A budget isn't something you can simply set in place and never check in on. You need to look in on your budget from time to time to make sure that it's working for your family.
That's why you want to have a monthly budget meeting with your spouse. A monthly budget meeting can tell you a lot about what's working and what isn't. Let's take a closer look at why you need one.
It Allows You to Address Problem Areas Before They Get Out of Hand
First things first. You want to have a monthly budget meeting so you can see if there are any problem areas. For example, if you find that you're spending a large percentage of your grocery budget on junk food, that's a problem that needs addressed.
You may also see that you're spending more than you should in a certain category, such as eating out or entertainment. Being aware of these issues sooner rather than later can help you curtail any major overspending.
It Allows You to Adjust as Needed
As you're looking at your budget, you may see that you're not spending anywhere near what you had budgeted for one category, but are overspending in another area. This means you need to adjust your budget.
For example, you may have budgeted $200 a month for household items and $400 a month for groceries. Thanks to couponing, you may only be spending $50 a month on household items, but find that you're spending $500 on groceries. You can easily adjust your budget so that you have more money for groceries and less for household.
It Gives You the Chance to See What's Working and What Isn't
As you sit down and look over your expenses for the previous month, you may easily spot things that are going great and others that aren't. For example, you may see that your family is spending a lot more on entertainment than you had budgeted for.
By having a monthly budget meeting, you can talk about this and look for ways to cut those expenses. For example, you may decide to give up your satellite package and go with Sling to save over $100 a month. You may also decide to get a Netflix subscription instead of going to Redbox each weekend. On the flip side, you may see that budgeting yourself in the amount that you spend on eating out during the month is working perfectly.
It Allows You to Prepare for Months That May Be Different
Last, but not least, by having a monthly budget meeting, you can talk about months that may be different. For example, November and December are certainly months that require a different mind set.
If you're having a monthly budget meeting, you can start planning ahead for these months. For example, starting in July, you can work a gift allowance into your budget. This allows you to start shopping for gifts early so that the strain isn't too much in December. The same goes for months that have birthdays or the need for school supplies, etc.
A monthly budget meeting can help allow you and your family to stay on track. Remember, it's not enough to sit down once and make a budget. This is something you need to check in on regularly. A monthly budget meeting can make the difference between sticking to a budget and giving up completely.
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