We’ve written before about the importance of having an intentional spending plan, also called a budget.
Even after your budget has been established, it needs upkeep. One simple way to do this is to adjust the numbers monthly, depending on your anticipated expenses for the month ahead. For example, when the seasons change, you may want to build a little extra into your clothing fund. If you’re hosting dinner guests, you’ll likely need to bump up your grocery budget a bit.
In this edition of Verily Cents, we’re taking it one step further: it’s time for a budget check-up. Whether you’ve been budgeting for years or you’re just getting started, it’s a good idea to step back and look at whether your plan is actually working for you.
By taking some time to analyze how well your spending habits align with your spending plan, you’ll be able to see what areas of your budget need to be tightened up and what you need to set aside more for.
To complete this spending checkup, we’ll focus on two questions: 1) Is my budget realistic for me, personally? 2) Is my budget reasonable by existing outside standards?
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