The Budget Calendar: What Is It And Do You Need One?
The Budget Calendar: What Is It And Do You Need One?
August 17, 2021 by Todd Kunsman
One of the first and easiest steps you can take with your finances is to create a personal budget calendar. It’s an effective way to understand what your income and expenses look like, without having to try and remember off the top of your head. Typically, you think you’ll remember everything and can manage your money without writing things down.
I certainly thought the same thing, but I quickly realized how I was mishandling everything when I was more tactical. So what are the benefits of creating a budget calendar? How can you get started with one and maintain it for the foreseeable future? Jump in below to learn more!
What Is a Budget Calendar?
A budget calendar is similar to your everyday calendar, except it tracks the dates of your income and expenses. For example, you’ll note which days your wage comes in, the day each bill leaves your account and when subscriptions are paid, etc.
Every good budget calendar will include:
Your income – How much you are earning from each paycheck or what you make if you work for yourself.
Current expenses – Typically, your bills will fall on similar days each month. Planning these out on a calendar gives you the big picture.
Current savings – How you plan on scheduling money to save in your emergency fund or other investments.
You can certainly go a bit deeper, but at a high-level, those three areas will get you much farther with your finances than people who do not budget at all.
But this budget calendar idea exists to enable you to take a more careful approach towards money, to build a simple family budget, and plan a budget that fits your lifestyle.
The Benefits of A Budget Calendar
Can you believe that just 30% of U.S. households have a long-term financial plan? Budgeting allows us to keep track of our income, save money better, and ensure we are spending it where we have intended to.
Plus, if you’re looking to escape paycheck to paycheck living then having a budget is key.
Luckily, there’s not just one way to budget. Finding a budgeting style that works for you is important, as it will help you stick to your money intentions and reach your goals.
Opting for a budget calendar should help you:
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