Welcome to our third and final week of “Minding Your Money and Making it Multiply!” March challenge! This week is all about setting yourself up to continue the clarity you’ve built upon! We will set up our budget this week based on what we’ve learned in the last three weeks. Take out your Clarity and Expense Tracker pdfs and follow the steps below!
Review your expense tracker and answer the following questions. You can use THIS REFLECTION FORM or jot your notes down on paper.
REFLECTION + QUESTIONS:
How you spend your money demonstrates what you prioritize.
What does your spending say about your priorities?
Is your spending in alignment with your true priorities?
If not, what can you change to make your spending more reflective of who you are/want to be?
Review your assets and debts.
Do your debts and assets reflect your priorities?
If you have debt:
How and where can you reduce spending and shift those dollars to reduce your debt?
What are the action steps in your Clarity form are you ready to take?
CREATE YOUR MONTHLY BUDGET
Utilizing what you have learned from your reflection, use the forms/spreadsheet linked below to complete your monthly budget. Include the following information::
INCOME: Calculate your total monthly receivables from all sources to determine your income.
EXPENSES:
TRACK: Keep track of all your monthly expenses, including fixed costs like rent and variable expenses like groceries.
CATEGORIZE: Divide your expenses into categories like housing, transportation, food, entertainment, etc.
REVIEW FOR ALIGNMENT: Continue to check how your expenses align with your priorities and adjust as needed.
PRIORITIZE BASED ON THE FUTURE YOU! Set priorities based on where you are headed: Reread your notes on your Clarity form about the future you, and prioritize your expenses by focusing on where you are going. Cut back on anything that aligns differently with where you are headed.
MONITOR: monitor your progress: Keep track of your spending regularly and adjust your budget as needed. Use the tools from this challenge or other apps or spreadsheets to help you stay on track.
KEEP GOING! It is incredible how we can change our trajectory for the positive when we pay attention to where we are and act as if we are already where we are going!
YOUR TOOLS
CLARITY - MONTHLY BUDGET FILLABLE PDF