When should you update your budget?

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.

  1. Your paycheck has increased or decreased
  2. You added a new paycheck or side hustle
  3. You stopped a paycheck or side hustle
  4. An existing bill amount increased or decreased
  5. You added a new bill to your budget
  6. You removed a bill from your budget
  7. You overlooked an expense
  8. You’re consistently going over – or under – budget in an Envelope. (If that’s happening for you, check out Chi-En’s article here.)
  9. You’re revising your giving plan
  10. You’re refreshing your savings goals
  11. 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.

Happy budgeting,

The Goodbudget Team

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