BET Lesson 11 of 11 · 4 min read
The monthly check-in
A budget gets better every month you compare it with real life. Here’s a 15-minute routine.
Compare the plan with what happened
At the end of each month, compare what you planned to spend in each category with what you actually spent. Each month your budget gets more realistic, because you learn where you tend to overspend and where you have room.
- Look at each category: planned versus spent.
- Check your bank statements to make sure nothing was missed. If what’s left in your account doesn’t match your budget, recheck your numbers.
- Where you overspent, decide: was the plan unrealistic, or was it a one-off? Adjust the plan or the habit.
- Where you underspent, move the extra to savings or debt.
- Set next month’s budget, including any once-a-year costs coming up.
When life changes, change the budget
A new job, a move, a new baby or a change in your habits all mean it’s time to update your budget. If your income varies, check in every month without fail.
Tip
Put a 15-minute “money check-in” in your calendar for the first weekend of each month. Short and regular beats long and rare.
Remember
- Compare planned and actual spending every month.
- Check bank statements so nothing is missed.
- Update your budget whenever your income or life changes.
Review this month in BET
Open your ledger’s Budget tab: it shows planned versus spent for every category, warns you when one is close to its limit, and lets you step back to last month
Sign in with Google to try itSources and further reading
- Building a Budget (Penn State Extension)
- Assess your spending (Consumer Financial Protection Bureau)
- Budgeting: How to create a budget and stick with it (Consumer Financial Protection Bureau)
- Budgeting With an Irregular Income (South Dakota State University Extension)
- The Basics to Budgeting: Personal Finance Series (Part 1) (University of Florida IFAS Extension)