It’s Time to Review Your Budget!

29 Jun

Raysha Duncan, Financial Aid Administrator
www.purdue.edu/mymoney

close up dollar bills

So, back in January you read our blog post on budgeting, created your own budget and have been dutifully following it since…right? But what’s in that budget? And why is it budgeted for that amount?

Consider this list of questions as you review your budget:

When was the last time you reviewed your budget?

Is everything listed in your budget still relevant?

Are there any reoccurring expenses not included or that you need to remove?

Are you budgeting your ‘fun money’? If not, why not? If yes, are staying in that budget? Does your ‘fun money’ allotment need increased or decreased at all?

Are you setting aside money for a big savings goal? Why or why not? If you’re not, can you think of a goal that you can save up for?

What’s sucking money from your budget? How can you fix that?

Is there a portion of your budget that you’re just not spending money on anymore? Where’s that money really going?

Where can you cut back to put more towards your big savings goal?

———–

Do you have any other tips of things to consider as we all review our budgets this month? Please share in the comments below!

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