What holidays are coming up, and what do I need to do to prepare?.What events or activities do I have coming up?.Therefore, your categories of spending will stay the same, but you’ll make adjustments to the amount you budget every month.įor example, if your significant other’s birthday is coming up, you’ll need to consider what you’re planning to do or buy for that event, and how that affects other spending for the month. You’ll have the same expenses every month, but they won’t always be for the same amounts. Spending may balance out well initially, but then grow harder to predict or control.Ī key secret: budgets need attention and adjustment every month. Getting a budget up and running often works well for a month or two, and then encounters mysterious problems. Utilities: cell phone, Internet, cable, electric, gas, water, trash, etc.Savings: any money going to savings for specific reasons or a general emergency fund.Clothing: clothing, shoes and accessories.Gifts: gifts for birthdays, Christmas, showers, weddings, Father’s Day etc.Household: food, cleaning supplies, personal care, over the counter medicine, and small appliances.Food: groceries, dining hall, coffee shops, restaurants, and bars.Anything fun generally ends up in this area Entertainment: dates, parties, activities, Netflix or other streaming service subscriptions.Car: gasoline, oil changes, cleaning, upkeep.Once you have your list try to group items together. Make a list of all the things you spend money on and save money for. Tracking fewer categories makes it easier to budget overall. Create a category for each of the areas you spend money or save money by grouping like items. Making categories helps make the budgeting process easier and quicker. Be understanding of yourself, but also be realistic by asking, “Will you be able to do the things you listed at the rate you are going?” Stage 2: Define Categories Consider how the stress of financing these dreams will affect you in the short-term and long-term. Sit down with a pen and paper and list out all your hopes for what you want to do in your life. If you find the thought of making a budget too dreary to contemplate, start with your dreams, instead.
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