Budget! It’s one of my favourite words! And in this week’s Money Master Class, Gail had us looking over and refining our budgets.
Gail started by getting us to check how our budgets are balancing. It’s important to review your budget–especially if there are changes in income–to make sure the budgeted amounts for each category is realistic.
I am a huge fan of keeping a spending journal. It can sound like a lot of work to write down every single purchase you make, but once you get into the habit, it takes no time at all.
The spending journal helps me to track my spending, ensuring I don’t go over budget, and it also helps me see where I spend money outside of my basic budget categories.
Refining Your Budget
Budgets can change. They are not a one and done scenario. And a budget can change for any number of reasons–a change in income level, a change in priorities, a change in circumstances, a change in life goals. Budgets are fantastic because you can adjust them as you need to.
Gail had us start looking at our debt way back in Week 3 before the pandemic hit with full force. If your repayment plans got off track this year, take a moment to take stock and refocus. Stumbles along the way happen, but don’t let that keep you from achieving your goals.
Gail has talked about debt in a number of weeks this year:
Week 4 had us creating a visual picture of our debt.
Week 36 was where we looked at Debt Repayment Worksheets, minimum payments, and how long it will take to pay off debt.
Week 37 talked about debt fatigue, what order to pay off your debt, and what to do if your debt was too much to handle.
Week 38 talked about snowballing debt payments and creating a budget.
Looking Forward to Next Year
Next year, I’m prioritizing my financial well-being having clearly set financial goals that I will be working towards. Instead of a general goal like “saving more” I’m going to focus on labelling those savings goals and making them more defined.
How are you prioritizing your financial well-being next year?
Missed last week? Check out my recap here: Week 49
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