6 questions to ask yourself
- Does this budgetBudget A monthly or yearly estimated plan for spending and saving. You work it out based on your income and expenses.+ read full definition still reflect your financial situation?
- Has your income changed?
- Have any of your expenses gone up or down?
- Do you have more or less debtDebt Money that you have borrowed. You must repay the loan, with interest, by a set date.+ read full definition?
- Have your financial goals changed?
- Does this budget still help you meet your financial goals?
Use your answers to these questions to help you update your budget.
Review your budget as life changes
Review your budget when you:
- get a promotion or new job
- lose a job
- get married or divorced
- have a baby
- approach retirement
- lose your spouse.
Keep your budget up-to-date
Use this Budget worksheet to review and adjust your budget.
Review and update your budget when:
- Your income changes
- Your expenses change
- Your debt level changes
- Your goals change