Hey budget besties! 🌟 Can you believe it? July is here, marking the start of the second half of the year. If the first six months were a bit of a mess, don’t worry! July is the perfect time to reset and get your budget on track. Stick with us, and by the end of this post, you’ll have a solid budget ready to go. So grab your budget, sit down, and let’s get started together! 💪
Wrapping Up June: A Must-Do
Before diving into July, let’s wrap up June. This step is crucial and super simple:
- Update Actuals: Replace your budgeted amounts with the actual numbers from June. Just delete or erase the budgeted amount and input what you actually spent. This gives you a realistic picture for the upcoming month and a good history to use next year!
- Check Your Accounts: Make sure your accounts are up-to-date and reflect your current standing.
Setting Up Your July Budget
Five Key Categories
- Income: Update your income section. Got a raise or a bonus coming in? Make sure it’s reflected in your budget.
- Debts: Update all your debt balances and minimum payments. If you paid off a debt, celebrate by deleting it from your budget!
- Bills: Most of these will stay the same, but adjust for any changes (e.g., utilities, new subscriptions, gym memberships).
- Spending: This is the fun part! Adjust your spending categories like gas, groceries, pocket money, and family fun money based on last month’s actuals.
- Savings: Update your savings buckets for things like travel, medical expenses, pets, holidays, and any new goals.
July Specific Expenses
July brings its own set of unique expenses you might want to add to your budget. Here are some to consider:
- 4th of July Celebrations: Budget for parties, fireworks, or any special purchases.
- Summer Supplies: Think sunscreen, bug spray, and other summer essentials (why are these SO expensive?).
- Sports Camps and Activities: If your kids have camps or sports activities, make sure these are included.
- Back-to-School Prep: Start a savings bucket for back-to-school shopping. Spread the cost over a couple of months to avoid a huge expense all at once.
- Vacation Plans: Budget for any trips or vacations you have planned.
Additional Considerations
- Utility Bills: Higher air conditioning costs in the summer.
- Increased Home Expenses: More people at home might mean higher grocery and utility bills.
- Special Events: Budget for any birthdays or special occasions in July.
Setting Your July Goals
What’s your big goal for July? Whether it’s paying off debt, saving for a trip, or a specific purchase like a shed (we’re getting one 🛠️), make sure your budget aligns with your goals. Setting a clear intention helps keep you focused and motivated.
Quick Tips for Success
- Use Our Budget Template: Check out our one-page budget template at budgetbesties.com/budgettemplate. It’s easy to use and helps keep everything organized.
- If you want the full version that auto-populates, does the math and has checkboxes, head over to: budgetbesties.com/budget
- Stay Flexible: Life happens, and budgets need to adapt. If something unexpected comes up, adjust and move forward.
- Celebrate Wins: Every step toward your financial goals is worth celebrating, no matter how small.
Let’s Do This!
July is your fresh start, besties! 🌻 Let’s make it count. Update your budget, set your goals, and take control of your finances. We’re here cheering you on every step of the way!
Catch the full podcast episode and more budgeting tips here:
268 | July Budget Jumpstart: Goals, Tips, and Success Strategies to Master Your Budget – Financial Coaching for Women: How To Budget, Manage Money, Pay Off Debt, Save Money, Paycheck Plans
Stay fabulous and financially fierce! 💰✨
Quotes from the Podcast:
- “It’s okay if the first half of the year didn’t go as planned. July is your perfect reset button.” – Vanessa
- “Update your budget to reflect what actually happened. This gives you a realistic picture for the upcoming month.” – Shana
Let’s get budgeting, besties! 💖 See you next time!
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