Do you reevaluate your budget monthly?

[Elena_Stewart]

How do you track your expenses? For me, I'm a lost case when it comes to budgeting and with the prices on everything going up right now.
Do you use a spicific tool to do so, like an app?

[Massageman]

I add/reevaluate as needed depending on the function of the spreadsheet.

I created my own spreadsheets for : Daily expenses and income (add items each day) . Net Worth (review each week) . Income tax records tracking (add items as needed through the year, with a LOT of them coming just before April tax deadline). One for my wife's business and one for my business (add items as needed, usually daily).

My self-created spreadsheets show a lot more than "stock" spreadsheets, plus they are free. You can pay for apps that have spreadsheets, but by making them myself, we can have the info that is important and relevant to my wife and myself. And if I don't have a particular figure that I may discover I need later on, I can easily split out the info and create it in a few minutes without having to rely on "an app", or by giving OUR information to some outsider to do for me!

If you have any Windows or Apple computer, they should already have some basic spreadsheets loaded into the system in their software.

Note: Adding info to a spreadsheet happens AFTER the money has been spent in almost every case, though. It sounds as though you may need to create a budget PLAN so you have some idea of what's going on BEFORE the money is spent.

At least start by writing a list of MUST expenses (rent/mortgage, car insurance, utilities, basic food, etc) , NICE TO HAVE expenses (new clothes, entertainment, fancy food/dining out, etc.) and SAVINGS (emergency fund, short term, long term, etc.)

[Elena_Stewart]

That’s awesome, will try to do it.

[Massageman]

Even if you have a very loose plan to start, it's better than NO plan at all. Take things one step a time. You can add more detail later on if you need it. But getting that framework started- taking that first step- is THE most critical. No walk starts without taking that first step. :- )

[Elena_Stewart]

👍🏻👍🏻

[exitseven]

I do not have many recurring monthly expenses like mortgage or rent. Just the phone and electricity bill. I pay the whole balance on my credit card when I use them. I pay for things like car insurance, property tax and heating oil when the bills come in. Ever since covid i have saved a lot of money.

[Elena_Stewart]

Lucky you😏

[Elena_Stewart]

Just kidding😁

[exitseven]

@elena_stewart We never lived beyond our means and once we got done putting out kids through college we just worked on paying down our debt. No, mortage, no car payments, no credit cards.

[Elena_Stewart]

👍🏻👍🏻

[exitseven]

Thanks for the MHO😎

[rosemilk]

i budget in my mind. as interested as i am in graphs, i don't do that for my own stuff XD however i do look at my account every night to see how it's going. i'm also just a really cheap person in general so i don't have to worry too much

but i'd suggest using a spreadsheet. or writing it down if that's more comfortable for you. get a bullet journal. it's called a finance log bullet journal

[IslaTheWitch]

I check finances and investments regularly and make needed adjustments

I use Google sheets.

[Anonymous]

Not really. I'm such a cheap MFer that I really don't do a monthly budget. I always live below my means as habit. I virtually always have more money coming in then going out.

Honestly I'm more concerned with monthly, quarterly, and annual returns. I might re evaluate things whenever there's a dip in my returns. Because the goal is to retire and stay retired.

[Elena_Stewart]

I have some bad spending habits. I think it will change with age.

[Opinion Owner]

If it makes you feel any better I was flat broke at 26. So yes, you got plenty of time. Just don't squander it.👍

[Elena_Stewart]

👍🏻👍🏻

[DeeDeeDeVour]

I do.

As an owner of several businesses, I have no choice.

The household doesn't require much though.

[Elena_Stewart]

Do you use a specific tool?

[NathanDavis]

perhaps not monthly, no... but there are adjustments, yes... and also expected fluctuations, but that's border budget... lol

[NathanDavis]

by the way... I usually write down myself on a notebook, or a piece of paper, when needed

[Elena_Stewart]

I'm trying to use some apps, but they don't seem to work😁

[NathanDavis]

lmao... that happens sometimes

[MissBoogus]

Get ChatGPT to help you! Tell it your monthly income and tell it all your monthly expenses. Ask it to create your monthly budget.

[Elena_Stewart]

Wow! will try it forsure.

[BlissfullyCurSed]

You sound like a person who would get relationship advice from an AI.

[MissBoogus]

@BlissfullyCurSed I do ! :) ChatGPT is a very helpful resource , have you tried it?

[BlissfullyCurSed]

Yeah... and got an FF in the exam🤬🤬🤬.

[Nikki1989]

No, we put money away for rent and bills and whatever it left becomes fun money.

[Elena_Stewart]

Great strategy👌🏻

[Bricealan]

I do, and possibly more than monthly. Basically to see if I am living on the budget I established versus overspending on certain things/areas and seeing how to reduce some of those costly items

[JacobJordan]

I check what I spent at the end of the year and compare it to what I spent the previous year. Don't have a budget though haven't had one for a while

[Fireguy17]

No, I know what my costs are now, but it is more of an annual review, for taxes etc.
I always budget more than I need so I always carry a balance.

[BoopBoopBeep]

My credit cards break down my spending by category and I never use cash.

[Zestyassmf1997]

I kinda do most of it in my head. I just round down my income, round up my expenses, and it all works out nicely.

[TheSpaceGnome]

I use a calculator and overestimate any unexpected or variable expenses.

[LiamJHayden]

I track expenses except for my 15% "fun stuff" budget.

[swettannie]

my man take care of that

[Elena_Stewart]

Perfect😁

[swettannie]

ikr !

[CozyCoffin]

Yes, I do.

[Jennz6]

In my head

[Anonymous]

No...

[jahaims]

Nope

[LavLavLuv]

nope