Value of a Budget

It's been about three weeks since I began March's budget that is managed by Mint.com and their free website. As I reviewed my spending plan on the site, I have noticed a spending pattern on several categories. Now this is where I can see where the money is ebbing and flowing, and where I have overspent! Yikes! It's amazing how quickly things add up! I wasted alot of money this month!

But, that is why tracking your spending allows you the ability to see where you overspend, underspend, or stay within your spending plan. I personally have overspent in the following categories:

Restaurants, groceries, gasoline, and pets. I know some of these are vital, but eating out and spending too much at the grocery store can be cut. Even the pet budget was over because we had the dog groomed instead of taking the time and shampooing her ourselves!

I can see why we justify spending too much. I earned extra money on overtime this month, and more is on the way. However, this will now go towards my debt snowball instead of eating out or spending outside of the spending plan. I now only have debt on back taxes, car loan, and a parent plus loan. After that we're debt free except for the house.

The Mint.com website and my spending plan will help us shape up for a better future for me and my family on our way to being debt free by the end of this year!

March's Spending Plan

I am going to regularly post information on next month's Spending Plan (budget) for several reasons. First, because it is relatively new for me to make a spending plan. Secondly, I believe when I post a spending plan the day before the new month, it helps me focus on creating this new vital habit and puts my spending plan on the forefront.

So last evening, I finally put my financial information on a great website. I found Mint.com through other readers' comments on other blogs and I highly recommend it! Its layout and ease of accessing and entering information is fantastic.

As for my spending plan, I use a zero based budget, where every penny has a place to go. As with any spending plan, there will be adjustments throughout the month, as income and outgo changes.

March's Spending Plan has more money for my debt snowball because I paid off my last credit card last week! I will roll over this amount add it to the minimum on the next debt...the IRS! Other than that, all the other expenses are the usual. The best part is seeing the list of creditors I owe getting shorter and shorter!

Remember, do the Spending Plan! This is key to see where your money goes regularly. The financial websites will show patterns and give suggestions on where to save. But you are in control to live within your means and stick to your Spending Plan. This will help you on the road to financial freedom!