Just like that I’m right onto my March Budget. It seems like yesterday, not to sound cliche, but really I just did my February budget. This episode of my Low Income Budget series is both a February Wrap Up and a look at my March Budget. Lots of fun things coming in the series this month so stay tuned and keep reading!
As always, be sure to click the links throughout this post for related posts and links to purchase items/similar styles featured.
Disclaimer: I am not a financial expert or accountant. I am on the road to financial freedom like many others and decided to document my journey.
When I set up my budget this month, I decided to do it a little differently. With time you begin to adjust and modify to make the system more efficient. The pages that I fill in at the beginning of the month are the Month-At-Glance, monthly, and Bill Pay Checklist. I also wrap up February and note my expenses, if there are any.
How I Use the Monthly Layout
I decided to use my monthly as a spot to keep track of all sources of income. Being that I am paid on a weekly basis, I write in the amount. Any extra sources, I write in the amount on the day that I receive it. Yes, I mark things digitally in my phone, but I strongly believe in having a physical copy. That’s just me.
Sometimes I use stickers, sometimes I don’t. This planner is meant to be functional so although I have budget stickers, I use those in my daily planner to annotate and keep track on a weekly basis.
Spacing Out My Monthly Payments
In previous months for the Bill Pay Checklist, I just wrote down my bills which seemed a bit redundant in comparison to the Month At a Glance. That page has all the categories and I can estimate in the beginning and write in the actual cost and difference as the month goes on.
Since my payments are already spaced out, it was more so in my brain versus actually noted in my budget planner. The Bill Pay Checklist was the perfect spot for that. I wrote in my pay dates and based on how much I make weekly, I wrote in when my bills would be paid. I also didn’t put large bill payments in the same week.
For instance, my car note is $283.58. In getting paid anywhere from $400-$450 on average a week, that takes a chunk of my income. I know beforehand that I would be paying that bill, but I could also afford to pay my Life Insurance which is $42.99 and still have money to not just keep in my checking for but add to my savings, or have cash on hand.
When I wrote out my budget, my income did not match all of my expenses. As I will update in my mid-month check in, I’ll be ok and be able to meet my expenses plus save. That is a huge goal. While it’s great to go and buy what I want, when I want, none of that matters with a savings account less than $100. That’s being real.
From reviewing my budget week by week, I am able to really zone in one anything that I need to tweak.
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