At the end of the month or 1st day of the new month it’s time to huddle up with your money buddy (spouse or accountability parter if you’re single) and review how things went. This activity should only take 5-10 minutes once you get in the groove.
Huddle Around Your Budget in 4 Steps
1. Gather your budget, bank statements (online or paper), envelope system, open up your personal finance software, and sit down with your spouse or money buddy. (Reconcile your accounts if you haven’t done so yet.)
2. Celebrate any financial victories. If you never celebrate the small victories in life, chances are you won’t do much celebrating. Do a dance!
3. Did you go over budget?
- Stayed in budget? Great! I knew you could do it!
- Got money left over? Cool! What are you going to do with it? Roll it over to the next month? Put it towards debt or savings? Transfer it now.
- Overbudget? That’s o.k. we all do sometimes. It will take several months to get a budget running smoothly. Now try to figure out what went wrong. Review some common budgeting mistakes you might have mande
Photo by joncandy
Action: Plan a post budget huddle. Go ahead and set a reminder for the rest of year on the day you’ll have your post budget huddle.