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Chapter 5: Review Regularly

Synopsis

When you have finally constructed a complete budget for yourself it is important to make a hard copy of it. As a matter of fact you may want to make several hard copies. This is because you need to look over your budget on a regular basis. This will not only help you to stay on track but it will serve as a motivator as well you help you keep fighting for a better financial future. As well, it is important to have hard copies of your budget because as time goes on your budget will likely change.

The following chapter will explain why it is important to review your budget on a regular basis and some tips that can help you remember to do so.

Take Time to Look Over Your Budget

It is important that you look over your budget on a frequent basis. It should really be done every time you have a chance. This is because a hard copy of your budget is very helpful in determining if you are sticking to it or not. You need to put a copy of your budget in places that you spend a lot of your time. You may even want to try hanging one on a wall in your room or putting a copy on the front of your refrigerator. One place that you will surely see it every day is if you tape it to your bathroom mirror. While you are getting ready to start your day you will see this budget and it will keep it fresh in your mind.

It may be easy for us to forget some things in our life, especially those things that we don’t really want to remember, such as budgets. Constantly reviewing you budget will make it much more difficult for you to forget about it, intentional or not. It will be easier for you to avoid impulse spending as well because you will think of your budget while you look at the price tag of a certain object. You will understand that in order to get that object you will have to get rid of other expenses so that you do not go above your budget. The choice of whether it is worth it or not is up to you.

Another reason that you need to look over your budget as much as possible is to make sure that it does not need to be revised or have changes made to it. As mentioned earlier in this book, you will likely start with a simple budget and move up to a more difficult one. If you do not look over your budget and realize that you are ready to move on to a more difficult one you will be stuck in the same rut forever. As well, you may get a new job which offers more or less income so changes to your budget will be necessary.