Category: Budget

Five Ways To Instantly Fix Your Budget (Get Back On Track Today)

Posted on by Meredith Rines, MBA, CFP®

five tips to instantly fix your budget

Are you tired of failing at your budget month-after-month?

I hear ya!

It can be a struggle to stay on top of your budget with life happening around us.  That’s why I’m on a mission to show other Moms just how easy budgeting can be if you remember a few key things:

  1. Why you started in the first place
  2. Your end goals

Once you know those two key points – then the rest is a breeze.  Well… I wouldn’t say a breeze, but it becomes a lot easier with time.

Every once in awhile though we all make mistakes – we overspend there, we forget to track there and next thing you know it’s been months since we’ve even opened our budget template.  It happens, but I’m here to tell you that it doens’t have to be this way.  We can make mistakes and we can mess up, but we need to be focused on our two most important things (see number one and number two above).

In today’s video I’m sharing with you five ways to instantly fix your budget so you can get back on track and keep making progress towards your goals.  Check out the video down below or online:

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STEP ONE: Determine where you went over.  Which area of your budget did you overspend in?

STEP TWO: Figure out if it was an isolated incident or if it’s a recurring problem.  Did you have to replace a flat tire this month or are you continually going over on your groceries each month.

STEP THREE: Revisit your goals on a regular basis to make sure they are still want you want.

STEP FOUR: Make sure you’re checking in on a monthly or weekly basis so you can catch any overages as they happen.

STEP FIVE: Get with your partner and make sure you’re both on the same page.

Make sure to watch today’s video for more in-depth details on each step.

How To Track Your Spending

Posted on by Meredith Rines, MBA, CFP®

how to track your spending

Tired of trying to keep up with your spending day after day?  Well I’m here to tell you there is an easier way – actually three different ways.  You can easily find a system to automate tracking your spending that will fit your family and your needs.

The one piece of advice that I love to give to families learning new budgeting techniques –

Stop trying to be perfect.

We are all human and we will never be perfect 100% of the time.

And that’s okay!  What we should be striving for is progress, not perfection.

Cash Envelope Method

Track your spending by creating a self-imposed budget for yourself.  I’ve mentioned cash envelope budgeting before and it’s probably the easiest budgeting method out there.  You set your budget for the month and then either weekly or every two weeks you withdrawal the cash from your account.  You place the right amount of cash for each category in the right category and there you have it.

Once you run out of cash that’s it.  So there is no need to track your spending manually – the amount of cash you have left is the amount in your budget.

Easier Cash Envelope Method

If you get tired of making trip after trip to the bank then you could always give the easier cash envelope method a try.  The first step is to open multiple accounts at your bank – for your budget categories that you need, like gas, groceries, eating out, misc.  You can transfer your budgeted amounts into their specific accounts and then use debit cards instead of cash.  A great tip is still use envelopes to hold your receipts and you can easily keep track of your spending through out the month.

Check Register

Another option that will help automate tracking your spending, whether you use cash or a debit card is to keep track on a check register.  You can use one in Excel or in Google Drive that will automatically calculate your bank balance.  Having it on your Google Drive is really simple, just create the spreadsheet or purchase this one that’s over in the shop and then open it in Google Sheets.  Now you can have access to it anywhere, anytime.  It’s perfect.

The best part about these methods? You can easily switch between these three methods are make a combination all your own.

Take it from someone who has tried each of these methods and actively goes back and forth between them.  Sometimes when you find yourself spending a little impulsively then it’s nice to be able to switch back to a cash envelope method and then when things are running smooth you can use a combination of a check register and the easier cash envelope method.

 

Three Money Hacks To Stop Overspending

Posted on by Meredith Rines, MBA, CFP®

Three Financial Hacks To Stop Overspending

Are you ready for my three financial hacks to stop overspending for good?  Well get ready.  Today is all about how to approaching shopping in a new light.  A light that’s clear and actually brightens all the areas you need to be focusing on before clicking that checkout button or before stepping into your checkout line.

Watch today’s video for the three financial hacks.  You can watch online or down below:

  1. Don’t fall for the sales trap.  Stores are really good at marketing, friends.  They have large departments full of staff members that are dedicated to dreaming up new sales and tricks to get you in the door.  They’re good at it.They have a team dedicated to online ads (you know the ones you see all over after you look at one item – I still can’t shake the ad for black pants that I browsed weeks ago).  They have staff dedicated to print ads, social media posts and tv commercials.Don’t fall for these traps.  Most of the time you’re not saving more money (sometimes, yes).  Their goal is to trick our brains into thinking we’re saving a ton so that we spend more in the end.
  2. Learn to go without.  Now I’m not talking about go without water or power or coffee.  But I’m talking about learning to give up some of the smaller purchases.  I mentioned a few of these in a post about what we gave up and have never looked back on.  But think outside the box on things you could give up – cable, subscription services, coffee house runs, buying your lunch every single day while at work.
  3. Pause before you click checkout.  Are you an online shopping junkie?  I am… to a point.  I prefer to do 90% of my shopping online.  Now that Walmart even has online grocery pick up ordering (new to grocery pick up – check it out with my referral link) I do even more from my phone or laptop.  When you live in a smaller town, online is convenient and you find variety of options that you just don’t find at your local Walmart of JC Penney.However, I have a rule that I try to stick with.  If I’m doing any major online shopping – clothes, large ticket items, a big order on Amazon then I pause.  I wait about12-24 hours before I actually press checkout.  I recommend you do the same.You need to make sure, really sure that you actually want and need those items.  Sure adding $20 more will get you to free shipping, but shipping only costs $5.  Do you need to spend an extra $15?  Get what I’m saying.  You need to think it over and make sure what’s in your cart – all of it is needed and are things you can afford.

What are some of your financial hacks to make sure you don’t overspend while shopping?

Are you a big impulse shopper? Check out my post to help cut that habit out.

Want more help?

Grab the 9-step guide for Budget Success

Grab my 9-step Budget Success Checklist to help take better control of your money.  That way when it’s time to do some shopping you’ll have the confidence that you have the money and all your bills are taken care of.

How To Afford Those Big Purchases

Posted on by Meredith Rines, MBA, CFP®

how to afford those big purchases, pay cash for big items

Making larger purchases can be scary – especially when your not sure how to afford those big purchases.

Recently our family decided it was time for an upgrade on new furniture for our home (watch the video to see why it was time).  My husband and I knew the need for new furniture was coming and we were proactive when it came to saving and making sure we got a good deal.

I’m sharing with you three steps in teaching you how to afford those big purchases without sacrificing each month.  The best part?  If you follow these steps you’ll be able to finally stop using credit cards to pay for those big ticket items and start paying cash.

In today’s video, get ready with me as I chit chat about how we recently afforded new family room, kitchen and other furniture for our house.  Plus, I’m sharing how we’re getting by during this limbo of selling old furniture while waiting on the new pieces to arrive. You can watch online or down below:

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Resources mention in today’s video:

How we use our sinking funds

organize your sinking funds

 

How to set the right financial goals for your family.

 

How To Set The Right Financial Goals, financial goals, meredith rines, meredithrines, merelynne, budget blogger, financial freedom, set financial goals, afford anything you want

Need more help?

Ready to start paying cash for those big purchases? Grab the Sinking Funds Checklist to help you go from credit to cash.  This guide walks you through setting up the right sinking funds for your family, knowing how much to save and then teaches you how to easily track your progress.

How To Budget Consistently (Save More Money)

Posted on by Meredith Rines, MBA, CFP®

how to budget consistently, tips to save more money

Let’s face it we always have great intentions to take better control of our spending.  We set goals, we work hard and yet, somehow after a few months we let things slip.  We get tired of budgeting, we feel overwhelmed and we just give up.

It happens.

But you need to stop the cycle and start making things more simple.  It only takes three steps to start to budget consistently.  Three.  That’s it.

Why do you even want to budget consistently?  Well for starters you’ll be able to start saving more money and start paying down your debt faster.  Wouldn’t life be easier if you had a little extra money each month or didn’t have to worry about this payment, that payment.  Think about what you would do if you had more money in your savings account – all your little expenses wouldn’t be such an emergency.

It would be nice.

In today’s video I’m sharing with you how to budget consistently so that you can actually start saving money.  You can watch the video online or down below:

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To recap the video, you need to follow these three steps to budget consistently:

THE WHY: Remember why you are wanting to take control of your finances.  Are you wanting to provide more for your children, pay off your debt, plan for your future, or something else?  Know your why, write it down and remember it.

THE HOW: Figure out how you’re going to budget your money.  You may want to keep things simple with simply tracking your expenses and income to make sure you don’t go in the red.  Perhaps you’re a spreadsheet queen (like me) and want more details to get your hands on.  You can use the Chief Financial Officer Bundle to set goals for your spending, track your expenses, and reach your saving targets.

If you’re first getting starting with your budget I recommend just starting to track your spending.  The same idea of keeping a food journal to help you lose weight, when you become aware of how much you’re spending then you’re more likely to spend less.  Watch my video on the easiest method to track your spending, which only has two requirements: a pen and an envelope.

SET REMINDERS: To get in the habit of budgeting consistently you need to remind yourself to do it.  Set weekly reminders in your Google Calendar or on your phone to go off at the same time and same day each week.

Need More Help?

Grab the 9-step guide for Budget Success

Grab my Budget Success Checklist mentioned in the video.  This 9-step guide will help you create the perfect budget for you and your family.  It breaks down each step so that you don’t feel overwhelmed, confused or lost.  You’re finally be able to create a workable budget that fits your goals.

How To Use Your Sinking Funds Template and Start Tackling Your Money

Posted on by Meredith Rines, MBA, CFP®

how to use your sinking funds spreadsheet

If you’re new around here then you may not have discovered my deep love for budgeting yet.  But it’s there, let me assure you.

I’m a stronger believer that you have to budget for the life you dream of and that means buckling down to make some serious money changes.  For our family that mean cooking at home more often and watching how much we piled into our grocery cart.

A lot of the changes aren’t hard and require a little bit of prep work – like meal planning, which has had huge benefits for us.  Not only are we saving money, but now dinner prep isn’t all on me.  If J gets home before me then he can easily see what we’re supposed to have for dinner and get it started.  That means most nights dinner is almost finished by the time I pick up our little guy and get home – so nice!

One of the hardest changes has been with the actual budget.  I think most of you can agree budgeting is not your favorite thing to do on the weekends.  However, I would argue that knowing where your spending your money has been a huge eyeopener for you – it has for us!  If I’m being honest, sometimes I forget about going through the McDonald’s drive-thru for that extra snack or to calm down a hangry two year old.

I introduced an update Sinking Funds Template a few months ago and I have received some really great feedback for it (THANK YOU!)!  The template has really transformed the daunting task of saving the right amount of money into simply tracking what we’re doing.  We open the template, enter how much we spent and where it was at and then the spreadsheet automatically adds up our monthly totals.

We no longer have to go line-by-line to manually add each goal we’re saving for, each time we spent money for something and all the other misc. goals that we struggle keeping straight.  This new system makes it a breeze!  We can easily open up the template, which I try to do a few times each week, add in any changes and click save.

Today I wanted to share with you an overview of the  Sinking Funds Template.  I’ve had a great response from when it was introduced a few months ago, but I also have received a few questions, too.  I thought I could easily answer the questions I have received and any questions that may not have been asked yet.

The biggest change with this new version is that each goal can have it’s own target date.  So if you’re saving for a vacation in June you can also easily save for your property taxes that are due in December.  Multiple goals, multiple target dates, and only one monthly savings amount.

Let’s walk through how to use the Sinking Funds Template so you can take control over your money.  This spreadsheet is what our family has been using for months now and we’ve noticed a huge shift in our savings (meaning we’re saving more!).

Check out today’s video where I walk you through how to use the CFO Bundle and set it up for you.  You can watch online or down below:

tweet this video!

See what I mean? Super easy to set it up and personalize it to your family.  Plus, the way the monthly tracking is setup it makes keeping up with how much your saving and spending that much easier.  You can grab the Sinking Funds Template over in the shop.

Oh and because I love you – I’m offering 25% off the new template for a limited time (and that code might just work for anything in the shop!). Just enter SINKING at checkout.  You can grab it for a great deal until end of September.

Want more help?

organize your sinking funds

Check out my Sinking Funds guide, which will help you determine the exact categories you need to be saving for.  Plus. I break down the steps you need to know how much to save for all your bills, financial goals and repair categories.

The Categories For Your Budget (How Much You Should Budget For Each Category)

Posted on by Meredith Rines, MBA, CFP®

how much you should budget each month

Tired of asking yourself (and other experts) how much you should budget each month when it comes to groceries, mortgage, and everything else?  Well you’re in luck!

I’ve got the magic formula.

This formula is what my family uses and has helped us pay off over $40,000 worth of debt in under three years.  It’s also the same formula that allowed my husband to take a year off of work to go back to school full-time.  It literally saved our butts so that we could still enjoy our lives while making less money.

It’s the key to really zeroing in on a budget that fits your family.

In today’s video I’m sharing the magic formula so that no matter you income level you can determine exactly how much you should be budgeting for each category.  This formula can be applied if only one person works, both of you work, you’re renting your home, you’ve bought your home, live in a city, live in the country – wherever.  It’s a universal formula that can be applied to your entire budget to help you determine a healthy spending amount.

This formula works great if you’re tired of living paycheck-to-paycheck.  If you’re trying to pay down your bills so that you can finally get ahead then you need to watch this video.  You can watch the video online or down below:

Click to tweet this video!

Leave a comment letting me know one thing you were surprised by when determining how much you should budget each month!

 

Need More Help?

Grab my Budget Success Checklist mentioned in the video.  This 9-step guide will help you create the perfect budget for you and your family.  It breaks down each step so that you don’t feel overwhelmed, confused or lost.  You’re finally be able to create a workable budget that fits your goals.

Understand Your Paycheck (What Are The Deductions On Your Pay Stub)

Posted on by Meredith Rines, MBA, CFP®

Understand Your Paycheck (What Are The Deductions On Your Pay Stub)

Do you understand your paycheck? What about all of those deductions, numbers and benefits you’re getting?

So many of us receive our paycheck week-after-week, but never take the time to actually look at our paycheck to understand it.  The main thing you probably notice is just how much of your salary doesn’t end up in your bank account each week.  So where does all your money go?

It could possibly be going to taxes, but there are other deductions that could be reducing the size of your net pay.  You could be receiving deductions for a retirement account, health insurance plan or somewhere else.

By better understanding your pay stub then you will have a better picture of where your money is actually going and perhaps, how to keep more of it.

To learn how to better understand your paycheck then make sure to watch today’s video.  You can watch it online or down below:

click to tweet this video.

Now you should have a better understanding of your pay stub.   Take a second to make sure your name is spelled right, your address is correct and then spend a few minutes reviewing everything we talked about in the video above.

 

 

How To Manage Money With Your Spouse (And Not Fight)

Posted on by Meredith Rines, MBA, CFP®

How To Manage Money With Your Spouse (And Not Fight)

Let’s talk about managing money with your spouse.  Raise your hand if you and your partner think differently when it comes to finances.

**RAISES HAND**

My husband and I were raised differently, we think differently, and we have different goals.  But guess what? That’s totally fine!

One of you might be the saver and one might be the spender.  In my relationship I’m the saver and my husband is the spender.  Not a crazy spender, but I’m a crazy saver.

I’m pretty sure we would be the most boring couple in the world if he thought the same way about money as I do.

That is what’s so nice about having two partners who think differently about money.  One keeps you on track and pointed towards your goals while the other helps you to loosen up and have fun along the journey.

In today’s video I’m sharing three tips on how to manage money with your spouse.

These tips are simple, simple, simple.  You just have to be willing to be open and honest with your spouse when it comes to money.  It’s not easy, but with the tips I’m sharing it’s possible.

Watch the tips on how to manage money with your spouse either online or down below:

click to tweet this video!

As you can see there are three parts to learning to manage your money as a team:

The Past – Getting it all out in the open.  Sharing your past mistakes and glories in a judgment free zone.

The Present – Creating goals to work towards and a plan to help you reach them.

The Future – Working as a team to achieve your goals and the steps you can take to help you.

Make sure to watch the video to learn more about the three tips in how you can apply them to your marriage.

Ready for more?

Grab the 9-step guide for Budget Success

Grab your Budget Success Checklist to help you get your family’s finances in the right spot.  You can learn from the 9-step guide to create a better budget that can help you manage your money with your spouse even easier.

Using Your Sinking Funds (The Basics of Sinking Funds)

Posted on by Meredith Rines, MBA, CFP®

Let's talk about How To Use Your Sinking Funds spreadsheet. This tool can help you keep track of all the money flowing in and out of your budget...

Are you ready to start using your sinking funds the right way?

Well you’re in luck! I’m walking you through the basics of your sinking funds – how to create them, how to dream big and afford anything you want, and even how to break them down into more manageable goals.

My system is what helped us pay off over $40,000 worth of debt in under three years … while moving across the state (twice!).

I’ve come up with four easy steps that can help you go from “what exactly is a sinking fund?” to “how did we ever live without this!”

Seriously!

Here’s the bottom line – you need to know what to save for, how much to set aside, how to track it (vital!) and when to give yourself the green light to make a withdrawal from your sinking funds.

Earlier this week we talked about how you can organize your sinking funds into a system that works for you.

After I shared my post on Monday I received a few questions on the best way of using your sinking funds and knowing the basics of sinking funds.  Now, the first step is creating the right categories for your sinking funds.  Once you have those then it’s time to get rolling.

In today’s video I’m want to show you how using your sinking funds can help you afford just about anything you want.  You can watch all the tips and tricks online or down below:

As you can see using your sinking funds is pretty easy and smart.  You can truly setup your sinking funds to help you afford anything you want.  From the boring, not-so-fun stuff like property taxes and homeowner’s insurance to the more fun things like vacations and becoming debt free.

Make sure you grab your Sinking Funds Checklist that I mentioned in the video.  It’s free and can get you started on setting all your funds up the right way.

In the video I also share with you three different options when it comes to tracking your sinking funds (that way you don’t have to go with my tracker if you’re just getting started and want to try it on your own).

The system that works best for our family is the Sinking Funds Spreadsheet I created.  It helps us stay on top of how much money we actually have saved and where it should be allocated to.  I know pre-spreadsheet days it was hard to know just by looking at our bank account.  Was that recent $100 transfer for vaccinations for our dogs or was it for the recent work we had done on the car?

It’s hard to know. So by having an organizational system to keep up with all the money then we know how we’re doing.

how to manage your money, easily manage your money

Want to cut out all the extra work?

You can grab your Sinking Funds Spreadsheet over in the shop!  Not only does this video help you get started, but you’ll also receive a PDF guide so you can start reaching your financial goals ASAP.  Get 25% off by using SINKING at checkout, but the code is only good for a limited time.