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November 16, 2018 · Leave a Comment

7 Steps To Get Your Budget Back On Track

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Budget· Budget Tips· Debt Free· Debt Free Tips· Frugal Living

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Occasionally on our debt-free journey things go off the rails.  Whether it’s because we had a month that we had unexpected car repairs, or because I hit a funk over the summer, getting off track with our budget happens from time to time.  But the end game of being completely free from debt is the same no matter what part of our journey we’re on, and so I have to get back on track with our budget.  Here are the 7 steps I use to get my budget back on track after a financial setback.

7 Steps To Get Your Budget Back On Track

 

Stop Excessive Spending

Whether you started spending in cash, on your debit card, or you started swiping your credit card again, it’s time to reign it in.  It’s hard to get a complete picture of your finances again when you’re spending excessively.  It won’t be easy, but keeping your long term financial goals in mind will help.

 

Evaluate the Damage

Look back at your bank statements, and even credit card statements.  Did you stop contributing to any sinking funds?  Did you reduce your savings?  Did you add any more debt?  It’s hard to work towards your financial goals if you don’t have a complete picture of how far off track you got.

 

Set A Budget

Go back to your basics and set a budget.  I personally love using the You Need A Budget* method.  Going back to your priorities and commitments simplifies your budget, making it easier to get back on track.  Their online budgeting software* makes it super easy to start fresh!  It does come at a cost of $84 per year, but in my opinion, it’s well worth it!  If you’d like to try their method, you can get a free month of YNAB by signing up here*.  What’s there to lose?

Once you have your budget, keep on top of it daily or weekly.  If things change at the beginning of the month, you’ll be able to easily modify the budget for the rest of the month by staying on top of it.  This is much better than trying to do damage control to your budget at the end of the month.

Prioritize Spending

This is where it’s time to get serious.  Look at every single expense that you’ve got throughout the month, and compare that to your income.  Start making some decisions about what could go if you have a month that’s tighter than others.  And as always, if things aren’t adding up, it’s okay to say no to certain things.

 

Set Savings Goals

Aside from your long term financial goals, what are some of your short term savings goals?  Now is the time to set some shorter financial goals to help you feel the momentum of gaining towards your long term goals.  For instance, if your long term goal is to buy a house, a short term goal could be to save $10,000 in the next 10 months towards a down payment.  To help keep track of your savings progress, use a savings tracker.

Use Cash to Stick to Your Budget

And stick to those cash budgets!  If you got off track by swiping your debit or credit cards again, leave them at home.  I won’t lie; this is the hardest step.  It requires you to remain focused and disciplined.  To help stay focused, have a no spend month.  Don’t be afraid to acknowledge the small wins when they happen, and of course, celebrate the big financial successes you have.

 

Stay Focused, But Keep Grace in Mind

When you’re feeling discouraged, remember your long term financial commitments to yourself.  At the same time, don’t be so hard on yourself.  If this particular season of life is filled with repeatedly using and replenishing your emergency fund for unexpected repairs on your car and replacing your dishwasher that had its last straw, then don’t focus on not being able to pay down as much on your debt.  Instead, focus on having the cash on hand to pay for these repairs, rather than adding to your debt.

 

What are the steps you take to get your budget back on track?  I’d love to hear in the comments below!

7 Steps To Get Your Budget Back On Track

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makingcentsmatter

makingcentsmatter
Payday is today! Actually, payday was Friday the 1 Payday is today! Actually, payday was Friday the 12th because we completely forgot today is a bank holiday in the US. The feeling of being paid and not needing it is a nice one.⁠
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Here's what our paycheck needs to get us through for bills until March 14th. For a full look at our budget over the next month, head over to my budget with me on YouTube: https://youtu.be/rb8uyi1-rNc⁠
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#monthlyincome #monthlybudget #monthlybudget #zerobasedbudget #payday #budgetwithme #budgeting #budgettips #budgetcalendar #frugalliving #savingmoney #paycheck #makingcentsmatter #debtfreejourney #debtfreeprogress
This weekend was focused on a pantry shop and meal This weekend was focused on a pantry shop and meal plan creation! This meal plan to get us to our February payday. We also picked fast meals, because it's a busy two weeks between doctor's appointments,. Academic Decathalon, dance, and drama. I'm unsure we'll be able to shop on payday, hence the extras.⁠
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Total spent: $112.39 for items to get us through this and lunches.⁠
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Keep in mind, just over $112 for 12 meals isn't sustainable for our family, just in times when we need to stretch the last bits of our monthly income. I really wish $112 was enough to feed two teenaged boys in our household.⁠
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The point being... do what works for you, and your situation based on your location. Don't try to fit yourself into someone else's situation!⁠
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#mealplan #mealplanning #frugalliving #frugalmom #makingcentsmatter #savingmoney #monthlyincome #budgeting #budgetmom #groceryshop
January's real numbers:⁠ .⁠ House: $511.13⁠ January's real numbers:⁠
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House: $511.13⁠
Citi: $720⁠
D NelNet: $100⁠
K NelNet: $100⁠
K Chase: $150⁠
Explorer: $343⁠
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Extra Payment to Citi: $500⁠
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Noteworthy... our car payment had a late fee assessed because the mail was SLOWED down over Christmas. Three headaches later, and we potentially have online banking finally set up with them. It is still a headache. And we are never taking another car loan out with this bank!⁠
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How was January?⁠
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#makingcentsmatter #debt #debtfreejouney #debtfreeprogress #debtfreecommunity #realbudget #savingmoney #savings #frugalliving #frugalblogging #budgeting #monthlyincome #zerobasedbudget #financialgoals #personalfinance #personalfinancetips #financialfreedom
Sometimes in order to see progress, you need to ta Sometimes in order to see progress, you need to take a step back.
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I'll be honest, I didn't think that we got this far in 2020. With everything going on - and more importantly, everything NOT going on - we didn't keep up with this every month. We just threw what we could at our goal. I'm simply amazed at how far we came.
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Things are still hectic, and I'm simply mentally exhausted between remote learning, extended remote learning, offset quarantining children... it goes on and on.
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But I also cannot wait to see what strides we will make in 2021.
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#makingcentsmatter #debtfreejouney #debtfreeprogress #savingmoney #savings #frugalliving #frugalblogging #budgeting #monthlyincome #zerobasedbudget #financialgoals #personalfinance
This is what school looks like when it's a hybrid This is what school looks like when it's a hybrid model, and your house does not have unlimited space. I was standing in our kitchen when I took this picture, the kids behind me making lunch.
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Our district is carefully monitoring our local infection rates, and we are currently in a hybrid form. That means they divided the district into two groups; half are in school on Monday and Tuesday, the other half on Thursday and Friday. They are offering an all remote option, but Verizon for some reason supplies our house with speeds so slow that it would shock a tortoise. Remote was a no-go.
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Our home is a 1800sqft one-story, open living area, 4 bedroom, 1 bathroom, ranch-style house in a very rural area. It has no home offices. No guest bedrooms. Yes, that is a desk in the corner of our dining room. 🤣
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Each kid gets their own color bin for their school work. This includes school-issued Chromebooks and other standard items they need to get work done - headphones, pencils, and so on. When we are done for the day, we clean up everything, place them neatly in these bins, and place them in cubbies (on my current left) at night while the Chromebooks charge.
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I do NOT bother to clean up at lunchtime. It would take us more time to clean up and reset everything than it takes us to eat lunch. So we only pack it all up for the day and call it done.
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During the day, I sit between my younger two and field any questions they may have, troubleshoot technical issues we all have, and be the overall bouncer when things get off-topic. My high schooler will occasionally emerge from his bedroom, which opens to the kitchen. So he is close by when he has questions.
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Please remember that with all things in life, you need to work with what's available to you. And there is no shame in that. Don't ever feel like you're not doing good enough because it's not picture perfect. Work with what you have available to you, and you'll do amazing things.
School is in session, the garden is slowing, and I School is in session, the garden is slowing, and I’ve finally realized I haven’t shared our payoff numbers for July or August. Yeah……
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Please keep in mind, we are paid monthly on the 15th, but we don’t go by a “monthly” budget. So I have to go back and look at these numbers based off their due dates in the calendar. Because our pay falls in the middle of the month, I can’t tell you what portion of our income went to debt. It’s going to vary paycheck to paycheck anyways because our priorities vary with each check. Nothing is ever the same month to month, and pay to pay.
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That said, inJuly we paid off $2,694.43.
In August we paid off $1,673.40.
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EF Reimbursement: $146 / $1,200
Checking Buffer Reimbursement: $227 / $500
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It’s progress, and that’s what matters!
While I wait for the canner to finish the last rou While I wait for the canner to finish the last round... I rearranged our recipe binder. It's only taken me 8 or so years. 🤣😶😭
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On top of this school is starting with a hybrid in building & online system. And I'm seriously slacking on some things I need to do. I'm not good at juggling multiple things and the balls are falling. But I keep reminding myself... be patient. This too shall pass. This is only a phase. So I pick and choose what's the most important, focus on that and go from there.
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So if you feel overwhelmed with your current phase, remember, this too shall pass. It's okay to rearrange priorities. It's okay to take a breather.
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This too shall pass.
If you didn't start finding interesting ways to ge If you didn't start finding interesting ways to get rid of the squash, can you say you even planted any?
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Good news, I'm almost caught up! Bad news, the garden has more.
Super busy here... but I wanted to share that wins Super busy here... but I wanted to share that wins can come in super small packages. I thought I'd spend $380 to clean the band instruments in this house. I ended up spending $234. So the remaining $146 can go to reimbursing what I pulled from our EF.
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No matter the win, celebrate it!
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What are some wins you have had lately?
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