Part 2: How to Get Your Budget in Check

Sharing is caring!

If you are ready and prepared to get your budget in check, you are in the right place. If you are landing here for the first time, I encourage you to check out Part 1: How to Get Your Budget in Check before continuing.

get your budget in check, budgeting | Lani on Life

In Part 1 we discussed the basics of getting your budget in order. Including, understanding your income, identifying your debt, and devising a plan to get your budget in order. In Part 2 we will take it a step further and discuss how to get your budget in check by identifying budget “killers”, executing your plan, and reassessing and readjusting your budget.

Let’s jump in.

Idenitfying Budget Killers

Once you have gotten a clear understanding of how much income is coming into your household, now is the time to identify the things that are killing your budget. We all have our vices and things we like to eat, drink, listen to or do at the expense of maintaining our budget. Automatic reloads on your Starbucks account could be killing your budget. $8.99 per month to an unknown subscription could be killing your budget. Stopping at Wawa every morning before work could be killing your budget.

Your responsibility here is to look over your bank statements with a fine tooth comb and identify the areas where you are spending excess. If you haven’t completed your free budget check up, it may be a little difficult to continue. If you have, it is safe to say your budget killers are the area in which you are spending in excess. Some of those factors we cannot change immediately (such as you rent or car payment), but others we can (entertainment, dining out). When you find the areas you are overspending in, you have successfully identified potential budget killers.

get your budget in check, budgeting | Lani on Life

Executing your Plan

Now that you have identified your income, analyzed your spending, and identified your budget killers, now comes the time to execute the plan. This is where things get rough! No one can make you follow through with your plan but you. What monetary goals have you set for yourself or your family? These are the things that will keep you pushing forward. To make it a little easier, put those goals up in a place where you will see them daily to help remind yourself of why you chose this path.

If you have allocated $20 a week to spend on coffee/breakfast items, I would encourage you to take that out as cash. This helps you to avoid going over in this budget category. We quickly forget how much we’ve spent when just slide that card! Measures like these are the things that you will need to put in to play to ensure you are executing your plan as effectively as possible. If you mess up one day, that is okay. Each day is a new day to get on and stay on the right track. Being in control of your budget does not occur over night.

Reassessing and Readjusting

At the end of each month (or as often as you’d like) you should reassess your budget and adjust as necessary. Many factors cause our budgets to fluctuate, that is why having a budget requires consistent assessing and adjusting. A budget is a living breathing document, not one and done.

To save your sanity, I’d only do this once a month. Reflect on your past month and see where things need to be altered. This does not mean increase categories where you are overspending! This means plan accordingly so you do not. For instance, if I am overspending in entertainment, I may preplan my outings with friends and not accept any additional invitations to events for the month. The power of “no” is your friend when it comes to keeping your budget intact. If you allotted much more to an area and ended with residual funds, you can move that to other areas of need. Neglecting to reassess and readjust your budget, will result in an unusable budget. One that will require you to start anew.

Now that you are all ready to get your budget in check, go out and dominate! Let me know what things you are doing to ensure you are keeping your budget in check and what tips you’d like to see to help you stay the course.

Keep doing (the best) you boo!

xoxo Lani

Keep Up With Us:
error

Lani

My name is Lani. I am a lover of all things travel and life. I am a 30 something-year-old explorer, wife, mama, and teacher. I live my life on the premise that you should devote time to things that make you happiest. This is my journey through life. I wear many hats (and sometimes not that well). I hope to uplift and inspire others to live their best life, whether that looks like chaos or calm...Do (the best) You Boo!

You may also like...

21 Responses

  1. Tiffany says:

    I love budgeting it allows you freedom to enjoy your life. These are great tips that I’m going to have to share with my hubby!

    • Lani says:

      OMG I’m so glad you said this. Your life is literally so much easier when you realize you know how much you have t spend in certain area.

  2. Great ideas. It is important to look and analyze your budget often! Thanks for the tips and reminders.

  3. Sarah Winton says:

    My budget killer is definitely impulse shopping!

    • Lani says:

      Stop it! lol. Good job identifying your budget killer. Now take some cash out and when you run out…no more shopping!

  4. I love the “Reassessing and Reasjusting” method. It really is important to look back on what we were spending previously to what we’re doing now. Thank you for these awesome budgeting tips!

  5. Marna Altman says:

    Thanks for this post. I struggle so much with finances. And even though I have made a budget, I don’t update and reassess. And then always act surprised and angry when there is no money. I need to really step up and do better. Thanks

  6. Mandy says:

    This is such a good point. We all have budget killers! Mine is stupid little stops at the dollar general for one or two things. I do much better just shopping once a week because otherwise I am super prone to impulse buys.

  7. Budgeting was always my nemesis! Finally I got my act together & set up one & it’s life changing! Adjusting every month (even week sometimes!) helps SO much!!

  8. Mary Rohrer says:

    Thanks for the tips! I thought I was good at budgeting but I think I will have to reanalyze my budget!

  9. Shelby says:

    Thanks for the tips! My family is currently going through some budgeting right now so this is very helpful!

  10. Anh says:

    Thank you for these tips! I have to definitely identify the budget killers!

  11. Ayesha says:

    Budgeting is so important and something I think should be taught in schools. I agree thatvreassessing will drive you nuts if you do it more than once a month.

  12. Julia says:

    Budgeting can be so hard and make me feel so anxious.

    • Lani says:

      I agree. It is by no means easy! But its worth it. “swiping and praying” as I used to do makes me so much more anxious then know exactly what I have and what I will spend it on.

  13. This came at such a good time for me. I am really serious about starting and sticking to a budget. Thank you for the tips.

  14. Maona says:

    This was so helpful. i killed my impulse buying habit a couple of years ago and oh what a blessing its been.

Leave a Reply

Your email address will not be published. Required fields are marked *

shares