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For many families, 2020 threw us for a loop. Today we’ll look at how you can revamp and build your budget so you can hit your financial goals faster!
Revamping Your Budget
I think it’s fair to say that last year did not go as any of us planned. I’m not going to recap the year – we were all there- but honestly, we had a lot curve balls thrown at us.
Because we had to make so many changes with how we worked, did school, and more, our day to day routines changed and our budgets did as well.
While I’m happy that there are vaccines being produced now, there’s still much ahead of us. It’s going to be a while before things get back to a more normal routine.
Which means more than ever, we create a plan for our finances.
One of the best ways you can pivot your finances is by creating a roadmap for your money. For most families, that means creating a better budget.
Some challenges that couples face can include:
- syncing up on what goals you want to tackle this year
- Building a budget that is flexible enough to deal with adjustments
- Finding ways to both save for your goals and for some fun
So we’re going to dig into this today one by one.
Rob Bertman is on the podcast. He’s a certified financial planner and the creator of Family Budget Expert.
He’s worked with families on reconfiguring their budgets so that it reflects them and their specific goals.
We have a lot to cover, so let’s get started!
Resources to Build a Better Budget Together
Looking to create a budget? Here are some helpful resources:
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Grow Your Stash Faster: High Yield Savings with CiT Bank
- Jumpstart Your Marriage and Your Money
- Family Budget Transformation System <- Rob offers helps for couples and families on their specific budget needs
- Is the 50/20/30 Budget Right for You?
- The 50/50 Rule to Avoid Lifestyle Inflation!
- How to Successfully Budget as a Couple
If you’d like to chat more about your money system, please join us in our private and free Facebook group – Thriving Families.
We’re families looking to support and help one another out.
Hope to see you there!
Thank You to Our Sponsor Coastal Credit Union!
Support for this podcast comes from Coastal Credit Union. If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today!
Key Takeaways on Creating a Budget That Fits Your Family and Goals
Now that we're two weeks into our monthly money challenge – which is simply tracking your money – you're probably getting a clearer picture of your family's cash flow.
With those numbers in front of you, the two of you can start building a budget together that makes sense for you and your goals for the year.
Here are a few things to look out for and discuss.
Which areas of your budget are you spending more or less than you had anticipated?
Since many families stayed home more in 2020. It's natural that your budget's shifted.
Certain areas may have seen an increase while others had a decrease.
Now that the new year has started, things may have shifted again. If, so which areas of your budget are staying on target? In which ones are unexpectedly higher or lower?
Of course, if you're going over budget, you immediately need to make changes. But this may be a case of where you need to adjust your budget, to be more realistic for your current and future circumstances.
Perhaps you've discovered that yes, you're spending more with food, but you're eating at home more eating healthier.
And the quality of the food that you're picking out is much better. So in that case, you may decide going forward that you want to keep the food expenses in that range and cut somewhere else.
The second thing to discuss and is related to the first.
how much did you enjoy your spending?
I know sometimes in the personal finance space spending is seen as a negative, but that's not necessarily the case.
Again, when we're looking at the budget, we're talking about what we prioritize and what we value.
I know for us, we've made some purchases during the pandemic, since we were going to spend more time at home and we do not regret those purchases.
We put some more money into our family garden and got items for the yard, such as a hammock and a telescope and we really enjoyed those purchases.
What about you? What new spending did you have because of the pandemic. Perhaps it was buying games for family game night.
You may be looking at that spending and you're happy with it. And you might decide that going forward, you want to keep it in your budget. Then make sure that you put it as a new line item in your budget going forward.
Creating a budget. Isn't all about cutting expenses. It's really about being more intentional with how you use your money.
Finally looking at your cashflow.
What's a realistic pace for you to hit your goals?
We're not trying to create the perfect budget. We're trying to create a budget that actually works for you.
These discussions may seem small, but they can give you a leg up for creating a budget that you can use for the rest of the year!
Support the Podcast!
Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
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- Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!