For the most part, most of us can grasp the importance of budgeting. Unfortunately, if you have dyscalculia or simply have a lifelong discomfort around numbers, you may find yourself struggling with the finer points of financial management. If this is the case, you may also have a hard time saving up, regardless of how well you understand the value of budgeting.
Thankfully, building a sustainable budget is almost always possible even for those who don’t have a natural gift with numbers. Whether your challenges stem from a medical condition, a lack of confidence, or limited exposure to finance, there are ways to mitigate and overcome your fundamental problems with numbers to come up with a functional budget.
Let’s look at some strategies and tools you can employ to eventually build a budget that works:
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Toggle1. Do Something About Your Fundamental Numeracy Challenges
Handling numbers is something that you can get better at with practice, and by employing the right learning strategies. Surprisingly, this holds true even for adults with neurological issues like dyscalculia.
The great thing is that you don’t even need to develop the math skills of a professional accountant—though there’s certainly no harm in trying. Even modest improvements in your baseline math skills will be of great benefit to your financial management capabilities over time.
2. Use Special Financial Solutions
These days, many consumer-focused financial products are well-suited to the needs of people who dislike working with numbers. However, the classic time deposit is still one of the best solutions if you want to prioritize simplicity and security.
If you want to keep a specific amount available for an important future expense, solutions like a Maya Time Deposit Plus account offer you a hassle-free way to save and grow your money without the need to constantly wrangle with numbers. It’s as simple as putting an initial deposit in your Maya Time Deposit Plus account and watching it grow with a guaranteed 3.5% p.a. base rate and up to 5.75% p.a. boosted rate without even touching it.
3. Automate Your Monthly Bills Payments
Setting up recurring monthly or quarterly payments can be more hassle than it’s worth. Thankfully, most payroll bank accounts and digital wallets now offer automatic transfers. Once you set this up to pay your billers, you’ll avoid missing payments and guarantee that the right amounts are paid each time. This way, you can reduce the mental load of managing your finances while still meeting your commitments.
4. Work with a Legit Financial Advisor to Set Clear, Actionable Financial Goals
A lack of numerical skills can prevent you from understanding just how doable your budget is. For that reason, it’s worth it to seek help from a real financial advisor with a good track record, particularly one who is not focused on selling you financial instruments. They should be able to help you cut through the noise of numerical data and work with you to create doable, sustainable financial plans and goals. Whether it’s saving for a vacation or a rainy-day fund, these professionals should get your finances to wherever you need them to be.
5. Use a Simple Budgeting Method
If you’re not sure about getting a professional involved, start your budget with the classic 50/30/20 savings rule. The idea is to divide your income into three categories: 50% for needs, 30% for wants, and 20% for savings. The ratios don’t have to be strictly these proportions, but you must, at least, commit to something within the ballpark of those figures. Doing this should provide you with a clear framework for success that does not require detailed calculations.
6. Always Track Your Spending
It’s possible you don’t lack the number of skills needed to follow a budget. Rather, your challenge may be your awareness of your ongoing expenses. Regardless, make it a habit to keep a weekly or twice-monthly log of your expenses in a notebook, ensuring that you write down every single purchase. This helps you become more keenly aware of your spending habits and identify areas where you can cut back.
7. Take Advantage of Budgeting Apps
If you have trouble tracking your expenses on paper, you can explore your bank’s app or try third-party apps that are specifically designed to simplify the budgeting process. They can help you to better track your spending, categorize expenses, and provide visual summaries of your spending habits, helping you avoid the nitty-gritty of doing math and providing you with the bigger picture of your ongoing financial challenges.
8. Keep Educating Yourself in Basic Finance
Even finance gurus spend time brushing up on foundational finance ideas on occasion. Always schedule a few minutes a month to take in basic financial concepts that are relevant to your situation.
Avoid trendy ideas and keep yourself grounded in the basics to avoid getting too bogged down in numbers. Once you’ve grasped the fundamentals of budgeting, you can more confidently move onto more advanced areas, like investments, to further secure your finances.
9. Review and Adjust Your Budget Regularly
Budgets shouldn’t be set in stone. As much as you may dislike having to do the math all over again, you need to review your budget every year or whenever your income changes. This flexibility ensures your budget always remains effective at meeting your long-term goals.
Achieve Financial Peace of Mind, One Step at a Time
Financial literacy and security are within everyone’s reach. While numbers may never be your forte, developing a healthy attitude toward them and working within your limitations will eventually make your finances a world of good. Building these habits will pave the way for a healthier, more financially stable future, regardless of how well you handle numbers.
Darwin Castro is a dedicated writer and editor with a strong passion for teaching and a deep interest in finance. He is particularly focused on exploring how technology can enhance the quality of education globally. In his free time, Darwin enjoys capturing nature through photography and going on hikes with his friends and family.