Time to Look at Your Budget: The 30 Day Challenge

Kick StartIt’s September 1st and what better way to start the month than by making a budget. The easiest way to save is to know where you are spending your money and to find ways you can cut back.

Find Out What You Spend

Take a look at your spending for August. Now break out everything you spent into different categories (including saving). You can either do this yourself through a program like word or excel or you can use one of many free or paid services – it’s up to you! Here’s a great example.

You may be surprised at how much you spent in certain categories. I know my biggest expense is eating out – I’m always amazed at how quickly my food category fills up throughout the month. Don’t be too discouraged if you went over your budget. That’s why you are taking the time today to sit down and sort out your finances. Today is a new month and you can change your spending habits.

Set Goals for September

Now that you know what you spent in August, set new goals for each category for September. Don’t forget to include any high-interest debt. Paying off high-interest debt as fast as possible will help you get back on track and start to save.

Check Your Progress

Once you set your new goals make sure to check back in throughout September. We’ll check back in with everyone at the beginning of October to see how it went.

Do you follow a strict budget each month? Join the discussion on Facebook.

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Savers who make a plan are twice as likely to save successfully. 

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Tip of the Day

  • Written by Administrator2 | January 9, 2014

    Fourth saving strategy: Save automatically through a monthly transfer from checking to savings http://ow.ly/sj3vP

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