One great thing about budgeting is that you have the chance to start fresh each month. You may want to take time at the beginning of each month to choose one or two specific areas to work on. This helps you to continually move forward instead of dwelling on past mistakes. Your goals should vary from month to month so that you are continually working on improving your finances. Here are five ideas for money goals for the month.
1) One great goal is to cut back your spending in the food category. This could mean shopping the sales or eating out less. If you feel that you are doing great in this category then find another category to work on. You can almost always find ways to save money in your budget. If you change things up each month, you will be surprised at how much you save overall.
2) Set a specific savings goal and work towards it. You may decide to begin saving for a home. You may decide to put money in slush fund for your home remodel. Or you may decide to save for a family vacation. You may also want to increase your retirement savings.
3) Another great goal, especially if you are just starting out, is to track everything you spend for the month. You can do this easily every evening. It is amazing how easy it is to change certain money habits once you are aware of them. This will help you to know where you are financially and how much to spend.
4) You may decide to make talking with your spouse about the finances a good goal. This brings accountability to your budget and spending decisions. Also if you are making the decisions together as a couple you are a lot less likely to fight if there is a sudden financial crisis.
5) Finally one great goal is to pay off one debt this month. (This may not be feasible for everyone, but you may decide to do a percentage instead.) You could do this by selling something, taking on an extra job or project or working overtime.
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