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Weekend Challenge 11: Budget Check Up

By , About.com Guide

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This weekend the challenge is take a look at your budget and make any adjustments that you need to. You have had a month or two since you sat down and wrote out your first budget for the year. Often the first estimates people make are off in a few categories. You may have new bills that you did not previously or you may be doing better than you thought in a category. If you managed to slash your spending a few weeks ago, then this budget adjustment comes at a perfect time.

1. Evaluate Your Budget

The first thing you need to do is evaluate your budget. Take time to look at the categories that you are sticking to. Then look at the ones that you are having problems with. Is it because you underestimated how much you really needed? For example are you trying to eat on $20.00 a week? Or are you having a hard time exercising self-control? You found a pair of shoes you simply couldn’t pass up. Then make adjustments as necessary.

2. Plug the Leaks In Your Budget

If you are having problems, but you can’t seem to figure out what is going, then you have a budget leak or two. These leaks are often spending that flies under the radar because they are small amounts that you do on a regular basis, like visiting the vending machine at work or getting coffee each morning. Once you have plugged the leaks you can take care of the other problems.

3. Adjusting Your Budget Every Month

While your initial set-up of your budget takes the longest, it is still important to sit down and plan a budget for each month. This allows you to plan for variable expenses, and makes sure that you are staying on track. You should track your expenses each month and focus on continuing to save money in different categories each month.

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