Halfway through the year is always a good time to take a look at your finances and see how you are doing.
I am always eager to review the budget in the beginning of the year and start off on a fresh foot. I find if I don’t take a look at things halfway through the year I tend to loose focus and as long as the bills are getting paid and there is money being saved I don’t look at the big picture.
I’ve posted about creating a working budget before. A budget is a written plan to determine how your income will be allocated in a proper balance to meet all of your needs and goals. It is never to late to start living on a budget.
Several years ago my husband took a new job with a decreased salary. Thank goodness we had been used to living on a budget so we were able to do some tweaking and learn to live on a lot less.
As I look over the past six months I just want to make sure that everything is accounted for and we haven’t gone overboard on spending in any area! I can look at the numbers and make adjustments if needed. It’s also a good time to take a look at where our money is going and where can we cut back.
There are many books and online resources to help you have a balanced budget.
One of the best books I’ve read recently on the subject on called The Money Saving Mom’s Budget.
It is well written and easy to read and understand. If you’ve been putting off creating a budget this book may give you the encouragement you need. One of the best suggestions the author gives is that if you are new to budgeting give yourself time to work out a full-fledged budget. Start first with a single area of spending – a food budget, this will help you to shift your habits. You’ll see changes there, which will help you to move on toward developing a full budget for your family.
How are your finances looking this month?