Perspectives

Infographic: 3 Steps to Rebuild Your Budget

Something wasn’t right, but I couldn’t quite put my finger on it. Our income had slightly increased over the past year, but it seemed like we were barely making it each month.

I started combing through our financial statements to see exactly where we were overspending, but nothing really stood out. Was there a proverbial hole in my pocket? Was there an error on my statement? Something was off, and I needed to know immediately.

After further research, I discovered there were a few monthly expenses that increased over the past year that I didn’t make note of.

In order to keep from sinking into a financial black hole, my wife and I decided it was time to make some changes to our budget.

Maybe you’re in the same boat and aren’t sure where to start. Here are 3 ways to rebuild your budget by starting with the basics.

steps-to-rebuild-your-budget-infographic

Step 1 was a biggie for us. We needed to reassess our priorities beginning with separating our wants and needs and prioritizing them.

We’re currently in the process of completing Steps 2 and 3. I’m determined not to let the procrastination bug get me again, so I’ll make sure we have those completed soon.

If you’d like more resources, use our Home Budget Analyzer to see how much you have left to save and spend after entering your income and expenses. This is a great tool, especially if you’re a visual learner like me.

Do you have a budget building success story that you’d like to share? We’d love to hear it. Feel free to share below.