Episode Details

How to Wrap Up August

• Before focusing on September, take the time to wrap up August'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 August to September 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 and sports-related costs.

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 September

• September should have specific goals and you need to put them in your budget. Set financial goals for September 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 childcare.

• 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.

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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. ➡︎ budgetbesties.com/budget 

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