Mondays can be rough. First day of the work week. First day back from the weekend. Monday. Ugg. Emails. Meetings. To do’s. OMG. But for me it’s Budget Monday! I love Budget Monday! I love my budget! So what happens on Budget Monday? Every single Monday morning I open up our excel budget and review the following:
Track variable expenses:
- Update money spent on groceries on the grocery tracking tab. This tab calculates the average amount spent per day, per week, and per month. The purpose of tracking groceries is so that we can properly budget for groceries. Groceries seems to be a thing that I over estimate and Mr. BMM underestimates.
- Update the money spent on water and electric utilities. I’m tracking trends by month and comparing it against prior years. First, this helps to see if we are over using either utility. Second, it allows us to see trends. Lastly, tracking allows us to properly budget.
Review Overall Budget:
- Review all budget items. First, determine if any expense lines can be eliminated. By doing this review I have been able to eliminate our Amazon Prime membership as well as other membership items. Second, verify remaining expenses are listed accurately. No skimming. Each line needs to be verified. Third, determine if there is more money to be paid on debt and/or added to savings.