Money: 5 Days to Budget Breakthrough (+ FREE printable budget worksheet)
Need to get your money back on track? Each day this week I’m sharing one step you can take to start gaining control of your finances. Follow along, take the action steps and find your budget breakthrough!
Day 1: Get The Big Picture
Today’s challenge has two parts: the first is to take a snapshot of your monthly spending.
To complete this part of the challenge take a sheet of paper (or print this FREE Printable Budget Worksheet) and write down every expenditure you make each month. Look back at your online banking statements and/or your checkbook, think back about your activities this month and write everything down.
The second part of this challenge is to start keeping a record of your spending each day, everything from snacks to gas for your car, groceries, medical bills– everything.
You can write each expenditure on an index card you keep in your wallet, make a note on your phone, use an app like Evernote or a service like Mint.com. I keep all of my receipts in a specific place in my wallet and take time each night to record the individual transactions on a piece of paper divided into categories (clothing, food, eating out, gas, entertainment, etc.).
Whatever method you choose, the key is to record all of your spending so that you can get a better picture of exactly where your money is going.
Will you join us for the 5 day Budget Breakthrough challenge? Leave a comment. 🙂
[Click here for day 2 of the Budget Breakthrough! Click here to read all the Budget Breakthrough posts.]
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Ok I have done this on my own and found out I spend way to much on entertainment/ eating out. I have a major issue though. My husband pays a majority of the bills but I have my own as well. He refuses to put our money together. He wants his own account. I am reading financial peace revisited now by Dave Ramsey . I feel like a single mom. I have been married 16 years and have 4 kids. My husband makes 80k and I only make 24 k. It is very frustrating. My oldest from a previous marriage is going off to pharmacy school in the fall and I need to pay a third of it. She will pay a third and her dad will pay a third. Doing my best to save what I can.
Hi Julie! I strongly suggest that you get marriage counseling. If your husband is not willing to share his accounts with you, there are probably some underlying problems. Even if he won’t go, it will be helpful for you to go and get some counseling. Hopefully, he will be willing to go with you.
First off, thank you Kimberlee for all the help you offer! A lot of bank, credit union, and credit card websites have budget tracking tools to see where your money is going. One that your home bank offers would be the best, because it actually tracks your purchases (doesn’t include cash purchases however) for you based on category. However, I love to have a nice, pretty notebook (grid paper is great for budgets), and a great pencil. Seems silly and simple, but anything to make a budget more enjoyable helps me stick to it! Each evening I write down every dollar that went out that day and a category it belongs to. It makes you very aware on a daily basis how your money is spent.
You are very welcome Ali. The key is finding what works for you, right? 🙂
So I’m 5 days late, but I am going to catch up and try this challenge. We have been struggling with setting up a budget for years now. We keep saying we are going to do it, but then it never happens. I’m so tired of living paycheck to paycheck with no real idea on where our money is going. Thanks for the challenge! I’m hoping I’ll keep up with it and it will set us on track for the rest of the year and into next year. 🙂
Welcome Jessica! Good for you for taking control of your money. You can do it! 🙂
I am totally jumping on board with this.
We are pretty good with our budget, and our money, but with my family going through a lot of changes the next few months, its going to be nice to have a little help with the…”tune up” process as it were. Maybe catch where we are missing something. Thank you!!!
Welcome Jewel! I hope you find it helpful. 🙂
Joining in a day late… I am a very type A person when it comes to everything but finances. I just can’t get a handle on it. Either because of motivation, time or not having any idea what the heck I am doing! I tried your freedom account for a month, but fell off the wagon. I am hoping this challenge will help bring setting a budget up to the top of my every growing to-do list. Every year we pay off our debt with our tax return, but it would be nice to go on vacation instead:) (or do the more repsonsible thing and put it into savings and fix our bumpy driveway!)
I am in! It seems like I swing from being a good steward with our money to being more lax. Then it seems to take me a little bit of time to realize how lax I’ve become. This challenge is coming at a great time for me. 🙂
I love Mint software, it really keeps me on track and lets me know when I have overspent on something.
I do already do this on a pretty regular basis, but will be joining in the challenge. I look forward to the rest of the Budget Breakthrough Posts!
I need this right now! I am sure I can do this for 5 days. I pulled out a small notebook to keep track of spending. I am working on my budget for November and trying to update my financial binder as well…always a work in progress.
How is you blogging burnout??? Seems like you are still very productive. Take care of yourself. I have burn out in general regarding things in my life–single mom of 4 (one with special needs), personal health problems (latest being diagnosed with diabetes), never enough money for medical care, never enough time to take care of my own health needs, and always wishing I could do more for my family at the same time. I can’t seem to get back into the “swing” of things so maybe tomorrow I’ll try once again. I just want to get my motivation back in taking care of myself therefore taking care of my family. Oh well! 🙂
Thanks for asking Anna. I am feeling better. I have more direction now. 🙂
I was in a hurry when I responded to your comment last night. I just wanted to say I am sorry that you are going through so much, but definitely take some time to take care of yourself. It is difficult enough to take care of our family without being rundown ourselves. Do you have a friend who could help with the kids for an afternoon so that you can do something fun (or just take a nap 🙂 )? This post might help too: https://thepeacefulmom.com/2010/06/21/help-my-life-is-out-of-control/.
We could definitely use some help with actually making our budget. I’m excited to see what else you’ll share this week!
When you talk about recording all expenses, do you mean those with cash and debit?
Thanks for taking the time to do this series!
Yes Tara–record everything you spend whether with cash, debit or credit. You want to get a picture of where all your money is going.
Well this is something we have decided would be a challenge and to see where all our money is really going. Pray for us!
Yes, I will be joining you for the 5 day BB Challenge. I’ve tried different times to do this but have never completed it. I will try again!
I have been following your blog via newsletter for a couple months and always end up taking something with me!
Thank you!
Sadie
Pocatello, ID
Yes! We opened a second account just to pay the monthly “usual” expenditures – mortgage, utilities, etc, – but, after summer with kids home and a crazy start to the school year, we are having a terrible time getting back on track with our “extra” money. This is needed right now!