MODULE 2

3. Implementing Your Budget

Taking Action

It’s time to set the plan in motion! It’s one thing to create a budget, but it’s another to implement it. Once you begin your month, take the time to follow through.

Check your budget throughout the month, and check it often! If you’re not aware of how much you’re spending throughout the month, how will you know if you’re succeeding?

Those spaces next to your expected income and expenses are there for a reason! As the month draws to a close, it’s time to write in the amount you ACTUALLY made, and the amounts you ACTUALLY spent. This will inform your decisions for the following monthly budgets.

Take time at the end of every month to fill in the rest of your budget and create your new one. The longer you do this, the more prepared you’ll be! You’ll have less surprises in the future when you know what to expect, and can plan for the unexpected.

Questions to Ask at the End of the Month

  • What went right? Were you successful in spending less money in your problem categories? How did you accomplish this, and what can you continue in the future?

  • What was less successful? Did you forget to plan for an expense? Did you run into any emergencies? How can you improve next month?

  • Were you reasonable? If you included really low numbers in your expense goals, you may begin to feel the urge to give up. Instead of throwing out your budget, give yourself grace and use this as a learning opportunity.

  • Did this type of budget work for you? Maybe you’re not a spreadsheet type of person, and you want to try a different method next time. Keep switching things up until you find the right fit for you!