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

Subscribe to the Newsletter

Get the latest in budgeting content — straight into your inbox.

Thank you!

See you in your inbox.

Search for

Links

Say hello to Goodbudget

  1. A strong philosophy. Transform your financial life with the Goodbudget Way.
  2. A time-tested system. Goodbudget is based on the envelope budgeting method.
  3. Great budget software. Available for the Web, Android, and iPhone. Get started with Goodbudget. Sign up now!

Get Help

Archives

.

Subscribe

  • RSS Feed
  • Facebook
  • Twitter
  • Subscribe via Email

Leave a Comment