Episode Details

Snag Our Simplified Budget System!

It's that time again! A new month, new budget!! We're talking:

How to Wrap Up July

• Before focusing on August, take the time to wrap up July's budget.
• Finalize your numbers and compare what you budgeted to what you actually spent.
• This process helps you learn and make better budgeting decisions going forward.
• Don't be too hard on yourself; it's about learning and improving, not aiming for perfection.

Check Your Income & Expense Changes

• Transitioning from July to August might bring changes in income and expenses.
• Update your budget to reflect any alterations in income sources.
• Review the changes in expenses, such as the end of summer camps or vacation spending.
• Consider adjusting childcare expenses, back-to-school supplies, and sports-related costs.
• Take advantage of back-to-school tax-free weekends for saving on purchases.

What Do You Need To Save For?

• Establish sinking funds for expenses that occur annually, such as homeschooling fees or insurance premiums.
• Divide the total amount needed by 12 and save that amount monthly to avoid financial strain when the bill comes due.
• Review annual subscriptions, such as Disney+ or Amazon Prime, and plan accordingly.

Setting Money Goals for August

• August should have specific goals and you need to put them in your budget. Set financial goals for August and integrate them into your budget.
• Prioritize saving money or paying off debt based on your specific financial objectives.
• Aim to pay yourself or pay off debt ON PAYDAY to maintain accountability and consistency.

Fun Wins Our Clients Are Having That You Can Have Too:

• Consider using cash for certain budget categories to enhance discipline and money management.
• Use envelopes to allocate funds for different spending categories, like restaurants or back-to-school shopping.
• Name your accounts strategically to avoid accidentally spending designated funds.
• Understand that the process of building savings and reaching financial goals is a journey.
• Embrace the idea of being the type of person who has money and let your savings grow.
• Be patient with yourself as you learn to prioritize saving and stop impulse spending.

Put it into Practice

• Schedule the dates for transferring money into various accounts, either manually or automatically.
• Plan ATM visits to withdraw cash for specific budget categories.

Connect With Us: 

1️⃣ Facebook Group – Join the community. Our free group is where the real talk happens. Connect with other women who are learning how to budget, save, and finally feel in control, together. ➡︎ budgetbesties.com/facebook 

2️⃣ Automate Your Budget Masterclass – Watch it now, no waiting. This FREE on-demand training shows you how to set up a budget that matches your lifestyle, without tracking every dollar or feeling restricted. ➡︎ budgetbesties.com/automate 

3️⃣ Budget – Grab our Simplified Budget System! You don’t need another budget, you need a system that does the math, makes the plan, and gives you permission to spend. ➡︎

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