6 Tips to Refresh your Budget

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6 ways to refresh your budget

It is no surprise some people love all things money and numbers and others…well they despise it. The reality is budgeting and financial awareness is a necessary evil if you want a secure financial future. Today I want to share with you 6 tips to refresh your budget and my hope is it will motivate you to take your money seriously.

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Tip #1
Call your budget a spending plan. This little reverse psychology helps you feel more in control of your money than using the word “Budget”.

Tip #2
Both spouses have to be involved when creating and maintaining the spending plan. Having two separate accounts and splitting the bills down the middle is not what a marriage is supposed to look like. When you become married you become one….this included your money.
If your spouse has a spending issue and you are afraid to let them have access to the money then be the support and encouragement they need to gain professional help.
Not everyone is a born natural with money. If you are and your spouse get frustrated when talking about money and one has taken over the responsibility of creating a spending plan I would recommend you both to get financial coaching so the lines of communication are opened!

Tip #3
When you create your spending plan use the Zero Balance approach. Using the zero balance method may seem strange at first because you actually want to spend all your money but in reality, what you are doing is taking control of every cent by telling it where to go.
The zero balance approach to budgeting also helps first-time budgeters see how much money they can afford to spend each paycheck.

You can learn how to create a zero balanced budget here.

Tip #4
Plan for unexpected expenses in your spending plan.  No one can plan for everything but don’t be the person who plans for nothing. Set up a slush fund (or several we have 6 slush funds) and contribute money to it each month just for unexpected expenses. This fund should not be included in your savings account or emergency savings.

Tip #5
Evaluate where your money is held and your expenses. This would be items like insurance policies, savings accounts, investments, medical bills, credit cards. Anywhere your money is held or spent. Look for ways to increase the interest earned in savings accounts or investments. Ask for a detailed printout of all bills to make sure there are not any strange or unidentified costs. Negotiate lower interest rates for credit cards. This task can be tackled in small chunks but don’t get into the habit of mindlessly paying your bills.

Tip #6
Whether you are using cash or debit card track your spending for 30, 60, or 90 days. This process will open your eyes to just where your money is going.  I believe everyone should have a general idea of where their money is going but committing to a time frame and diligently logging where you spend money will help give you a fresh perspective on this issue.

These 6 tips are great ways to refresh your budget. Not all of us are born with excitement about creating spending plans and being in control of our money. This means we can get lazy or complacent in budgeting. I hope these ideas motivate you to get your hands dirty!

If you are struggling to create a spending plan or get out the current plateau you are in Family Money Coaching or Financial Goal Setting may be a great option!


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