Single Mom Chronicles: Monthly Budget – What I Learned?

 

What I learned from using a Microsoft Excel budget template?

1. Check your monthly bank statement, if you’re like me I only use online access to my checking and savings account.   Review the calendar and review each daily transaction and verify they are accurate.  It is amazing how many errors are possible.
2. Evaluate your spending in terms of wants vs. needs—where can you save significant dollars?   I realized the kids and I are spending too much for dining out.    Set a budget for dining out each month and stick to it!  This should include special occasions such as birthday celebrations.
3. Grocery spending, set a budget that is realistic to meal planning, packing breakfast and lunch.   I really need to review specials at my local supermarkets and this may require shopping at more than one store.  (cringing).   This is so not my preferred way to grocery shop so I will have to get use to this idea.    Also wondering if I need to alot time for couponing? Do you use coupons? Set a grocery budget each month!
4. Clothing spending was significantly high for September due to back to school shopping.   I had budgets set and we did stay within budget.   Sign up for Ebates, earn while you shop.  I earned $18 for my back to school shopping.  Most of my spending was at my favorite consignment store.
5. If you live in PA, you know about Wawa.  One way I saved on my morning coffee spend at Wawa is to brew at home.    In light of this fact I found I spent well over $50 at Wawa.   This is way too much.   Set a budget for Wawa spending each month except for gas purchases.
6. Allocate money for student loan payment and current debt.
7. My medical and dental benefits begin in 90 days and I plan to use that projected before tax money to shave off some debt before December.
8. Start small with paying down debt every payoff is an accomplishment.   I have one bill paid off and feeling good!

This is the Microsoft Excel Monthly Budget template:

Monthly Budget Template

Do tell and share your tips?

Hello October, more budgeting and saving!!!!  Do you have a monthly budget?  Please share your your tips!!!!