How to Keep Track of Your Budget



Recently we’ve been talking about how to create a budget and why a budget is so important. If you missed those posts, please go here and here before you go any further!

As a short review, budgets are about 10% math, 80% discipline, and 10% repetition. I apologize in advance, but this post has a little more about discipline than anything else. Here are some practical tips on keeping track of your budget.

  1. Look at your account daily. When you were creating your budget, you may have forgotten about that $10/month subscription that automatically comes out each month. You’ll need to adjust accordingly for that. Looking at your account daily will also help you stay current with everything. For those who live in the United States, we have opportunities CONSTANTLY to spend money. Even if you have the money budgeted, you should still know what’s coming out and when. If you’re looking at your account daily, it will help you see how quickly it all disappears and will help you keep your eye on the prize: saving money!
  2. Look at your budget daily. If you added savings to your budget as a line item – as you should have – it does so much good to remind yourself of that regularly. Seeing that $300 line item that is coming right to you at the end of the month can be such an encouragement to stick to it. (And looking at your budget may help you remember that you and your friend shouldn’t go out to lunch tomorrow but should instead eat at your place or meet for a $1 coffee.)
  3. Set a time weekly to go over your budget and account (if applicable, with your spouse). This helps ensure that both parties are on board, keeps you striving for the same goals, and aware of your finances. A unified team has so much underestimated power. If everyone on your “team” is aligned with your mission for budgeting, saving, etc., you can all arrive to your goal happier, healthier, closer, and faster.

If you create a habit of doing these simple tasks every day, it will soon become as normal and habitual as brushing your teeth every day. And your finances will show you the reward of your discipline. Happy budgeting!

20 Items to Remember to Budget!

Ever built a budget for the month and realized later that you forgot about something so obvious? Been there! If you’re like me, you had an extensive meeting with your spouse to make sure every detail was cared for, but yet something came up that you probably should’ve expected and should’ve discussed in that “extensive meeting” and just didn’t.

Well here’s a list of basic things to be sure to add to your budget so you can build your best budget possible. It works for our family of 2, but I think it will be a decent guideline for any size of family (food is still food and bills are still bills, right?). I’ll start with the obvious and move to the less common.

Side note 1: we use a free app called Every Dollar for our budget, and we love it!!

Side note 2: get out your calendar for the month so you have an idea of the extra items like birthdays you’ll be spending money on!

Side note 3: for extra tips on saving money on your bills, check this out!

Here we go! (and if you use Every Dollar, you can choose to have your budget copied from last month, create an entirely new one, or edit your last month’s budget for the coming month…so no need to remember these items each time!)

1. Mortgage/rent

2. Food – groceries and restaurants (will you be having company at all this month?)

3. Gasoline

4. Electricity/gas

5. Water/garbage

6. Phone bill

7. Car insurance

8. Car maintenance/savings for car maintenance

9. Clothing – dry cleaning or needed items

10. Entertainment (Don’t forget your friends asked you to go to that show with them!)

11. Gifts (Whose birthday or baby shower is coming up?)

12. Emergency fund (for a flat tire, sudden death in the family, etc; $1,000 is a good goal for this!)

13. Savings

  • Short term funds (for things like computers and vacations that need more than one month’s budget to purchase)
  • Long term savings (for a house, a new car, bigger emergencies; Dave Ramsey suggest saving 3-6 months worth of income for the bigger unexpected things)
  • Retirement (don’t rely only on the government, please!)

14. Life insurance

15. Health/health insurance

16. Travel

17. Home maintenance

18. Homeowners/Renters insurance

19. Education

20. Miscellaneous

Bet you didn’t think the list could be so long for “basics!” Let me know if I missed something!

Photo credit: Pictures of Money | Cropped