Today, the question is “How do I create a monthly budget?” This is an essential task that is going to benefit you in the long run. How do you prepare for slower months? How do you maximize a smaller budget? How can we make our money do push-ups? We’re digging into everything budgets.
Saving money is at the forefront of everyone’s mind. The thing is, you’re probably spending more on things you don’t need than you think. There could be money hemorrhaging from places you didn’t even realize. So, what can we do about it?
- Print out at least three month’s worth of bank statements and highlight things you’re paying for that you may have forgotten about or services and tools that just don’t make sense to spend money on anymore. Cancel them!
- Go back through and identify, evaluate, and eliminate the harder to cut things. Consider these questions when you’re evaluating: How many times in the last week did you use it? How many times in the last couple of weeks? How many times in the last month? Will I use it in the future?
- Keep track of what you’re paying for now. Use a spreadsheet, where you can set the dates you’re taking money from accounts, manage how much is being spent, and where that money is going. This way, you can catch any changes that may occur and actively rebudget if you have to. Round numbers up to stay ahead and save even further.
Are there other techniques you use to budget and make those cuts?