You’re in the home stretch! As life goes on after this course ends, you’ll probably find you’ll need to do maintenance on your budget. You might realize you’re budgeting too much in one Envelope and not enough in another.
And there are other factors that might cause you to make immediate changes to your budget. For example, any change in income will warrant an immediate response in your budget. Or, you might find there are things you totally forgot to build into your budget.
We asked some Goodbudget friends what kinds of things they forgot to make space for in their budgets, and Sandra said,
“Subscriptions! Amazon Prime, Netflix, Microsoft 365, local newspapers… All sorts of things for ‘just $4.99 or $9.99/month or $99/year.’ It’s death by a thousand cuts. We need to constantly review that list.”
That’s such a helpful reminder! One thing that Sandra makes clear is that our budgets will always change, and we can be proactive and minimize surprises by reviewing and making space for the new spending we take on before we’re billed.
So whether you got a boost to your paycheck, or you’re taking on new expenses, knowing when to adjust your budget is important.
- Review the list of circumstances that could result in you needing to adjust your budget. Things like overlooking an expense like Spotify, over budgeting in an Envelope, or taking on a new expense apply here. Do any of these sound like you?
- If any of those sounds like you, update your Goodbudget. First, you’ll edit your Envelopes (see how in Week 1, Day 4). Then, you can update your current Fill transaction to add money to the new Envelope, and adjust how much was filled into others (see how to do that in Week 2, Day 7).
- Have you already had to make adjustments in your budget since starting the course? Let us know below.
Note for couples: Any time you adjust your budget, touch base with each other so that each person knows what’s happening — and why.
-The Goodbudget Team