Keeping an eye on your spending and saving is easier when you make it part of a monthly routine. Follow these easy steps every month to monitor your progress and stay on track with your financial goals.
Before the 1st.
Heading into the month, plan ahead by setting your budget goals. Determine how much of your paycheck will cover fixed expenses and how much will be left over. Then, figure out which goals you want to allocate discretionary income to—and how much you’ll put toward each goal.
Use your bank’s online banking tools or a personal finance app to track spending and help you visualize where your money goes.
Before you bump up your spending on payday, consider any big expenses on the horizon. Setting aside a little cash each month for a vacation or holiday gifts keeps your budget from taking a big hit in a single month.
Check in on your goals. Are you saving enough? Are you keeping spending in check? If not, see where you can adjust for the last two weeks to hit your targets.
How’d you do? Go online to review your monthly statement and get a clear picture of where your money went. Reward yourself for your achievements and update your goals for the next month!