How is your budget going? Are you able to stick to your written budget each month? Do you find you are underspending in some areas and overspending in others? If this is happening, it is time to revamp your budget.
Your budget needs to change as your needs change. You may need to change your budget each month or you may be able to set it up and use it for a whole year.
It just depends on how you get paid, if your pay fluctuates, if the cost of some items in the budget rise or fall and if you have new bills added or old bills have been paid off.
Budgeting with Pay Fluctuations
If you don’t get paid the same amount each month, or at least close to the same amount, it can be harder to budget. You might need to revamp your budget on a month to month basis to keep it balanced.
Make sure in the higher pay months you put aside extra to balance off the lower pay months.
Paying Off A Debt Completely
Let’s say for example you paid off a credit card. You no longer have that debt to pay, so now you have extra money that can be applied to another debt.
If you don’t have any other debts that needs to be paid. Then you might want to put the extra money towards a 3-6 months of expenses as an emergency fund.
Or you may want to take the first month you don’t have that bill any longer and use the money as a splurge to celebrate the paying off of that one debt.
Saving Too Much In One Area Of The Budget And Lacking In Other Areas
Maybe you have found that you are putting too much money aside into your electric bill fund. You now have a nice buffer in case of a larger than normal bill.
You may want to reduce the amount of money allocated to that bill and put more towards another bill. Let’s say the car gas. As we all know the price of gas can creep up or in some cases jumping up. You may want to take the little extra money and apply it to the car gas fund.
By making small adjustments each month or quarter as you go, you can fine tune your budget. Making it even easier to stick with your budget plan.
Make Your Budget Work For You
Just because you have a written budget, it doesn’t have to be written in stone for a whole year or quarter. If you see areas of your budget that need adjusting, make the adjustments.
You see budget changes are really up to you. You are the one in control of your money. You know which goals you are trying to reach financially and by having a budget as a guide, you can achieve these goals.
Just make sure the budget is working for you.
What Do You Think?
Is it time to revamp your budget to meet some new goals or changes you have had? When was the last time you really looked over your budget? If it’s been a while take time to look it over and see if there are any adjustments that need to be made, to help you meet your financial goals.
If your budget is super tight, you can find some great ideas to save money on my Money Saving Ideas Pinterest Board. Click here to check it out what I have pinned to it.
If you missed any of the other posts in this series, see them all here.