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Budgeting

Setting Up our Monthly Budget

Setting up a budget each month requires a little work on the front end but the end result is priceless for families building wealth.

Monthly budget setup and financial management for families

Managing our budget each month is an essential part of my monthly budget process. I have found it extremely helpful to manage our finances in combination with our monthly plans. For example, our activities have a direct impact on our budget and our budget helps us to determine our activities. Especially those with financial implications. Here is a quick list of budget planning essential tasks for families looking to manage their financials effectively.

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Budget Goals

Goals should drive the creation of our plans! – Career Mom Community

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Budget goals are just as important as personal goals. Goals give direction to our plans and help create a roadmap for goal accomplishment. At the start of each year, my husband and I create goals for our family.

Typically, I capture our financial goals in the planner I use for Budget Planning or in our budget excel worksheet. I maintain both as each serves a different purpose for me and our family. Our goals are based on a mix of our desires, needs, and wealth-generation strategy.

Setting Up a Monthly Budget

Each month I set up our monthly budget. I previously shared that I was not as diligent with our June 2022 budget system and we suffered consequences for my lack of discipline. As a family, we are not at a place, yet, where our funds can be auto-piloted. With small children, growing businesses, and lifestyle desires, it’s not possible, yet. There will be a day, hence the emphasis on “yet” when it will be. Right now, it’s not it so I keep a close and watchful eye on our budget and financial ins and outs.

When you are setting up your budget each month, try to incorporate the below tasks:

  • Account for the cost of special activities and events such as trips, celebrations, and one-off obligations.
  • Estimate variable expenses based on historical trends. This will require tracking expenses every now and again.
  • Collect all current bill amounts before to maintain accuracy
  • Determine a personal financial management method or select a tool
  • Set up your budget

Setting up a budget each month requires a little work on the front end but the end result is priceless. By setting up a budget each month, families are able to make better financial decisions, save more, and position themselves to build long-term wealth.

Budget Plan with Me

I am excited to offer “Budget Plan with Me” Coaching where I help families achieve their financial goals! To register for coaching click here, Book Online – Career Mom Community (mailchimpsites.com).

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This mom blog features practical tips and tools to help working mothers juggle family life, career, and business. I am a multi-passionate mom who enjoys inspiring other purpose-driven women to balance, grow, and succeed in life.

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