February is a great time to focus on budgeting, especially as many of us are recovering from holiday spending. Every January and February can feel tough, but with a few practical tips, you can get back on track with saving money and setting financial goals for the rest of the year.
Look at Budget
The first step is to take a close look at your budget. I personally use Google Sheets to track everything. I list out monthly bills, total income, and flexible expenses like groceries and gas. I also have a section to track debt, such as my car payment, credit cards (yes, I try to pay them off monthly but life happens!), and house-related costs.
Link: Budget Notebook with Stickers, Blank Notebook
Plan Ahead
I like to write out a plan for the next 6-7 months, jotting down any major expenses coming up. For example, we’re taking a big trip this summer, so I’ve broken down the remaining expenses and set up automatic savings transfers for that amount each month. I also set some goals for paying off credit cards before bigger bills roll in. This planning works best for me in a notebook, but you could also do it digitally, whatever feels easiest.
Link: Budget Notebook with Stickers, Blank Notebook
Blog Post: Traveling using Points
Weekly Checks on goals
I review my budget each week and adjust my plan as needed based on what’s happening in real-time. Sometimes we don’t stick to our spending goals, or unexpected costs like medical bills pop up. By checking in weekly, I can stay on top of things and stay flexible when things don’t go as planned.bills.
Track all Spending
I’ve been a little lax on this, but tracking every single expense is crucial. I’m planning to use a spreadsheet to track where every dollar goes—this helps to see if my spending is really aligned with my goals. It’s also a great way to assess if I really need something before buying.
Stop Unnecessary Spending
A key part of budgeting is cutting out things you don’t need. Keep your goals front and center. For example, if you want a new pair of jeans, ask yourself if you can make do without them for a couple of months. For me, the vacation we’re planning this summer is my reminder to prioritize saving over small, unnecessary purchases.
Link: I love this board to write goals so they stay visible
Conclusion
February can feel like a tough month financially, but it’s also a great time to reset and refocus on your budgeting goals. Review your budget, track your spending, and cut back on unnecessary purchases. By staying focused and planning ahead, you can make the most of your money this year.
Other Posts: Money can be stressful, so check out this self-care post.
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