maximum time 20 minutes.
Mindfulness: Take a break from what you have been doing, breathe deeply, relax and recharge.
Step 1: Find a comfortable seated position with both feet grounded on the floor. Put a hand on your stomach. Close your eyes.
Step 2: Take a deep breath in through your nose and out through your mouth. Notice your thoughts and feelings and any tensions in your body.
Step 3: As you inhale and exhale, breathe deeply so your belly fills and empties with air. The hand on your stomach helps you practice belly – not chest breathing.
Step 4: For the next two minutes make breathing in and out your only focus. Let your thoughts come and go without trying to control them. If you find an area of tension in your body, relax it and let the tension go.
Step 5: At the end of the two minutes slowly open your eyes. Gently bring your presence back to your surroundings.
Gratitude: Taking time every day to be grateful can help our health, relationships, emotions and happiness. What is something you are grateful for this week? (Everyone in group shares.)
Review “How Are We Doing?” worksheet. (Led by loved one with behavioral health disorder.)
Past week’s recovery activities.
Goals for next week.
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SKILL FOR A LIFE WORTH LIVING section – Maximum time 20 minutes
Discuss: How did you benefit from working on last week’s commitments? (Everyone in group shares.)
Think: What would it feel like to live within your means and achieve more financial stability?
Creating and then sticking to a budget has multiple benefits. It can help you keep your spending in check to help you make progress towards goals like getting out of debt or buying a house. It can also give you an idea of what you can afford to spend on things like rent, a mortgage or car payments to ensure you don’t take on too much debt or cause yourself financial stress. Even if you don’t have any specific savings goals right now, it’s a good idea to have a budget and stick to it so you know exactly where your money is going. Three principles for sticking with a budget include setting realistic, motivating financial goals; holding yourself accountable and keep trying.
It is important to set financial goals that are both realistic and motivating including building a one-month emergency fund, getting out of debt, building a longer-term emergency fund, and saving for other worthy expenses.
FINANCIAL PRIORITY ACTIVITY
The following activity will help you identify your current financial priorities. Questions to which you answer “no” could become your first priority.
1. Do I have a one-month emergency fund?
2. Do I have health insurance or some other access to medical care?
3. Am I free from consumer debt, like credit cards and car loans?
4. Do I have a three-to-six-month emergency fund?
5. Am I working to eliminate education loans and mortgage?
6. Am I contributing to a retirement savings fund?
You can choose to work toward other long-term goals in addition to your current financial priority, which may include saving for education, a car, a home, or a vacation or other recreational expenses. There will be many temptations to choose short-term pleasures over the long-term goals. Like the “Marshmallow Experiment” goals can give you a reason to say no now by giving you something to look forward to in the future.
You can only succeed in sticking to a budget by holding yourself accountableIf you have a difficult time holding yourself accountable report your progress to someone else. Weekly Recovery Meetings may serve as a way to review your goals and budget and to make adjustments if necessary. The important thing is that you make time to consistently evaluate your progress and that you make changes as needed.
Managing your money more effectively may require you to change your perspective, habits, and behaviors. Budgeting is a learning process, so you may fail at times to stick to your budget. You may relapse or slip up to old habit slip up and make impulsive purchases or encounter financial crises like job loss, medical emergencies, or unforeseen maintenance costs. It is important to remember that a budget is adaptable and that sticking to a budget requires perseverance. When you encounter setbacks to your budget, discuss them with others and review areas of your budget that may need adjusting. While you may feel discouraged and inclined to give up on sticking to a budget, remember that you can keep trying, and seeking help, you will gain the power and ability to persist in your efforts.
Discuss: What will you do when you face setbacks to your budget? How can we help one another?
COMMIT & CELEBRATE section
Commitments. This week I will:
· Complete the Spending Patterns Worksheet, write down what I spend each day this week.
· Work with others on my finances.
Benefits from keeping commitments:
· Understand why and what you spend money on.
· Sharing pleasant recreational activities helps keep us close and can become a buffer for negative interactions that can be part of any relationship.
Watch: Lyric video. (Video that reinforces this week’s topic.)