So you’ve decided you want to set up a budget calendar because of its advantages for your budget. Once you see that savings account growing, you’ll have the motivation to stick with it and make even bigger financial goals. Put a recurring event on your calendar to transfer some money, even a small amount, to your savings account as soon as you get paid each month. But when the end of the month rolls around, there’s never anything left.Ī budget calendar helps you to proactively schedule your savings instead of relying on good spending habits.
Let’s say you’ve been telling yourself for years that whatever money you have left at the end of the month, you’ll transfer to savings. Knowing where your money is going is the first step to getting ahead.Ī budget calendar can also help to start and stick to a savings habit. First, it forces you to be extremely aware of when money is entering and leaving your bank account. And anyone who’s been there knows it can be a tough cycle to break.Ī budget calendar can be surprisingly effective for helping you to break that cycle. In fact, about 59% of Americans live paycheck to paycheck, according to a 2019 survey by Charles Schwab. Many of us have been at a point in our lives where we’re living paycheck to paycheck. A budget calendar helps you break the paycheck to paycheck cycle If you put it on the calendar now, then you can start setting aside money each month. But unless you start planning for it early, it may not be financially feasible when the time rolls around. You and your friends have been talking about taking a girls' trip next year. But when we look at the year as a whole, we can start planning and saving for them early.Ī budget calendar can also help to save for big financial goals. When we don’t plan ahead for them, these expenses can really throw off our budget. Have you ever been surprised by an annual or a biannual bill, such as car insurance or property taxes? You know they’re coming - They come every year. But the key to making big progress on your finances is planning ahead.įirst, a budget calendar can help you plan for big annual expenses. Most people think about what they’re going to do with their money this week or this month but rarely plan further in advance. It is an ideal tool to leverage if you want to budget by paycheck. You can quickly look at the month ahead and see how much money you’re paying out and when. A budget calendar acts as a visual reminder of your bills. In fact, just one past-due bill can drop your credit score by 150 points!Īnd while strategies such as automating your payments can be effective to avoid missed payments, it’s still valuable to know when money is leaving your account. Unfortunately, missed payments come with all sorts of negative ramifications, including late fees and negative marks on your credit report. When you’ve got a lot on your plate, it can be difficult to keep track of every bill that’s due each month. A budget calendar is a visual reminder of when your bills are due Why should you use a budget calendar?Ī budget calendar might not be for everyone, but there are plenty of good reasons to give it a shot. Here 3 key reasons: 1. Also, you can also make it so it works as a cash calendar to keep track of your actual cash flow. You can schedule each and every transfer to your savings account until you’ve saved up enough to meet your goal. It can also be a great way to set and reach financial goals. In other words, it’s like creating a budget in calendar form.Ī budget calendar can be a useful tool for remembering due dates for each of your bills and avoiding budget challenges.
Just like a regular calendar is a tool to help you keep track of upcoming events and appointments, a budget calendar (also known as a calendar budget) can help you keep track of financial tasks. Let’s start by talking about what a budget calendar actually is. This one tool can help you to get back on track with your bills, break the paycheck to paycheck cycle, and reach your financial goals. And let’s be honest, things are just more likely to get done when you put them on the calendar. Americans report feeling more financially stable when they have a written financial plan. Sometimes having a plan in place can make all the difference. And unfortunately, financial progress is often one of the first things to go. Are you having trouble staying on top of your finances? When you’ve got a lot going on, it’s easy for things to fall through the cracks.
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