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5 Tips for Working Your Monthly Budget

August 27, 2013 by Sarah

Welcome back to another week of The Teacher’s Salary series.
Feel free to leave me a comment or send me an email if you have any suggestions for future topics.
Click HERE to see links to some of my previous posts from this series.

Last week, we talked about creating your monthly budget.  When you think about it, creating the monthly budget is only STEP ONE in the entire process.  You can have a perfect budget on paper, but what good is it if it sits there and doesn’t get used?  When it comes to budgeting, you definitely can’t set it and forget it!

The next step of this budget process is to work your monthly budget.  Here are 5 tips for working your monthly budget successfully.

1.  Determine a method for tracking your monthly spending
Now that you have determined what you will spend in each category of your household budget, you need to decide the best way to keep track of that spending.

We are big proponents of the cash envelope system.  Once the bills have been paid, we use cash for the majority of our budget categories.  It keeps us more accountable and makes tracking our spending simpler.  We can just check the envelope at any given time to see how we are doing.  Once it’s gone, it’s gone!

We track the rest of our spending using an Excel spreadsheet.  Our spreadsheet is setup so that we have a separate tab for each budget category.  We manually make entries on the appropriate tab as the month unfolds and we spend the money allocated {ex. when the bills are paid, when cash is withdrawn for our cash envelopes, and then other spending with check cards}.

The downside is that you must either keep close track of receipts or check your account online very frequently.  Again, using cash eliminates a lot of this.

2.  Assess your spending as the month progresses
I would recommend reviewing your spending at least once a week.  You don’t want this process to become a chore, but it is important to check in briefly to ensure you are sticking to your plan for the month.  There is nothing worse than sitting down towards the end of the month and realizing you don’t have enough cash left in your food budget to buy groceries or diapers.  Checking in weekly should give you the freedom you need while also ensuring you are on track.

The Teacher and I have begun a weekly check-in meeting to help us feel like more of a team when it comes to budgeting.  I tend to be the number cruncher while he could care less about the details of the checkbook, so this allows us to meet together and assess how we are doing as the month is progressing.

3.  Course-correct as needed
During your weekly budget checks, you may see that you are on track to over-spend a certain category.  This is the time to come up with a plan to course-correct.

If you are running out of money in the grocery budget, can you make a conscious effort to eat from your pantry or eat cheaper meals?  

If you are spending more on gas than you had planned, can you carpool with someone and split the gas?

If there is nothing you can do to reduce your fixed expenses, perhaps you can wait on that new outfit you were planning to buy this month with your clothing budget.  Or could you sell a few items on Craigslist to help offset the difference?  You may have to get creative and these can sometimes be some tough decisions that mean sacrifice, but I think you’ll find that it is worth it at the end of the month when you end the month guilt-free and within budget.

4.  It’s okay to say NO
This point applies to yourself and to others.  If you are like me and like to shop, you are probably tempted to over-spend often.  When you are tempted to buy things that would put you over-budget, ask yourself whether or not it’s a necessity.  Most of the time, it’s not.

But what about if you find a really great deal on something?

Again, ask yourself whether you really need the item and whether you think it will go back on sale at some other point in time.  Items in a grocery store will always go back on sale in a few weeks.  If you still feel it is worth it to over-spend, go back to #3 and course-correct.  Your budget is a working document that is meant to help you, not enslave you, so just make a plan on how to address your overage.

You may have to say no to other people as well.  I try to plan ahead as much as possible, but sometimes I can’t always anticipate everything.  Since I love being social and don’t want to miss out on the fun, I usually try to find a way to make it work within our budget.  Maybe I’ll grab dessert instead of an entire meal or invite friends over to my house rather than go out somewhere.  But, sometimes I just can’t…and that’s okay.  Feel free to politely decline.  And don’t feel like you need to explain yourself either.  They don’t have to know the reason.

5.  Review how you did at the end of the month
When the month is almost completed, sit down and evaluate how you did sticking to your budget.  I would highly suggest saving a copy or filing it away somewhere so that you can use it for reference later.  You may see trends in your spending habits that will help you plan better for the next month or the next year.

If you over-spent for the month, look into the reasons why.  Did an emergency come up or was it just lack of discipline?  Or was your plan too unrealistic?  You may find that you need to increase your budget in certain categories to avoid over-spending.  That’s okay.

If you under-spent for the month, GREAT!  If you have money left over, consider putting most of it in a savings account.  It may be that you planned for something that didn’t come to fruition this month and you may need that money for next month {we’ve often found this to be true with car maintenance}.  I find that if we end the month under-budget, more than likely we will need the money next month for something!

* * * * * *

If you aren’t currently creating or working a monthly budget, I’d definitely recommend trying it out for a couple of months.  If nothing else, you will be more aware of where your money is going each month and then you can determine whether or not you need to take action to change things.  Perhaps you are doing great already or maybe you could benefit from tweaking your spending so that you are better able to accomplish your financial goals.

* * * * * *
How does your family handle budgeting?
 

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Related Posts

  • Our Family of Four Living on a Teacher’s SalaryOur Family of Four Living on a Teacher’s Salary
  • Ways to Stretch Your Clothing BudgetWays to Stretch Your Clothing Budget
  • Determining Your Clothing BudgetDetermining Your Clothing Budget
  • Why You Need a Clothing BudgetWhy You Need a Clothing Budget

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Filed Under: Budgeting, Family Finances Tagged With: The Teacher's Salary Series

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Comments

  1. Anonymous says

    June 27, 2014 at 9:31 pm

    "They don't have to know the reason. "
    I loved this comment! I cringe everytime I hear somebody go on and on about how they are broke, don't have the money, can't afford this or that, etc. It sounds awful and often makes others feel guilty about spending in that area. I know most ladies don't even think about it when they make these comments in a public setting. Confiding to a close friend is one thing, but everybody does not need to hear your business:) Great ideas!

    • steddins@hotmail.com says

      June 28, 2014 at 1:13 pm

      Yes! I am usually an open book on most things, but I don't think everyone needs to know the details about whether we do or don't have money for things. It makes them either feel bad or feel like they should offer to pay for things for us. I don't ever want to make people feel uncomfortable like that! I'm glad I'm not the only one who feels that way! 🙂

Meet Sarah

Hey, I'm Sarah (a.k.a. The Teacher's Wife)! Wife to a history teacher and mom of 5 kids (2 in heaven). I'm a coffee addict, budget nerd, who's obsessed with good chips and salsa. I love finding ways to organize & manage my home and life...all on a budget! I'm thrilled you stopped by and I hope you'll find something inspiring! Read More…

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