Most Georgia consumers intend to implement a budget in 2016, but the struggle is real when it comes to sticking to one.
 
According to the 2015 End-of-Year Consumer Survey conducted by Georgia Credit Union Affiliates, 82 percent of respondents said they plan to start the New Year with a household budget. Sixty-four percent of respondents said they have a milestone event such as a wedding, new baby or a new home they need to save for in 2016.
 
According to the survey, 40 percent of respondents said they try to budget, but there's still a lot of room for improvement. Twenty-eight percent said while not perfect, they do pretty well with sticking to a plan.
 
A 2015 Financial Literacy Survey by the National Foundation for Credit Counseling indicated 60 percent of Americans don't keep to a budget at all.
 
And although respondents said the areas of personal finance they found most worrisome were retiring without having enough money set aside and insufficient "rainy day" savings for an emergency, 29 percent of U.S. adults do not save any portion of their household's annual income for retirement. And as for those rainy day emergencies, in a study by GO Banking Rates, 62 percent of Americans have less than $1,000 in their savings account and about a third of those have no savings account at all.
 
So, what steps can you take to insure your budget is a success? GEMC Federal Credit Union Vice President of Marketing Mark Nofi said a budget is like a diet - you have to take it one day at a time.

Insider's Perspective:
"Most of us plan a trip, we plan our weekend activities and we plan work projects, so why not plan how we use our money," Nofi said. "It is important for all members of the family to be part of creating the plan. If you have a spouse or partner, both of you need to participate in the plan. If both parties are part of the planning process, you are more likely to include items that are important to both of you.  If there are children in the household, they need to be part of the planning also. Take it one day at a time and if you have a setback, the next day - start fresh. When making a budget it's important to be realistic, if it's too restrictive, many people become frustrated and feel deprived."

Preparation is key when it comes to sticking to a budget, according to Nofi.

"Many things can happen in life to blow the spending plan and it's important to include miscellaneous or emergency funds in preparation for the unexpected," he said. "Holidays, birthdays and other life events happen every year and it's important to include them in the spending plan. Things that can be hard to predict for a budget are medical emergencies or unplanned home or auto repairs. If your job or company offers a flexible spending plan account as part of your health care coverage, you can save money to cover deductibles or non-covered medical items. We also encourage everyone to have at least $1,000 in an emergency fund account. If you have $1,000 in an emergency fund, the money can cover many unplanned repairs and expenses, preventing families from resorting to expensive financial alternatives."

Tips For Sticking To a Budget:

-Prepare. - Make sure to include gifts, car repairs and other miscellaneous items as a line item in the budget.

-Save. - Build an emergency fund of at least $1,000 for unexpected expenses.

-Educate yourself. - Many credit unions offer financial literacy classes. Contact a credit union to see what services are available in your area.

-Be realistic. - When planning the budget, be realistic in your expectations. Also, be prepared to transfer money from one category to another if necessary. Finally, make sure enough funds are allocated for flexible expenses such as gas and groceries.

-Be Consistent. - Set aside a day each week to organize your budget, check your spending and balance your accounts.