Whenever life changes
As you budget over the course of a few months, you’ll probably start noticing that you’re budgeting for too much in some categories and too little in others. So it’s always a good idea to review your budget on a regular basis to make small adjustments.
But, are there other kinds of things that should prompt us to take a look at our budgets too? Definitely!
Here are some life circumstances that may require you to reconsider your budget.
- Your paycheck has increased or decreased
- You added a new paycheck or side hustle
- You stopped a paycheck or side hustle
- An existing bill amount increased or decreased
- You added a new bill to your budget
- You removed a bill from your budget
- You overlooked an expense
- You’re consistently going over – or under – budget in an Envelope. (If that’s happening for you, check out Chi-En’s article here.)
- You’re revising your giving plan
- You’re refreshing your savings goals
- You’re entering a new life stage, or reached a milestone (i.e. getting married, having a baby, etc.)
When you find any of the situations above are happening to you, that’s when you know you can update your budget.
The Goodbudget Team