3 ways to re-organize your household budget on the fly.
3 ways to re-organize your household budget on the fly.
No matter how detailed your monthly budget may be, the key to managing your money is flexibility. All you need to do is look at your winter utilities bill for evidence that expenses change with the season! But with these helpful tips, you’ll be poised to adjust your budget on the fly, navigating any unexpected increases (or savings) with ease.
1. Hold monthly budget meetings.
If you’ve been budgeting for a while, you’ll know that accountability and routine are key to reaching your goals. Setting aside time each month to go over your budget will help you see where your money is going and allow opportunities to make adjustments as needed for upcoming expenses.
2. Add a ‘miscellaneous’ line to your budget
Another way to prepare for the unexpected is to put a small amount of money aside for unexpected expenses throughout the month. Label this as your miscellaneous line in your budget. That way when something comes up, you can cover it without taking away money you’ve already put somewhere else.
3. Set up automatic deposits to your savings
The best way to prepare for unexpected costs is to have an emergency fund. It's recommended to have 3-6 months' worth of expenses saved in your emergency fund to cover your monthly costs. Setting up monthly automatic deposits to your savings accounts will hold you accountable to your savings goals and ensure you have enough (and more) should the worst happen.
Managing your finances doesn’t have to be hard. If you’re looking for market insights or more financial advice, Reach out. I’m happy to help and connect you with a financial advisor.
