Next Steps
Now that you have a budget, it's important to track your monthly spending against it. You can copy and paste the table above into your favorite spreadsheet software to create a budget sheet. Add in your spending every month to see whether or not you followed the plan. Set a calendar reminder for the middle of the month to go over the previous month. For example, on February 10th review, January's expenses. A few days of lag time will help ensure all your monthly statements and payments are complete giving you a more accurate picture of your spending. If after three months you consistently overspend, you need to plan what areas can be scaled back. Leave the debt repayment and savings consistent. The re-balancing should come from other areas of your budget.
Saving is a key aspect of any budget. Savings accounts are a good start. Once you've accumulated 6-12 months of expenses in savings you should look to higher return investments like stocks, bonds, ETF's and mutual funds. Self-directed investment accounts are a great way to invest in your favorite companies. We've ranked our top picks for self-directed investing platforms making it easy to determine what platform is best for you. As an added bonus each platform has a unique offer that puts more money in your pocket.
Interested in learning more about budgeting?
Read our detailed budget guide