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Miriam Caldwell

Weekend Challenge 46: Create an Annual Budget

By November 21, 2012

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This challenge is designed around your annual budget. If you have been using financial software to track your spending over the last year, this challenge will be easy, and you may learn a lot about your spending habits. It is important to look at your big financial picture from time to time because it shows more about your spending habits then just your monthly spending report might.

In addition to just listing your annual expenses, you should look at how much you spend in each of your categories throughout the year. You may be surprised to realize how much you spend on eating out in comparison to your grocery budget. Or you may look at your entertainment spending in comparison to your savings and decide you need to make changes. Once you have evaluated your budget, take the time to find a few areas you'd like to make changes and start doing the research you need to in order to make those lasting changes.

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