Learning to Budget: Step 4 - Re-evaluate


It's time for the final post in my learning to budget series. The last step is re-evaluating your budget.

Once you have completed a month of your budget it's time to sit down and re-evaluate.

Get all your receipts and bills together, and your completed budget form and decide on how to continue for the next month.

Here are a few questions to get you started on your evaluation of the first budgeting month:

1. Do you need more or less cash each month?

2. Did you pay all your fixed expenses on time? If no, why not? What can you do to change this in the future and ensure you have the money to make sure your expenses are paid on time?

3. Is your income coming in as expected? Do you have enough income? Is there anything you can do to change this if it's not?

4. Are you saving like you set out to?

5. Is your budget working?

6. What do you need to change to make it work better for you?

Essentially, everyone's situation is different, and so you want to create a budget and a system that works best for you. I am continuing to tweak the way I write out the budget and how I store/pay my bills, trying to find a way that works the best.

Good luck with determining what works best for you!

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