You’re probably already doing some spring cleaning around the house – so why not take advantage of your momentum and spruce up a few of your budgeting habits, too? Here are five ways you can revitalize your budget and refresh your 2021 financial goals this month.
1. Aim to budget for zero
Don’t worry, this doesn’t mean you can’t spend any money this month! A zero-based budget just means that you’re planning out exactly where you’re spending every dollar during the month, without leaving a single dollar unaccounted for. With this kind of budget, your income minus expenses should equal zero.
2. Adjust based on seasonal expenses
Each season brings different events and expenses! With summer coming up, you might be eyeing a family vacation or sports travel expenses, along with routine things such as outdoor repairs, car maintenance, and higher A/C bills. Don’t forget to note these, along with your regular monthly expenses.
3. Don’t be afraid to make some cuts
If you’re working to pay off debt, summer could be the perfect time to make a few budget cuts! Cut the cable and spend some more time outdoors, or skip the expensive vacation in favor of a local weekend getaway. Remember – a few sacrifices now can pay off later!
4. Switch to cash
Are you constantly overspending on a specific budget category, like groceries or entertainment? For the next month or two, switch to only cash for that specific budget item. Once the cash runs out, stop spending on that category – it’s that easy!
5. Set (or refresh) your goals
With the new season, take a minute to reestablish your “why”. It’s easy to get distracted and lose momentum when pursuing your financial goals, but it’s never too late to get back on track! And if you need help figuring out where to start, you can always request a free consultation with Strong Tower Consulting!
