4. Make adjustments to your baseline budget
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Now that you have your baseline budget, I want keep track of what you actually need over the next couple of months on those categories such as food or clothing that tend to vary.
The amount you spend may be different each month, but after about three months you will have a good idea as to how accurate is the amount you put down in your baseline budget. It may need to be increased or decreased.
You can take the average of those three months and adjust the line item in your budget to reflect what your family actually needs in that category.
It all comes down to priorities. If one thing, say organic food as an example, is a high priority for your family, then go ahead and put more money in that category.
However, with a finite amount of money coming in each month, you will then have to either reduce the amount of money spent in a category that isn’t as important for your family or cut it completely if it doesn’t matter.
Balance your needs and priorities by spending more money on those categories while you choose not to have other expenses in your life.
But what if you have already cut everything you possibly can and the numbers still don’t work out?
I hear you, it’s tough. I’ve been through plenty of my own moments where on paper the numbers just.didn’t.work.at.all. No matter how hard I tried to cut expenses, I still couldn’t cut enough.
Have you read the other posts in the series, 'Budgeting When Money is Tight'?
- 1. How to budget when you don't make enough money - I show you how you CAN budget when money is super tight!!
- 2. How to make a successful budget for your family once and for all - stop comparing your budget to everyone else's! If your budget is working for your family, then it's successful!
- 3. The real truth on how to make a remarkable budget - my biggest secret is consistency and I show you how it works!
In those very stressful times when the numbers just don’t work out, I have often took on more clients with my contract work or started selling things around the house. One time I even got a part time job which turned the corner of my tight finances.
If you are in this situation, I understand and I feel for you. There is hope and a way out of this situation.
CLICK HERE TO GET YOUR FREE BASELINE SPENDING WORKSHEET
5. Start a side hustle to bring in more income
The best solution when the numbers just don’t work and there’s nothing left to cut is to come up with a way to bring in some extra money. I love side hustles for this very reason. Doing a side hustle is a fantastic way to bring in more income so that you have enough income to cover all of your expenses. Your side hustle can be the very thing that helps you get some serious traction by:- Finally having enough income to make ends meet
- Not accruing more debt
- Giving you the ability to pay off debt even faster
- Helping you save money quickly
- And even can lead into a total career change.
In an upcoming article in this series, I will be sharing how important it is to have a side hustle to bring in more income.
There is no one size fits all budget and I want your budget to be successful for you and your family!
If you are prioritizing your expenses, paying all your bills, putting more money towards what’s most important for you, and making progress on your money dreams, you have a successful budget for your family.
However, if you are struggling with what a budget should look like for your family, then just follow these 5 tricks to help make your budget successful! Remember:
- Quit comparing your budget to other people’s budgets.
- Use my simple trick to find out how much you should put in your baseline budget.
- Tackle one category at a time to reduce it as much as possible.
- Adjust your budget as needed.
- Bring in more money with a side hustle.
My simple trick of looking at your bank statements will help you know what is a good baseline number to start with in your budget. You can get the worksheet by clicking on the big orange button below. Take 10 minutes and find what you are spending- it will make creating a budget much easier.
Download the worksheet here:
CLICK HERE TO GET YOUR FREE BASELINE SPENDING WORKSHEET
How do you make your budget successful for your family? Tell me in the comments below!
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Like this post? Check out all the rest in :
- Budgeting When Money is Tight Series
- How to Set Up A Budget Series
- Successful Budget Tips Series
Hi! I’m Charissa. I’m on a mission to help hardworking women overcome money struggles and gain financial peace with a Biblical perspective so they can have the freedom to impact their families and communities. Ready to make some changes that will impact your finances in 2020? Click here to get a free worksheet to help you make it happen!