Setting up a budget each month
Each month, I create planner spreads that capture our families budget goals, our monthly bill pay tracker, and any other necessities that will impact our budget. As a back story, I became an avid budget planner about two year ago. It was during a time when we found ourselves swimming in credit card debt. That season was extremely stressful and mentally taxing. I was determined to strategize and plan our way out of that place and we succeeded.
If you’ve ever been in financial turmoil, it’s not a good feeling. Be encouraged if you find yourself experiencing a financial setback of any kind. Lean into a monthly budget planning process that is going to work best for you and your family.
Setting up a monthly budget
Setting up a budget plan each month is beneficial because it:
- Allows you to stay on top of your financial goals
- Helps to align your spending
- Helps you to allocate funds
- Minimizes overspending
I really enjoy using a paper, also know as a physical planner, to organize my finances. I also use an excel spreadsheet. The excel spreadsheet handles more of the details and captures the in’s and out’s of our budget. Excel is also helpful for scenario analysis planning for the future.
Getting started with a budget plan
I share a ton of budget planning videos on my YouTube Channel. In the video below I discuss my August financial goals and share a debt update with my audience. Interested in learning how I set up my budget, starting with the first step of goal setting? Click the video below.
Click here to read How to Create a Simple Budget – Career Mom Community