Revisiting your Personal Budget for 2019

The first two months of 2019 has come and gone and the 90-day mark which represents the end of the first quarter will be here before you know it. So, now is the perfect time to revisit your budget! Now is the time to look over your budget and examine your expenses versus your savings and whether or not you’re on track for the goals you set at the start of the year. In addition, you should be looking ahead to the second quarter and planning to adjust for any changes that need to be made to meet your goal. If you can get these two things done, you can ensure that you either stay on track or get back on track with your 2019 budget!

Are you on Track?

The first thing you should be doing when you revisit the first two months of 2019 is determining whether or not you’re on track to accomplish the goals that you set out to accomplish at the start of the year. For example, if you have a specific figure in mind for the money that you want to save in 2019, are you track to meet that goal? If so, are you going to surpass that figure and, if so, by how much? If you’re not on track, then you need to look over your finances and determine why, to this point, you’ve been unable to remain on track to meet your goal. The most important thing to understand when saving as a part of a budget is that you always pay yourself before you do anything else. Your options to increase your savings are simple: add an additional source of income, or cut your expenses. Cutting your expenses may seem difficult at first, but with the other option being adding on to your workday, you may find that cutting your expenses is the more attractive option!

Apply the Changes

After you’ve reviewed your budget and acknowledged the changes that you need and/or want to make, it’s time to apply those changes and put your new budget into action! It doesn’t matter if you’re right on track to accomplish your financial goals or way off track—chances are there will be at least one or two minor tweaks that you make to your budget. The second quarter, which runs from April 1-June 30, is the heart of vacation season, and this will obviously need some attention in your budget if you plan on taking a vacation! If you’re not on track to accomplish your goals, the vacation that you’ve budgeted for might be a good place to start in terms of cutting down on your planned expenses. If you deem it to be something that you can’t cut out of your budget—or at least not entirely—then you’ll have to account for that money elsewhere in your budget! Just note that vacations are not the only large expense that you’ll probably face during the summer months, as your utility bill will almost certainly be higher depending upon where you live!

Need more help with your 2019 budget? Contact Carolina Money Minders!