Im going to let you in on a little secret.
In real life, peoples budgets dont match up perfectly to their actual spending.
Maybe you budgeted $400 and overspent or budgeted $500 and came in under.
Or perhaps, you budgeted $450 and got real close.
Its hard to predict how youll spend every cent you make.
Life doesnt work that way.
Mark down where youre over budget and under budget so you’re free to take action.
Lets say youre budgeting $400 for groceries each month but you always end up exceeding that amount.
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Keeping track of where youve overspent is also helpful in identifying erroneous charges.
Its better to catch those types of errors sooner rather than later.
Lets say you budgeted $500 for groceries but spent much less.
Youre now left with more money in your checking account than you were expecting.
Use it topay down debt?
Roll it over to next months budget?
How you choose to use that money will depend on your financial goals and preferences.
Its a budgeting step you should be careful not to overlook.
Create a budget that works for you with ourbudgeting bootcamp!
Nicole Dow is a senior writer at The Penny Hoarder.
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